Insuring Your Tech Start-Up

Technology has played a huge part in the advancement of civilization throughout the centuries, and it still plays a pivotal role in today’s society. With many members of the globe’s population relying on tech to communicate with one another, as a method of organization, and for research and analysis on just about everything, now is as good a time as any to set up a tech company.

If this is a business venture you have chosen, remember to get the right insurance for your small business to protect yourself from any unforeseen and unfortunate circumstances.

Here are some examples of the types of cover you are likely to need for your tech start-up.

Errors and Omissions

Errors and Omissions cover (aka Professional Liability Insurance) protects the business from claims regarding potential mistakes and negligence that your company has made. Human error and other miscalculations happen, but they shouldn’t have to cost you your business, especially not after months and years of hard work that have led you to where you are. Protect your business and be prepared for any potential errors you could make.

Worker’s Compensation

You can’t run a business by yourself, therefore hiring employees is a necessity for your company to see success. However, things happen and members of your staff might fall ill or become injured at some point. If these things are a result of the work they have been doing for your company, they should receive some compensation from you. Your employee’s need to feel protected and valued, and you need to be able to provide them with this sense of security and support. Workers compensation insurance for small business is an important cover that must be included in your policy.

Property Insurance

As a tech start-up, you are likely to be working from a commercial office and lab space to carry out your research. With so much information and equipment being stored in this space, it must be protected. Make sure that this commercial property is covered in your insurance policy in case of accidents or damage that affect the building and ask about further cover for your business equipment etc.

Business Interruption

If your business is forced to close due to circumstances outside of your control it will result in a financial loss for your company. You shouldn’t have to lose any amount of money over something that isn’t your fault, therefore, business interruption cover will be most beneficial to you in such a situation. It will cover any loss of funds during this period, helping you pay off any outstanding bills, wages etc.

General Liability

This type of cover will help you if any injury, damage or other issues arise due to the actions of a third party. Again, certain circumstances will be out of your control and you shouldn’t be caught short because of the mistakes of other people. Protect your business from these situations with this cover.

When getting insurance for your tech start-up, discuss with an attorney or insurance broker which other types of cover you may need, but listed above are a few that are the most essential.