24 Aug Liability Insurance for Software Companies
Liability Insurance for Software Companies
If you own or manage a Software Company, chances are you have had to think about Liability Insurance at some point. There are countless Liability Insurance programs
available, and picking the right one can be tricky. For this reason, we will go over some of the basics you should know when shopping for Liability Insurance.
Liability Insurance for Software Companies – BOP’s
For Software Companies in particular, a Business Owners Policy, or BOP, may be the route to go when purchasing Liability Insurance. A Business Owners Policy is a
packaged policy that combines the General Liability and Business Personal Property on a single, affordable policy. This is a good option for Software Companies
in particular because these BOP’s are often easy to find and very affordable. In some cases, you can purchase a BOP for just $100 more than a monoline General
Liability Insurance for Software Companies – Professional Liability
Many people don’t realize this, but General Liability does not typically provide coverage your professional advising and consulting service. If your Software
Company offers consulting or professional services, Professional Liability should absolutely be purchased. For Software Companies, there are specialty programs
available, so it is possible you can obtain this coverage as an endorsement on your General Liability.
Liability Insurance for Software Companies – Data Breach Coverage
Data Breach is becoming a bigger and bigger issue in this day and age. More and more companies are losing their data due to hacks or other malicious activity. In
most cases, a standard monoline General Liability policy does not cover the cost associated with the loss and subsequent losses that arise out of a Data Breach. For
this reason, it is absolutely critical to get Data Breech coverage endorsed to your General Liability if you have exposures to this risk.
If you would like to learn more about obtaining Liability Insurance for your Software Company, give us a call! You can reach us at 925-297-4829.