Small Business Insurance
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Top recommended business insurance policies for tech and software companies
Errors and omissions insurance
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.
- Coding errors
- Accusations of negligence
- Work mistakes and oversights
Cyber liability insurance
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.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Fidelity bonds
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.
- Employee theft or fraud
- Unlawful data access by an employee
- Illegal funds transfer by an employee
Business owner’s policy
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.
- Customer injuries
- Damaged business property
- Business interruption incidents
General liability insurance
This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It's required for most commercial leases.
- Slip-and-fall accidents
- Damaged customer property
- Libel or slander lawsuits
Workers’ compensation
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.
- Employee medical expenses
- Partial missed wages
- Lawsuits over work injuries
Learn more about business liability insurance.
Small business insurance costs for tech and software companies
Median costs come directly from policies purchased by TechInsurance customers.
General liability: $28 per month
Errors and omissions: $61 per month
View more small business insurance costs.
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Specialized coverage for unique risks
Umbrella / excess liability insurance
This policy boosts your current liability coverage when its limit is reached. It supplements general liability, commercial auto, and employer's liability insurance.
- Additional general liability coverage
- Additional commercial auto coverage
- Additional employer's liability coverage
Commercial property insurance
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.
- Fire
- Theft or vandalism
- Windstorms
Business interruption insurance
This policy covers lost revenue and expenses when an event such as a fire forces your tech company to temporarily stop operations.
- Lost revenue
- Day-to-day expenses
- Relocation costs
Employment practices liability insurance
This policy, also called EPLI, can cover legal expenses when an employee sues over discrimination, harassment, wrongful termination, and similar issues.
- Sexual harassment lawsuits
- Discrimination claims
- Mismanagement allegations
Directors and officers insurance
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.
- 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
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.
- Car accidents
- Vandalism and theft
- Weather damage
Hired and non-owned auto insurance
HNOA covers a tech business’s liability in accidents that occur while driving leased vehicles, rentals, and employee-owned cars for company errands.
- Accidents in leased vehicles
- Accidents in rental cars
- Accidents in employee-owned vehicles
