Technology Startup Insurance
Technology Startup insurance: protect your Product, People and Profit.
First-time technology startup founders and entrepreneurs rarely give more than a passing thought to taking out insurance to protect their products, people, and profit.
At Rogue Risk, we help startup founders “Win” the insurance game by not just reducing their insurance premiums, but their Total Cost of Risk.
Our proprietary RogueRisk365® risk management program helps protect your products and people while working to free up cash flow that can be reinvested back into your growing business.
The good news is, our process is simple and straight-forward. Reach out today and let us show you how.
Keep scrolling to learn more…
Technology Startup Insurance FAQ
Why is Insurance for Technology Startups Important?
While some insurance is necessary to meet legal and compliance requirements, here are five additional benefits for technology startups that invest in the right insurance coverage:
- Attract Investors – Quality investors do everything in their power to eliminate unnecessary risk. The right insurance program drastically reduces the chances an accident or one bad decision will sink their investment in your company.
- Stronger Relationships – Many of your vendors, suppliers and customers will demand proof of insurance in order to do business, particularly if you’re in the B2B space.
- Talent Optimization – as you grow, so does your risk exposure. Having the right coverage in place, (Workers Comp, EPLI, Fiduciary, etc), will give you peace of mind that employee related issues won't derail your business.
- Growth – as you scale so does your risk exposure. Having right coverage in place that can adapt and growth with you provides peace of mind and time to focus on scaling your business.
- Challenge – when you’re shaking up entire industries through massive innovation or even disruption people watch you very closely and something’s bound to go wrong. Whether the danger is coming from competitors, regulators or inside your own company, you’ll have a black hole of time-wasting paperwork and legal fees on your plate if you don’t have the right insurance in place.
What insurance coverage do Technology Startups need?
There are five insurance policies that almost every technology startup will need at the beginning of their business:
- Business Owner's Policy - This is a package of coverages including General Liability and Property coverage.
- Workers Compensation - This covers expenses related to injured employees and mandatory in most states.
- Technology E&O - This coverage protects your business from claims related to mistakes, (errors, omissions, negligence, etc) resulting from a technology-based product.
- Cyber Insurance - Most technology startups have a massive cyber liability exposure due to the online nature of their business.
- Directors & Officers (D&O) - This insurance will provide coverage for leadership and management in the event a claim is brought against them impacting the outcome of the business.
How much is insurance for tech startups?
Cost is key factor for technology startups focused on growth, (especially bootstrapping startups). Unfortunately, the "Cheapest" insurance coverage can often put the longevity and sustainability of your startup at risk by leaving major gaps in coverage. The short answer is the cost of insurance for technology startups can vary widely. The solution is to work with an insurance agent that understands your business and help you scale your coverage as you grow, making sure you only pay for what you need, when you need it.
Startup Insurance Carriers
We are very selective in the technology startup insurance carriers we choose to partner with at Rogue Risk. Not all insurance carriers are created equal. Our clients are placed with only the best insurance companies, that show up when there is a claim. Here are a few of the partner carriers we choose to place our clients with…
Common Technology Startup Insurance Coverages
The New York State Insurance Fund is an NYS government-run insurance carrier that competes with private insurance carriers in Worker’s Compensation and Short-term Disability policies.
In 2021, with more than 60% of small businesses receiving cyber attacks each month, cyber liability insurance may be more important to the sustainability of your business than general liability.
Are you ready to save time, money and reduce your total cost of risk?
Click the button below to get the process started. It’s simple and fast.