Embroker’s Technology Practice

Tailored Risk Solutions from Startup to IPO

In the fast-paced world of technology, a company can move from concept to launch in weeks. In this environment, it’s imperative to have a risk management partner who understands the industry and is experienced in the exposures associated with your business’s innovations and rapid growth.

Data breaches and other cyber risks, liability claims, and protection of intellectual property are just a handful of issues technology businesses face. We understand your unique issues, and can help tailor a risk solution that accurately reflects your business’s risk profile.

We wrote this guide to help you, the reader, understand both the basics of insurance for technology companies as well as some more advanced considerations. Our hope is that you walk away from this article a more empowered buyer, with a better understanding of the risk you can transfer to other parties via insurance.

With one of the fastest growing technology client portfolios, our Technology Practice Team has been delivering effective, tailored solutions to high-growth technology businesses for over 20 years. Our clients range from startups to public businesses, so we’re positioned to serve your needs through all stages of business growth.

If you’d like help, we’d invite you to talk with a broker or get started by creating an Embroker account.

Finally, if you are involved with a venture-backed startup, you can get market leading D&O, EPLI, E&O and Cyber insurance in less than 60 seconds through the Embroker Startup Program – click here to get an instant quote.

In technology, it’s natural to move quickly. As innovators ourselves, we love companies that stir the pot and we’re passionate about helping technology companies build Insurance programs that intelligently transfer some business risk to another entity (i.e. insurance carrier), freeing you to take bold risks and drive innovation.

As a growing tech company, buying the right policies enables you to manage your risk and avoid the mental and financial stress of unpredictable costs that could potentially cripple your business if you are forced to deal with them on your own.

Highly-Publicized Examples of Insurance at Work for Tech Companies

The Cost of Insurance for Technology Companies

How much you can expect to pay for insurance depends on a number of important factors. When it comes to determining premiums, generally, the same rules apply for most industries.

One of the most important factors for tech companies is how many people the company employees, both full-time and as contractors. Obviously, the greater number of employees, the more you can expect to pay for workers’ compensation, E&O, and EPLI.

Is your tech company or startup profitable? The more money your company is making, the higher your premiums will be, simply because the potential for professional liability lawsuits increases along with your sales and business growth.

The type of business you are also plays a big role in how much you are going to be paying for insurance. If most of your employees are working in your office and sitting in front of computers all day, your rates will obviously be lower than if you have employees who travel often and work on other people’s property.

If your tech business handles a lot of sensitive customer and partner information you’re obviously going to pay more for cyber insurance. The number and types of business contracts that you have signed with clients, investors, and partners will obviously have an effect on your E&O policy’s cost as well.

As expected, your claims history is taken into consideration as well and the cleaner it is, the lower your premiums will be. And finally, your location is important too, not only because of potential threats or natural disasters, but also because each U.S. state has different requirements and other legal characteristics that can affect the price of your coverage.

Getting Started

Now that you have a better understanding of insurance for technology companies, you may be wondering how all of this affects your business and where to go from here. If you need more help or information, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, you can get started by creating an Embroker account today.

Finally, if you are involved with a venture-backed startup, you can get market-leading D&O, EPLI, E&O and Cyber insurance in less than 60 seconds through the Embroker Startup Program – click here to get an instant quote.

With one of the fastest growing technology client portfolios, our Technology Practice Team has been delivering effective, tailored solutions to high growth technology businesses for over 20 years.

Embroker is the easiest way to intelligently insure any business. We’re here to help!

Further Reading for Specific Tech Industry Sectors: