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Technology startups typically need a combination of general liability insurance, professional liability insurance, property insurance, cyber liability insurance, directors and officers insurance, and business interruption insurance.
General liability insurance provides coverage for bodily injury, property damage, and advertising injury claims. It's important for technology startups because it protects them from the financial losses that can result from lawsuits or claims filed against them.
Professional liability insurance, also known as errors and omissions insurance, provides coverage for claims alleging negligence or errors in professional services. It's important for technology startups because they provide services that could potentially result in harm or dissatisfaction with the results.
Cyber liability insurance provides coverage for expenses associated with a data breach or cyber attack, such as notification costs, credit monitoring, and legal fees. It's important for technology startups because they may collect and store sensitive client or user information that could be targeted by cyber criminals.
As a technology startup business, there are several types of insurance coverage you may need to protect your business. Here are some of the coverages you should consider:
General Liability Insurance: This coverage protects your business from claims of bodily injury, property damage, and advertising injury. For example, if a client or visitor is injured on your business premises, this coverage can help cover their medical expenses and protect you from a lawsuit.
Professional Liability Insurance: This coverage protects your business from claims of professional negligence or errors and omissions. For example, if a client alleges that your business made a mistake or provided inadequate services, this coverage can help cover legal fees and damages.
Property Insurance: This coverage protects your business property, including your building, equipment, and inventory, from damage or loss due to covered events such as fires, theft, or natural disasters.
Cyber Liability Insurance: This coverage protects your business from the financial losses associated with a cyber attack or data breach, including notification costs, credit monitoring, and legal fees.
Directors and Officers Liability Insurance: This coverage protects your business’s directors and officers from claims of wrongful acts or negligence. It can also protect the business from legal fees associated with defending against such claims.
Business Interruption Insurance: This coverage provides financial protection in the event that your business operations are interrupted due to a covered event, such as a fire or natural disaster. It can help cover lost income and expenses associated with the interruption.
In Texas, the coverages listed above are all available from various insurance providers. The specific types and amounts of coverage you need will depend on your business’s unique needs and risks. It’s important to work with an experienced insurance agent who can help you assess your risks and identify the appropriate coverage options for your technology startup business.