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Small Business Insurance Policies

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Top recommended business insurance policies for tech and software companies

Different types of small business insurance address different accidents, lawsuits, and damages that could impact your business. These policies cover the most common risks for tech and software companies.

Errors and omissions insurance

Errors and omissions insurance icon

E&O insurance, sometimes called professional liability insurance, is a must-have for technology and software professionals. It can cover legal fees of lawsuits related to work performance.

BEST FOR
  • Coding errors
  • Accusations of negligence
  • Work mistakes and oversights

Cyber liability insurance

Cyber liability insurance icon

This policy helps tech and software businesses survive data breaches and cyberattacks. It can pay recovery costs for your business, or legal costs if a client sues over a breach.

BEST FOR
  • Data breach lawsuits
  • Client notification expenses
  • Fraud monitoring costs

Fidelity bonds

Fidelity bond icon

If an employee at your tech business steals from a client, this bond would provide compensation for the client. They are also called employee dishonesty bonds.

BEST FOR
  • Employee theft or fraud
  • Unlawful data access by an employee
  • Illegal funds transfer by an employee

Business owner’s policy

Business owner’s policy icon

A BOP bundles commercial property insurance and general liability insurance under one plan. It's often the most cost-effective type of commercial insurance for tech business owners.

BEST FOR
  • Customer injuries
  • Damaged business property
  • Business interruption incidents

General liability insurance

General liability insurance icon

This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It's required for most commercial leases.

BEST FOR
  • Slip-and-fall accidents
  • Damaged customer property
  • Libel or slander lawsuits

Workers’ compensation

Workers’ compensation insurance icon

Workers' compensation insurance is required in almost every state for tech and software businesses that have employees. It can help cover medical expenses for work injuries and illnesses.

BEST FOR
  • Employee medical expenses
  • Partial missed wages
  • Lawsuits over work injuries

Small business insurance costs for tech and software companies

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Median costs come directly from policies purchased by TechInsurance customers.

General liability: $28 per month
Errors and omissions: $61 per month
View more sample costs.

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Specialized coverage for unique risks

Businesses with expensive equipment, a board of directors, or extra liability concerns may need additional coverage.

Umbrella / excess liability insurance

Umbrella / excess liability insurance icon

This policy boosts your current liability coverage when its limit is reached. It supplements general liability, commercial auto, and employer's liability insurance.

BEST FOR
  • Additional general liability coverage
  • Additional commercial auto coverage
  • Additional employer's liability coverage

Commercial property insurance

Commercial property insurance icon

This policy covers the value of a tech company's building and its contents, such as inventory, equipment, and furniture. It also protects against damage and loss.

BEST FOR
  • Fire
  • Theft or vandalism
  • Windstorms

Business interruption insurance

Business interruption insurance icon

This policy covers lost revenue and expenses when an event such as a fire forces your tech company to temporarily stop operations.

BEST FOR
  • Lost revenue
  • Day-to-day expenses
  • Relocation costs

Employment practices liability insurance

Employment practices liability insurance icon

This policy, also called EPLI, can cover legal expenses when an employee sues over discrimination, harassment, wrongful termination, and similar issues.

BEST FOR
  • Sexual harassment lawsuits
  • Discrimination claims
  • Mismanagement allegations

Directors and officers insurance

Directors and officers insurance icon

D&O insurance covers decisions made by directors, officers, and board members on behalf of your tech company. If they are sued, it can pay their legal expenses.

BEST FOR
  • Employment practices lawsuits
  • Accusations of mismanaged funds
  • Claims of defamation, such as libel

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Auto insurance for small tech companies

Technology companies and contractors that own a business vehicle are required to purchase commercial auto insurance. You may need additional coverage for personal, rented, or leased vehicles used for business purposes.

Commercial auto insurance

Commercial auto insurance icon

This policy can help pay for expenses after an accident involving a vehicle owned by your tech company. You can extend it to include coverage for vehicle damage.

BEST FOR
  • Car accidents
  • Vandalism and theft
  • Weather damage

Hired and non-owned auto insurance

Hired and non-owned auto insurance icon

HNOA covers a tech business’s liability in accidents that occur while driving leased vehicles, rentals, and employee-owned cars for company errands.

BEST FOR
  • Accidents in leased vehicles
  • Accidents in rental cars
  • Accidents in employee-owned vehicles

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