Technology Industry Insurance

Get reliable insurance coverage for your technology business tailored for you by BrokerLink.

If you run a technology company, you face a distinct set of risks and challenges and unforeseen events can occur, despite your best efforts. From data breaches and cyber attacks, to damaged hardware or software, the right technology insurance is essential to protect your business. BrokerLink has expert insurance advisors across Canada, who will take the time to understand your needs and provide an insurance policy that is tailored to the unique needs of your business.

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BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is technology insurance?

Technology companies with specialized insurance solutions such as professional liability and privacy liability for software and IT service providers, manufacturers of electronics, and the telecommunications industry.

We offer a combination of Technology E&O, Cyber, and P&C lines and work with industry specific wordings that cater to Technology company needs.

Technology insurance includes different types of coverage that will protect businesses from a wide range of risks. It typically includes Technology E&O (professional liability), Cyber and General Liability that may include coverage specific to technology company needs. Your company’s specific coverage will depend on your province's regulations and any additional coverage options you select for your policy.

Who we help

Running a business is hard work, but BrokerLink simplifies insurance, letting you focus on your business with coverage tailored for any size or industry. Secure your business with us today.

Technology insurance is essential for a wide variety of businesses, including but not limited to:

Web designers
Web developers
IT consultants
Data processing
Robotics companies
Software developers
Telecommunications
Cybersecurity firms
Technology startups
Hardware manufacturers
Digital marketing firms
Cloud service providers
Data analytics companies
Managed service providers
Electronics manufacturers
Internet service providers
Computer programming services
Application service providers
Computer facilities management services

Why do you need technology insurance?

Insuring your business is crucial for several reasons:

Risk management

Insurance can help technology businesses mitigate the unique risks they face, including data breaches, intellectual property infringement and software failure.

Client protection

Having insurance can give clients confidence that your business is protected, especially if you’re offering software or technology services that could impact their operations.

Compliance

Certain regulations may require businesses in the tech industry to maintain certain levels of insurance (e.g., for handling personal data).

Financial security

In case of lawsuits, data breaches or project failures, insurance provides financial protection for the company.

Operational continuity

Insurance helps tech companies stay operational by covering recovery costs in case of a major incident, like a cyber-attack.

Coverages

Technology businesses encounter numerous risks, making diverse coverage essential.

What does technology insurance cover?

An insurance broker will work with you and tailor coverage accordingly. Depending on the specific policy, technology insurance can cover a wide array of risks:

Recommended

Additional

Coverage for negligence, errors, or omissions in the services or products provided, such as software glitches or failure to meet contract terms. It helps protect against legal claims if your work doesn't satisfy clients. Having this coverage gives peace of mind and supports business reputation.

Protection against cyber threats, including data breaches, ransomware, and hacking. It aids in covering costs related to recovering lost data and notifying affected customers. It's crucial for any business handling sensitive information online.

Covers third-party injuries, property damage, or claims arising from your operations. It includes legal costs if someone sues your business for an accident. This coverage is essential for businesses interacting frequently with the public.

Coverage for IP disputes, including copyright, trademark, and patent. It helps fund legal defenses if someone claims your business infringed on their IP. This support is vital for businesses creating unique products or content.

If you manufacture or sell hardware, this covers injuries or damage caused by defective products. It protects you from lawsuits related to defective items. Ensuring safety and compliance reduces these risks.

Coverage in case your business operations are disrupted due to an insured event, like a cyber-attack or fire. It helps maintain financial stability during recovery. Having a plan eases the process of getting back to normal operations.

Protection for claims related to wrongful termination, discrimination, harassment, and other workplace issues. It helps manage legal expenses if employees sue over workplace conditions. Promoting fair practices minimizes the chance of these claims.

Covers physical damage to your office equipment, servers, or hardware. It also helps replace items after theft or damage from natural disasters.

This insurance ensures that leaders can focus on their responsibilities without fearing personal financial loss by covering legal fees and damages if they are sued for decisions made while performing their duties. Coverage protects the personal assets of executives and board members from lawsuits related to the organization's decisions. This coverage is especially important in safeguarding against claims of mismanagement, breach of fiduciary duty, or other allegations of wrongful acts made in the course of their corporate governance roles.

A specialized policy that helps cover the costs of responding to and managing a data breach, including legal fees and customer notification. It also covers credit monitoring for affected customers. This ensures your business can handle the breach smoothly and maintain trust.

More focused on service-related errors, such as an IT consultant’s failure to implement a system as specified. It covers legal defense and settlement costs if a client sues. This protects your business from the financial impact of mistakes in your services.

Covers physical damage to your office equipment, servers, or hardware. It also helps replace items after theft or damage from natural disasters.

Let us be your resource for all things business insurance

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Why choose BrokerLink for your commercial insurance needs?

Discover what sets BrokerLink apart. Our commitment to personalized service, expert advice, and comprehensive coverage options ensures you get the best protection tailored to your needs.

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Factors that may affect the cost of technology insurance

Technology insurance gives businesses peace of mind by offering support when needed. It covers immediate tech problem expenses and helps you meet long-term goals. Costs can differ depending on several factors, such as:

Business size

The insurance company will consider the size of your business when determining your rate. Different sized companies have different levels of risk.

Revenue

Your revenue may impact the cost of your premium.

Nature of work

Every type of work has different risks involved. Your insurance company will consider the nature of the work you do when determining your rate.

Claims history

If you have a history of low or no claims, you may get a lower premium.

Coverage limits

Higher coverage limits and additional coverage types will increase costs.

Security measures

Companies that invest in strong cybersecurity measures might benefit from lower premiums.

The cost of your technology insurance premium depends on many factors. Your BrokerLink insurance broker will work with you to get to know your business and then tailor a policy that fits your needs.

Claims process

Tech businesses should ensure they have a clear process in place for handling insurance claims. With the increasing frequency of cyber incidents, it's crucial to have a solid plan for dealing with data breaches or other tech-related events.

Tech-specific insurers

Some insurance companies specialize in providing coverage for tech companies, with tailored policies that address the unique risks these businesses face. At BrokerLink, we have relationships with the major insurance companies across Canada, and we’ll find the right match for your business.

Insurance trends

With the growing importance of data protection and cybersecurity, coverage related to data breaches and cyber risks is becoming more prominent. It's essential for tech companies to stay informed about the latest risks and adjust your policies accordingly.

Contact us

Need help with business insurance? Our brokers can find the best discounts and plans for you. We'll offer personalized quotes and explore the best options.

With our expertise, you can focus on what you do best — running your business — while we handle all of your insurance needs. Let us take the stress out of finding the perfect coverage for you.

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Vehicle Insurance

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Other Insurance

Technology Industry Insurance

What is technology insurance?

Who we help

Who needs technology insurance?

Why do you need technology insurance?

Risk management

Client protection

Compliance

Financial security

Operational continuity

Coverages

What does technology insurance cover?

Professional liability (errors & omissions)

Cyber liability insurance

General liability insurance

Intellectual property (IP) protection

Product liability

Business interruption

Employment practices liability

Business property insurance

Directors and officers (D&O) Insurance

Cyber insurance

Tech errors and omissions (E&O) insurance

Professional liability (errors & omissions)

Cyber liability insurance

General liability insurance

Intellectual property (IP) protection

Product liability

Business interruption

Employment practices liability

Business property insurance

Directors and officers (D&O) Insurance

Cyber insurance

Tech errors and omissions (E&O) insurance

Why choose BrokerLink for your commercial insurance needs?

Our reviews

Greg Silver

Andy Rohansingh

Ian Roome

Clara Furlano

Joyce Kivuyo-Kisamo

Terry Mason

Sandi G

DANI L

Anne Langevin

Peter Ayo

Chris Gelowitz

Digital Evolution

renee king

Andrea Case

Dan Hayes

Rana Najar

Mark Houston

Katherine Bedea

Jessie hansra

Ifedapo Adeniyi

David Ford

Michelle Hawgood

Trevor Hildebrand

Morgan Adekeye

Tyler Frisby

Steven Melowsky

Steve Payne

Matt & Sav Weetman

Brooklyn Seweryn

Craig Gillis

Cheryl Trush

Jinene Shinnicks

Geoff Aiken

Tony Hynes

Christine Fedrau

amanda

Lori Coffey

Our numbers speak for themselves

Factors that may affect the cost of technology insurance

Business size

Revenue