Technology & Startup Business Insurance
For more info, contact
Karen BenellAccount Executive
From your series A and B funding to your IPO launch, we grow with you. Work with an insurance broker that understands the scope of your business now, and where it’s heading as you grow.
Supporting Canadian entrepreneurship and local founders.
Tech business insurance is not just about cyber liability, though it is an important component. There are many other pieces of coverage to consider to properly protect your business. With tech parks across the province, and the biggest just down the street in Kanata North, we know serious tech lives here.
Protecting what matters. It’s what we do. Sounds simple, but our collaborative approach ensures our insurance experts understand the unique risks of your business so you can focus on the scale-up knowing what matters most to you and your business is protected!
TECH & STARTUP BUSINESSES WE WORK WITH:
- SAAS (software as a service)
- Product-based tech (hardware)
- Extensions of offline businesses
- Platform, network, or marketplace-based businesses
- IT security
- SEO agency services and products
FACTORS CONSIDERED IN YOUR TECH COVERAGE:
- Revenue (gross revenues, and whether its all Canadian vs cross borders vs international)
- Customers and contract values
- Scope of business operations
- Location of operations
- Experience (of the business and the founders)
- Past claims
And when you start to add a board, profitability comes into play as more of a factor considered in D&O coverage.
Technology & Startup Business Insurance Solutions
Why do I need insurance for my tech startup?
Because we are all susceptible to error.
Insurance for any business is there to help get you through a difficult period. It’s like backing up your computer, it’s there as a safety net, just in case. In the early stages of a business, no protection can really stunt your takeoff. The titanic didn’t think it could sink, but we know now it pays to cover your bases in the event of peril or risk.
What does insurance protect?
It can protect against a number of risks depending on the scope and details of your individual policy. Some of the common elements to include for a tech or startup business include;
- Errors and omissions (E&O): after all, we are all human, and we all make mistakes.
Example: What happens to your business with rogue employees? If an employee leaves disgruntled launching malware or ransomware on your system upon exit, you and your business may be protected with E&O.
(We know, the thought is it’ll never happen to you. But trust, we’ve seen this happen.)
- Contents: Coverage for your office equipment and computer systems.
- Commercial general liability: Provides coverage for your business when you are either onsite with a client or working within your office space for bodily injury or property damage.
- Excess/Umbrella policies: As you grow you need to consider higher limits.
- Directors & Officers (D&O): See more info on D&O in the FAQ below 🙂
- Crime: Fiduciary responsibility. Sounds legal, doesn’t it? But there are a number of organizations that’ll require crime coverage to be included in your proof of insurance.
DYK we can insure worldwide – we know many tech startups have team members cross-borders or overseas and we have the access to global markets to get your coverage in place for multi-national operations.
When do I need to consider directors and officers coverage?
Our recommendation is always from day 01.
Some may not know that in your first few years of operations, we can help you secure a small business startup package. This option is not only inexpensive but can help protect your key risks as you get started. It can include some of the foundational elements like cyber, D&O, commercial general liability, and some physical asset coverage for your office contents.