Calgary Tech Company Insurance
Insurance for Technology Companies in Calgary
Calgary is poised to experience a major tech boom—in fact, technology is one of the city's fastest-growing industries. In order to be successful at providing useful, innovative products and services in an industry that is changing and evolving at lightning speed, you need to be willing to think outside the box and take some bold risks. But you shouldn't have to suffer major financial losses and compromise the success of your business if those risks don't work out as planned. That's why it's so critically important to have the right Calgary tech company insurance so you can make those big leaps and still rest easy at night, knowing you've got a secure financial safety net to catch you if you fall.
What is Calgary Tech Company Insurance?
Technology companies are, of course, susceptible to the same perils that can befall any business, so they need the financial protection of business insurance. But they can also be exposed to some unique risks that need to be covered by a comprehensive Calgary tech company insurance policy, which falls under information technology insurance. As a tech company in Calgary, you deliver complex services or products that provide plenty of opportunity for both human and technological error. From cyber attacks and reputational damage to natural disasters and broken down equipment, there's a lot that can go wrong to derail your business and cause devastating financial setbacks.
If you have the financial protection that comes with a robust Calgary tech company insurance policy, you can avoid paying out of pocket to cover eye-watering costs, such as legal expenses and settlements, should you be sued. But there's a lot more to it than just liability—if your Calgary office is destroyed in a fire or a crucial piece of equipment fails at the worst possible moment, your insurance carrier will provide funds to help you recover the cost of damage mitigation so you can get back on your feet as soon as possible with minimal damage to your financial growth.
Your company is unique, which is why your Calgary tech company insurance needs to be unique as well. The experienced team of brokers at Krywolt Insurance has the expertise and knowledge to track down the best possible coverage options for your insurance at competitive rates, so you can have the peace of mind that comes with knowing the sky's the limit for your business success.
Which Businesses Should Have Tech Company Insurance?
All businesses need business insurance, and tech companies need the right Calgary tech company insurance that is perfectly tailored to protect them against the perils they are most likely to encounter. The expert brokers at Krywolt Insurance are experienced at finding the right insurance options for a wide range of technology companies, including:
- Software developers
- Artificial intelligence
- Data processors
- Educational technology
- Energy-related technology and innovation
- Robotics
- Technology consulting
- Internet services
- Manufacturing technology
- Nanotechnology
- Aerospace technology
- Telecommunications
- Platform economy companies
Of course, this list barely scratches the surface of all the different varieties of tech companies and tech jobs out there. Regardless of what type of technology your business deals with, you can rely on the professionals at Krywolt Insurance to find the coverage you need for Calgary tech company insurance.
What Types of Coverage Does Calgary Tech Company Insurance Include?
There is a broad range of insurance products for technology companies out there, so it can feel overwhelming at first to determine which coverage options are right for your Calgary tech company insurance. There are certain types of coverage, such as commercial general liability and property insurance, that are needed by every business, but there's also additional coverage like network and information security liability that are particularly important for tech company insurance. Count on your Krywolt Insurance broker in Calgary to make educated recommendations and explain them clearly so you're able to make an informed decision about what's best for you and your company.
Commercial General Liability
Commercial general liability is a basic and essential component of business insurance that is needed in pretty much every type of industry you can think of—which naturally means it's going to be part of your Calgary tech company insurance policy. General liability coverage provides financial support to pay costs that are related to third-party property damage, third-party bodily injury, or personal harm.
You may think there aren't a lot of scenarios that would lead to bodily injury or property damage at your particular business in Calgary, especially if it mostly involves using computers in an office environment, but it's always a possibility. It could be as simple as a client coming into your office to discuss a contract, then tripping over a loose extension cord and injuring themselves. Or, you could be installing software or hardware at a client's business and bump into an expensive piece of merchandise, damaging it beyond repair. Suppose you or your company cause injury or damage to a third party like a client or a casual passer-by. In that case, the commercial general liability coverage on your Calgary tech company insurance will cover costs for legal defense fees, medical bills, and damage mitigation or replacement, up to the limits specified on your policy.
Errors and Omissions Insurance
This is another important type of coverage that is sometimes called professional liability. As the name errors and omissions insurance (E&O) implies, this Calgary tech company insurance coverage is designed to protect you against financial loss should you make an error or omission or fail to deliver a promised service or product. When it comes to the errors and omissions portion of your Calgary tech company insurance, claims are usually triggered by allegations that your products or services resulted in financial damage somehow.
For example, if your company develops a custom e-commerce platform for a client and accidentally leaves it vulnerable to cyber attack, causing your client to lose sensitive customer information and suffer serious damage to their business reputation, you could be liable for damages. The errors and omissions coverage on your Calgary tech company insurance will provide you with financial support so you can recoup some of your legal defense fees and settlement costs.
Commercial Property Insurance
Just like you need home insurance to protect your house, it's important to have commercial property insurance to protect your business location and its physical assets. Typically, commercial property coverage on insurance for technology companies will be either all-risk or named perils. All-risk coverage protects you against a wide range of common or likely perils, except the ones that are specifically excluded. Named perils, on the other hand, protect against the specific risks that are listed in your policy. Flooding is a good example for Calgary-based businesses, especially those located in flood zones near the Bow or Elbow Rivers. Whether flood insurance is included as part of an all-risk policy depends on the insurance company, but it's often included as standard. For a named perils policy, it's very important to speak with your Krywolt Insurance broker and check that you are covered for flooding and any other concerns that could occur at your physical location.
Network and Information Security Liability
You work in the technology industry, so you don't need us to tell you that there are some huge risks inherent in using the internet to store and transmit sensitive information. Network and information security liability, which is also referred to as cyber liability insurance, is a crucial part of Calgary tech company insurance that helps you manage cyber risk. Any business can be targeted by cyber criminals, but tech companies are often considered to be particularly juicy targets, which means they're at even greater risk. To compound that risk, if an attack against you is successful, it can result in very serious damage to your company's professional reputation.
If you are the victim of a cyber attack and sensitive information is stolen, including proprietary designs or financial details, you can end up with major legal problems at your doorstep. Network and information security liability will help you recover legal costs should you be sued. However, depending on your particular coverage and the way your technology company insurance policy is written, it may be possible to get access to coverage for expenses that result from a criminal using your network to spread malware or the cost of restoring data after a major security breach. It's also possible that you may be able to get assistance with ransom payments to recover stolen information.
Equipment Breakdown Insurance
Maybe equipment isn't that big of a deal for the type of technology work your company does—if your laptop breaks, you can just get a new one and carry on virtually without interruption. But if your business processes rely on expensive, specialized equipment that isn't so easily replaced, it makes sense to invest in equipment breakdown coverage for your Calgary tech company insurance. If your equipment breaks down because of damage related to motor failure, power surges, or operator error, your equipment breakdown insurance provider will support you with funds to cover the cost of repair or replacement so you can get back to work as soon as possible.
Other Insurance Considerations for Tech Company Insurance
- Business Interruption Insurance
- Commercial Fleet or Auto Insurance
- Directors and Officers Liability Insurance
- Communication and Media Liability
- Employment Practices Liability Insurance
- Expense Reimbursement Insurance Coverage
- Fiduciary/Crime Insurance
- Kidnap and Ransom Insurance
- Identity Fraud Expense Reimbursement
- Miscellaneous Professional Liability Insurance
What's the Difference Between Tech Company Insurance and Cyber Liability?
It's easy enough to get these two terms mixed up because, naturally, technology companies do a lot of business online, but they are not the same. The term tech company insurance refers to a broad assortment of insurance products that are designed to provide financial protection against unexpected expenses to technology companies. No two Calgary tech company insurance policies are the same, so the coverage included on any given policy can vary significantly from company to company, but it typically includes commercial general liability, commercial property insurance, business interruption insurance, and professional liability coverage, along with other coverages you may need to protect you against financial loss in the event that you suffer a peril.
Cyber liability, on the other hand, is a specific type of tech company insurance coverage that is highly recommended for technology companies. Also called network and information security liability, it provides the insured with financial support to manage cyber risk, including funds to pay for legal costs if you are sued because of a data breach and to cover the cost of recovering stolen information, notifying clients of a breach and other potential expenses.
What Factors Impact Tech Company Insurance Rates?
When determining the rates for your Calgary tech company insurance quote, insurance carriers will look at a wide variety of cost-influencing factors such as:
- Deductibles and limits of your coverage options
- Your industry and specializations
- How you choose to operate your business
- Office locations
- Measures you have in place for damage mitigation
- Annual revenue
- Number of employees
- Employment practices (whether you use subcontractors)
- Whether you currently have insurance
- Your past claims history
Your Krywolt Insurance expert will work hard to find the coverage you need at a competitive rate, so you know you are getting the financial protection you need with affordable premiums.
How Can I Get a Quote for Calgary Tech Company Insurance?
Ready to get technology company insurance quotes for your Calgary-based company? Business owners can trust the experts at Krywolt Insurance to find the insurance coverage they need at an excellent price. Call us today at 403-879-8660 to get started, so you can breathe a sigh of relief knowing you have the right financial protection against all the perils that are likely to come your way over the course of your professional business operations.
