Software Development Insurance

Software Development Insurance is a specialized policy that protects software developers and businesses from common liabilities that resulted in a lawsuit.

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What is Software Development Insurance?

Software Development Insurance is a policy package specially designed for software developers to protect against specific risks associated with their professions, such as negligence, errors, omissions, or third-party damages.

Mistakes can happen and disrupt your business in a matter of minutes. We know what makes your business unique; leave it to us to find the best fit for you.

Coverage

What does Software Development Insurance cover?

A comprehensive Software Development Insurance coverage will typically include the following:

Errors and Omissions Insurance also is known as Professional Liability Insurance, is designed to covers costs associated with claims or lawsuits alleging negligence, errors, omissions, or failure to deliver a service as promised.

Commercial General Liability Insurance (CGL) is a type of business insurance covering legal and medical costs associated with common liability risks you may run into, such as third-party property damage or bodily injuries. 

Cyber Insurance covers the costs associated with a data breach or damage to electronic information. This policy may provide financial coverage for loss of income, notification costs, and data infrastructure repair.

Requirements

Who needs Software Development Insurance?

Any software developer or software business should protect themselves with a Software Development Insurance policy package. If a client determines your advice or service was less than satisfactory or resulted in a financial loss to them, they may take legal action.

Without the right insurance coverage, your practice may suffer severe financial stress due to a lawsuit.  Independent consultants and contractors are especially vulnerable.

We’ve insured more than 1,000 software professionals. Some of our clients include:

  • Computer Programmers
  • Freelance Developers
  • Mobile App Development
  • SaaS providers
  • Software Consulting Firms
  • Video Game Developers
  • Web Developers
Costs

What is the cost of Software Development Insurance?

Insurance for software developers costs approximately $600.00 for a combined Errors and Omissions Insurance policy ($100K limit) and CGL policy with a $1,000,000 limit.

The following factors are taken into consideration when determining the best policy options for your practice:

  • Industry
  • Years of Experience
  • Number of Employees
  • Claims History
  • Annual and Projected Gross Revenue

When you fill out our online application, we will ask some questions about your business to understand your requirements better.

Getting insured is quick and easy!

Complete our 5-minute online application form for a free Software Development Insurance quote.

Common scenarios where Software Development Insurance is useful

Developer working on mobile shopping cart

Problem: You are to develop an AI shopping assistant system for a large e-commerce website. After completing the project, the application was left with many issues, causing their visitors to abandon their shopping carts. 

Outcome: The client sues you for software errors and loss of income. Your Errors and Omissions Insurance policy covers the defence costs and monetary judgment, totaling $95,000.

injured client

Problem: A client visits your company’s office for a consultation on their mobile app development but falls and injures themselves on the way into the building.   

Outcome: The client successfully sues you for bodily injury. Your Commercial General Liability Insurance (CGL) covers the medical expenses and legal fees, totaling $40,000.

Massive amount of software code

Problem: After developing an API integration for a client’s software, a cyber hacker found security gaps to install backdoor access. The hacker held your client’s database and personal information, including names, addresses, and credit card details, for ransom.

Outcome: Your Cyber Insurance covers the costs of legal expenses and the cost to restore your client’s data system, totaling $750,000.

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