Insurance for Software Development Companies

Insurance for Software Development Companies

Software Development companies may seem low risk, but they have Insurance needs just like any other business. There are still important coverages to consider. This blog should help you in determining which coverage to pursue for your Computer Software Company.

Insurance for Software Development Companies – Business Owners Policies

Business Owners Policies are great for Software Development Companies because they are affordable, easy to obtain, and offer a lot of coverages. If you don’t already know, Business Owners Policies include General Liability and Business Personal Property into a single, affordable policy. These policies tend to be very affordable for Software Development so there is no reason to purchase this policy. With these Business Owners Policies, you can also include coverage for specific equipment, such as specific laptops, computers, valuable paperwork, etc.

Insurance for Software Development Companies – Professional Liability

Professional Liability is an important coverage that is sometimes overlooked by Software Development Companies. Professional Liability protects you against claims that arise out of professional advice or consulting work. For example, if your software suggestions cause your client financial damages, you may be held liable. It is the Professional Liability that would be the coverage to protect you in these types of situations.

Insurance for Software Development Companies – Workers Comp

Any Software Development Company with employees should carry Workers Comp in case an employee gets injured. It may seem unlikely that your employees will sustain a serious injury, and Workers Comp rates for programmers reflect this exposure. In fact, the computer program class code has some of the lowest Workers Comp rates available, often even lower than clerical employees. With that said, there is no good reason not to carry Workers Comp for your
employees.

If you would like to learn more about Insurance for your Software Development Company, give us a call at 925-297-4829.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.