Regardless of how small your technology company is, make sure you have good insurance coverage. Even if it is just you and a couple of college buddies with your laptops renting virtual server space, don’t leave yourself unprotected from the unimaginable, because the unimaginable can happen. If someone were to file a claim against your software or app, make sure you are properly protected. If you own a small technology company, here are a few tips for you.
Your Insurance Carrier
One way to obtain the right insurance protection is to find an insurance carrier that is knowledgeable about how to protect business and technology companies. How do you know whether or not they have the appropriate knowledge and experience? By asking questions, and here are some questions you should ask:
Professional Liability: General liability will help cover damages to property and personal injuries, but it will not protect you against claims that your software product didn’t perform as advertised causing your client financial loss. Professional liability insurance can. What question should you ask? Do you offer coverage specific to the technology industry, including professional liability?
Coverage that grows with your business: Your company may be small now, but what happens as it grows? Sometimes small companies experience an unexpected growth spurt more quickly than imagined. If this happens to you, make sure your insurance coverage can grow with you. The question? Simple. Do you offer insurance coverage that can grow with my company?
International Commerce: Interested in going international? If so, make sure you are covered. The question? Does your insurance coverage extend beyond the U.S.?
Your Financial Well-Being
Insurance policies can be complex, that’s why it is important to find a carrier that you can trust. After all, you are putting your financial well-being in their hands.