Technology Insurance: What Your Tech Business Actually Needs

Technology companies face unique risks that standard business insurance doesn't cover. When your software fails, your client's data is breached, or a project goes sideways, you need policies built for how tech companies actually operate.

Coverage Every Tech Company Needs

Coverage	What It Protects	Starting Cost
Tech E&O / Professional Liability	Claims from software bugs, missed deadlines, service failures	$89/mo
Cyber Liability	Data breaches, ransomware, regulatory fines	$50/mo
General Liability	Client visits, property damage, advertising injury	$27/mo
BOP (Business Owners Policy)	Bundles GL + property + business interruption	$47/mo
D&O Insurance	Protects founders and board from management liability	$125/mo
Workers Compensation	Employee injury coverage (required in most states)	Varies by state

Why Hartford and Chubb Lead for Tech Companies

Hartford dominates technology insurance for small-to-mid businesses. Their tech-specific BOP bundles general liability with Tech E&O endorsements, and their online quoting process takes under 5 minutes. Hartford covers custom programming, SaaS, web design, IT staffing, system integrators, and internet service providers.

Chubb is the premium choice for growing tech firms. Their DigiTech policy provides institutional-grade coverage for software developers, cloud service providers, and hardware companies. Chubb excels at higher limits ($5M+) and complex risk profiles.

Who This Page Is For

SaaS companies needing Tech E&O + cyber liability
Software development firms protecting against code-related claims
IT consultants & MSPs covering client system failures
Web design agencies handling client data and deliverables
Cloud & hosting providers managing multi-tenant risk
IT staffing agencies covering placed workers

How Tech Insurance Pricing Works

Most tech businesses pay $1,200–$5,000/year for a basic coverage stack (GL + E&O). Key pricing factors:

Annual revenue — the single biggest driver
Number of clients — more contracts = more exposure
Data handled — PII, PHI, and financial data increase cyber premiums
Security posture — SOC 2 certification can reduce premiums 10–20%
Claims history — clean history earns better rates

Compliance Requirements

Many tech companies need insurance to meet compliance and contractual obligations:

SOC 2 audits often require cyber insurance documentation
Enterprise clients typically require $1M–$2M in E&O coverage
Government contracts mandate specific GL and workers comp limits
HIPAA compliance (healthcare tech) requires cyber with regulatory coverage
PCI-DSS (payment processing) requires cyber with fines coverage

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