Technology Insurance Done Right.
Companies face unique challenges and risks in the rapidly evolving world of technology. From data breaches and cyber-attacks to intellectual property disputes and hardware malfunctions, the landscape is fraught with potential pitfalls that can significantly impact your business.
Technology Insurance Is Serious Business.
Technology insurance specifically addresses these unique risks, providing a safety net that allows your tech company to innovate and operate confidently.
Working with an insurance agent who specializes in technology insurance offers several benefits:
- Tailored Coverage: We understand the complexities of the tech industry and can tailor coverage to fit your specific needs.
- Industry Expertise: Our specialized knowledge means we can advise on the best practices and strategies to mitigate your unique risks.
- Proactive Risk Management: We don't just provide insurance; we partner with you to actively manage risks, helping you avoid potential issues before they arise.
We are committed to providing comprehensive technology insurance solutions that protect your innovations, assets, and future. Contact us to learn how we can support your tech company's growth and resilience in an ever-changing digital world.
"My business partner and I didn't even know Cyber Insurance was a thing, but we're glad it was brought to our attention. Jackson & Jackson was able to get us covered quickly, and for much less than we anticipated."
Business Insurance Client
"We moved from another Insurance agency that wasn't simply doing their job. A client referred us to Jackson & Jackson, Taylor, thank you for your great job."
Miguel Cuevas
IT System Solutions
Coverages Offered.
- General Liability
- Business Property
- Cyber Liability Insurance
- Tech E&O Coverage
- Intellectual Property Insurance
- Business Income for Electronic Vandalism
- Data Breach
- Workers Compensation
- Commercial Auto Coverage
- and more!
The cost of technology insurance in California varies depending on several factors, including the size of the business, its revenue, industry risks, and the type of coverage required. On average, a small tech company in California can expect to pay anywhere from $500 to $2,000 annually for a basic cyber liability insurance policy.
Larger tech firms or those with more complex needs may pay significantly more, especially for errors and omissions insurance or business interruption coverage. To get an accurate quote, it's important to work with an insurance broker who specializes in the tech industry.
A tech company should consider the following types of insurance:
- Cyber Liability Insurance: Protects against data breaches, cyberattacks, and other online threats.
- Errors and Omissions (E&O) Insurance: Covers mistakes or failures in your professional services, such as coding errors or missed deadlines.
- General Liability Insurance: Covers accidents or injuries that happen on your business premises or due to your products.
- Product Liability Insurance: Protects against defects or failures in the products you manufacture or sell.
- Business Interruption Insurance: Helps cover lost revenue and expenses if your business operations are disrupted due to an insured event.
Each business will need a tailored policy based on its specific needs and risks.
Intellectual property (IP) is one of your most valuable assets, especially for software developers, tech innovators, and digital creators. Technology insurance can help protect your IP from legal challenges, such as infringement lawsuits. Intellectual property insurance, or IP litigation insurance, can cover the legal expenses associated with defending your patents, trademarks, copyrights, or trade secrets. Additionally, errors and omissions (E&O) insurance can protect you if your IP-related services or products cause financial harm to clients due to mistakes or oversights.
Yes, Errors and Omissions (E&O) Insurance is crucial for tech businesses, especially for software developers, IT consultants, and tech service providers. E&O insurance protects you from negligence claims or mistakes in your services that cause financial harm to clients. For example:
- A software bug that results in financial losses for your client.
- Consulting advice that leads to operational disruptions or business failure.
E&O insurance can help cover legal fees and any damages awarded, making it an essential coverage for service-based tech businesses.
In California, technology insurance is not legally required for most tech companies, but it is highly recommended. However, if you have employees, you are legally required to carry workers' compensation insurance. For businesses that handle sensitive customer data, cyber liability insurance may be essential to comply with state data protection laws like the California Consumer Privacy Act (CCPA).
While technology insurance is not mandated, it can be vital for managing risks, particularly for companies involved in software development, IT services, or any tech-related business.
Cyber liability insurance is absolutely essential for tech companies in California, where the risk of data breaches and cyberattacks is particularly high.
This coverage helps protect against financial losses due to:
- Data breaches: Covers the cost of notification, monitoring, and legal fees if customer data is compromised.
- Cyberattacks: Protects your business from ransomware and other attacks that may disrupt your operations or steal sensitive data.
- Regulatory fines: Covers the cost of fines and penalties for failing to comply with California's data protection laws like the California Consumer Privacy Act (CCPA).
In California, with its tech-heavy economy, the potential cost of a cyber event can be enormous, making cyber liability insurance a must-have.
What Type of Tech Companies We've Been Helping
These are just a few types of companies that we have been helping provide a full custom insurance program to properly secure and protect their business.