Technology Insurance

Whether you’re a startup or an established technology business, our insurance package is designed to cover providers of a variety of tech services or products. The policies offered cover losses from claims associated with tech services products, media content, intellectual property infringement, and network security breaches. 

This page includes descriptions about:

  • The Technology related occupations eligible to buy Online Technology Professional Liability Insurance (required)
  • The other types of coverage that you can add to this online insurance policy.
  • The coverage amounts / limits available for the various products.

 

NOTE:  These policies are designed to be more economical due to Broker handling not being involved. Please enter your information in the application carefully.
Once a policy is purchased online, extra administration charges apply for required changes, certificates, and need for Broker services.

Professional Liability exposures are included with this policy. We also offer optional coverages including General Liability, Privacy Breach and Property coverages, to ensure you have enough insurance protection.

  • Professional Liability Included
  • Intellectual Property Infringement – Included
  • Privacy & Security Breach – Included
  • General Liability – Optional
  • Office Contents and Portable Electronics – Optional
  • Business Interruption – Optional

More Information & Descriptions Below. Click Here.

 

Who Needs Technology Insurance?

Eligible Technology Professionals and Businesses
  • IT Project Management                                          
  • General IT Consulting (but not security specific) 
  • Packaged Software or Hardware Installation                                                      
  • Enterprise Resource Planning Installation
  • Web Development or Web Graphic Design or Digital Marketing              
  • IT Security Consulting                                                                                              
  • Prepackaged Software                                                                                              
  • Computer Hardware Sales (including consulting)
  • Subscription-Based Business Software as a Service
  • Hardware Infrastructure as a Service    
  • IT Network Configuration or Communication Configuration
  • Custom Software, Programming or Application Development for Others
  • IT Staffing Services                                                                                                
  • Computer Maintenance or Repair                                                                        
  • Managed or Third Party IT Services
  • Video Game Developer

Coverage Amounts (Limit Options)

The following are the specific limit options available to you, depending on the coverage(s) you choose to purchase. 

*$1M NOA is included with your CGL policy. You can increase the NOA limit to $2M for $50/year, if your CGL policy is also $2M or greater.
**All-risk coverage for portable/mobile items, such as electronics on the actual cash value basis.

Limit/Coverage Amount–  the highest amount the insurer will pay in the case of a claim. 
Premium – the starting amount you would pay to cover your risk. 

Technology Insurance Coverages 

Professional Liability – Included

If you or your employees provide advice or service, professional liability insurance is essential. Errors & Omissions (another term for professional liability), helps cover the legal costs that can amass if a client alleges or files a lawsuit that your product, service, or advice caused them a financial loss. Even if the claim against you is not legitimate, professional liability covers the costs to defend yourself.  

Professional Liability Technology Wording is designed to cover:  

  • Technology Products And Services Liability
  • Electronic Media Liability 
  • Network Security & Privacy Breach Liability,
  • Privacy Breach Expense Coverage Extension
  • Information Asset Loss 
  • Business Interruption Loss 

In the technology industry, there are many scenarios that could give rise to a lawsuit. Consider if the products you provide:

  • Aren’t delivered within the agreed timeline causing financial losses. 
  • Don’t meet the functionality that was agreed upon. 
  • Are installed wrong, causing company downtime 

At this point, you and your business can be blamed for the financial losses and possibly sued. 

This also applies to all software developers, IT service provides, app developers, programmers, etc. 

Commercial General Liability – Optional

General liability protects your technology company in the event that bodily injuries or physical damage arises as a result of your operations.  It also helps cover costs related to advertising mistakes, medical payments, and negligence causing damage to leased or rented premises. 

The additional non-auto insurance is recommended if you or any of your employees use vehicles for work purposes

Woman on a laptop image representing Commercial General Liability Insurance

Intellectual Property Infringement – Included

Intellectual property can be the main asset for a business that provides the most value and market potential for many businesses. Yet it is extremely easy to infringe on another company’s intellectual property rights. According to the International Risk Management Institute (IRMI), the cost of intellectual property litigations “can be astronomical”. The costs continue to rise each year, which is why not having this coverage can pose a very real threat to companies – especially to technology-related businesses. 

Intellectual property infringement can include trademark, copyright, design right, patent, and trade secrets. Intellectual property insurance helps you if you find yourself involved in, from any allegations through to litigation

The insured limit for this coverage automatically matches the Professional Liability Limit chosen, with the exception of Video Game Developers, where coverage is sub-limited to $250,000. 

Privacy Breach & Security Breach Service – Included

If your technology business faces a privacy or security breach, this coverage puts you in touch with experts that create a plan to mitigate the impacts. Imagine your technology (phone, laptop, tablet, etc) is stolen, or your system is hacked. This service includes a breach response strategy and incident management plan. As well as a series of services: 

  • Breach CounselingHelps determine whether a breach has occurred and assesses the severity. 
  • Crisis Management– Time-saving professional assistance in handling a breach 
  • Media Relations Consulting– Public relations support to help restore your business’ reputation
  • Legal Support– Documents the steps taken and remediation services provided

A $250,000 Limit for Privacy Liability and Breach response comes included with the Professional Liability coverage package, with higher limits available for purchase.

Please Note: This is not a full Cyber legal liability wording. For full coverage, see Cyber Liability information or obtain a Cyber Liability Online quote.

Technology Professional fails to fix a broken desktop and needs technology insurance

Office Contents & Portable Equipment – Optional

IT Consultants and companies have a few different types of property to protect. 

  1. Contents that remain at your premises, including Leasehold Improvements
    2. Portable equipment that you take off-premises with you.

 When you choose to insure contents coverage, electronic data coverage & equipment breakdown is also included. The wording also comes with $5,000 portable equipment (eg. laptop). You also have an option to add higher portable electronics limits, up to $50,000 limit, for an additional premium. 

If a fire, flood, theft, or sprinklers damage your business’ indoor contents, office contents insurance helps provide funds to replace or repair them. Similarly, portable electronics and equipment insurance does the same but more commonly for work phones, laptops, etc. Since this type of equipment is frequently used off-premises, they are exposed to a greater risk of damage – so there is more premium allocated to them. That being said, make sure to consider the minimum deductible when determining the need to insure this property off-site.  

Business Interruption Coverage – Optional

Extra expense business interruption insurance provides financial assistance to cover the expenses you incur to get back up and running if you have a loss due to an insured property/liability loss.  A common example is a fire that damages a business property in your office. Business interruption will help you rent new furniture / equipment while waiting for a replacement, to rent new space, or pay immediate expenses to get back up and running quickly.  

A sign on a business that says "Closed."  business interruption helps cover costs so that you can go back to running your business

* All insurance coverage described is intended to be general in nature and subject to the applicable insurer’s specific policy wording, terms, conditions, and exclusions. 

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