Technology and Startup Insurance2020-01-13T15:22:44-05:00

Technology and Startup Insurance

Technology and Startup Insurance is an important policy that protects technology companies and startups who are rising fast in Canada and are expected to keep doing so over the coming years.

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What is Technology and Startup Insurance?

Technology and Startup Insurance protects technology companies and startups from many risks that they face, including but not limited to cybersecurity risks, damage caused by their product/software to third parties, errors or omissions in service etc.


What does Technology and Startup Insurance cover?

Technology Insurance protects professionals and companies in many ways:
  • Commercial General Liability – injury and property damage
  • Professional Liability – errors and omissions in service
  • Cyber Liability- cybersecurity threats

Who needs Technology and Startup Insurance?

Technology Insurance is recommended for the following professionals and anyone who provides a similar service:
  • Software Developers
  • IT Staffing
  • Computer Installation and Repair
  • E-Commerce
  • SaaS Providers

What is the cost of Technology and Startup Insurance?

Many factors go into determining the cost of Technology Insurance, including but not limited to:
  • Annual revenue
  • Types of products created
  • Value of assets and liabilities

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Common scenarios where Technology and Startup Insurance is useful

Injured Customer

During a meeting at your office, a client slips and injures her leg. After consulting her lawyer, she files a personal injury lawsuit against your business.

Client Meeting

Your company builds software for a client, which crashes and causes irreversible damage to their computer systems. The client sues you for delivering a product that was not up to the required specifications and causing financial loss.

Computer Screen Hacked

Hackers target your business servers with a DDoS attack, shutting down your business operations unless you agree to pay a ransom.

Frequently Asked Questions about Technology and Startup Insurance

What are the most common types of cyber attacks covered by cyber liability insurance?2019-06-04T15:15:53-04:00

Malware: malicious software that usually make their way through with link clicks and attachment downloads.
Phishing: fraudulent emails to steal information or encourage malware downloads.
DDoS (Distributed Denial of Service): bombarding a business’s server with multiple simultaneous requests to stop it from fulfilling legitimate requests.

Does my E&O policy already cover cybersecurity?2019-06-04T15:16:29-04:00

No, it is a common misconception that Technology Errors and Omissions (Tech E&O) coverage provides protection against cybercrimes. Tech E&O covers losses resulting from technology services and technology products but it will not protect you in case of loss of private third party information.    

Does cyber insurance cover cyber extortion (ransomware)?2019-06-03T12:55:23-04:00

Cyber extortion coverage is not included by default in all our cyber liability insurance packages. If you require cyber extortion coverage, discuss it with your assigned broker. It provides coverage for extortion related expenses such as hiring a consultant or negotiator and repair costs if the recovered data is locked or damaged.

Do hackers even target small businesses (do small businesses need cyber liability insurance)?2019-06-04T15:20:04-04:00

Yes. According to StatCan, one-fifth of all Canadian businesses were targeted by hackers in 2017. Hackers especially prefer small businesses because they are considered ‘low-hanging fruits’. Cyber security measures are expensive, and small businesses usually don’t have the infrastructure and trained personnel in place to prevent these attacks.

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