Insurance for technology companies
Software and technology companies get asked about cyber and technology errors in almost every client contract. The limits in the contract decide what you must carry, so read the contract before you read the renewal.
What to watch for
Contract requirements. Clients often require specific cyber and errors-and-omissions limits.
Renewal increases
Cyber pricing can move sharply, and a good agent asks what is driving it.
Timing
Contracts can have limits that last for a set period, which changes what you actually need.
Websites and claims
What you say publicly can change how an underwriter sees you.
Coverage for this business
Every business is placed a little differently. These are the policies we talk through most often, and a conversation with Kristi will tell you which ones your business actually needs.
Technology errors and omissions
Claims that your product or service failed a client.
Cyber liability
Breach response, extortion and related costs.
General liability
Office and non-professional claims.
Umbrella
Higher limits above the underlying policies.
Employment practices liability
Staffing claims.
A renewal that came in high
A software company’s cyber and technology errors-and-omissions renewal came back with a big increase. Their client contract required $5 million in coverage. We shopped it, and their price was still the best one out there. Then we read the contract, which only required those limits for 30 more days. We asked the carrier to extend last year’s policy for 30 days at last year’s premium, and the carrier agreed.
Questions we hear
The short versions of conversations Kristi has with business owners every week.
How much cyber coverage do I need?
Start with your contracts. Many require a specific limit, and your own exposure decides the rest.
Can a carrier extend my policy at the old price?
Sometimes. It is a phone call to an underwriter you know, not a form you fill out.
What is a broker of record letter?
A letter that lets you move policies to a new broker during the term.
Ready to have someone in your corner?
Book a free consultation. We’ll walk through your business, identify the gaps, and build a strategy that actually fits.