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The best way to protect your business is with the right insurance policies. Comprehensive coverage should set the foundation for any business. The tech industry faces unique challenges compared to other sectors. There are some basic policies that companies might be required to carry by law (general liability and workers’ comp) but tech companies should consider these policies to target their risks.

What is Cyber Liability Insurance?

Cyber liability insurance covers the company from the financial aftermath of a data breach or cyber attack. Other coverage instances include cyber theft, cyber extortion, and business interruption. Some cyber liability policies have different coverage for first-party and third-party protection. 

Cyber Liability Covers:

  • Investigating the breach
  • Data restoration and recovery
  • Notifying customers & credit monitoring
  • Business interruption expenses
  • Crisis management and reputation costs

Technology Errors and Omissions Insurance

Technology Errors and Omissions Insurance (E&O) protects your company from claims of financial loss caused by the failure of the product to perform as promised or acts of errors or omissions related to the service or product. Some of the common claims are a breach of contract, administrative errors, and copyright infringement.

Tech E&O Covers:

  • Professional oversights and negligent acts
  • Accusations of negligence
  • Legal costs & settlement payments
  • Failure to deliver products or services as promised
  • Product defects

Employment Practices Liability Insurance

Employment Practices Liability Insurance (EPLI) provides coverage to employers against claims made by current, prospective, or former employees. Some of the common claims are wrongful termination, harassment, or discrimination. EPLI is usually offered as a claims-based policy. Employment-related risks begin the moment a potential employee fills out an application. 

EPLI Claims & Coverage:

  • Settlement costs
  • Attorney’s & court fees
  • Slander or libel
  • Mismanagement of employee benefits
  • Breach of employment contract
  • Privacy invasion

Directors & Officers Liability

Directors and Officers (D&O) liability insurance protect the company’s executives and senior leadership against legal claims of wrongful acts, management misconduct, and fraud. This pertains to board members too. D&O policies safeguard management decisions and ensure they won’t have to pay out of pocket for legal damages. Some of the common claims are unfair trade practices, violating state laws, and breach of duty. There are 3 elements referred to as ‘sides’ to a D&O policy.

D&O Liability Covers:

  • (Side A) protects directors and officers when the company is financially or legally unable to provide indemnification
  • (Side B) Reimburses the company when it indemnifies its directors and officers
  • (Side C) Covers the entity itself

These policies are suggestions since each company has its own needs. Along with insurance for tech companies, protecting your business from cyberattacks is also an essential safety component. 

Protect Your Tech Business With Biscayne

Every tech company faces different tribulations and risks, and their insurance needs reflect that. Making sure your business is adequately insured is the first step in starting your organization. A stolen laptop or hacked system can compromise your business instantly and result in loss of revenue or hefty legal fees.

To protect your tech company, you first need to identify the risks. With Biscayne by your side, our experts can analyze the risks and create attainable solutions. Contact us today to see what policy is right for your tech company.

Contact Us Today!

Fill out the contact form below or call 561.571.1001 to speak to a member of our team.
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