Selling solutions puts your clients’ operations in your hands. Whether you install, integrate, customize and support your own software or a third party’s, your software sales company carries a lot of responsibility. Your clients expect increases in efficiency, productivity and, possibly, revenue. A mistake or accident on your end could directly affect their bottom lines. Software sales company insurance is a package of tailored coverages designed to protect you from losses to your clients’ businesses and your own.
How Software Sales Company Insurance Can Protect You
The following are examples of some of the risks your software sales company faces:
- The software applications did not meet the client expectations and they decide to sue for breach of contract or false advertising
- The system isn’t integrated properly causing lost productivity and/or sales
- A breach of your system exposes protected personal and business information of your clients and staff
- Someone accuses you of intellectual property infringement in a lawsuit
SaaS insurance can protect you by covering the sizeable costs of a lawsuit including:
- Lawyer’s fees
- Other costs to mount a defence
- Out-of-court settlements
- Awards for damages
Software Sales Company Insurance Coverages
The following are coverages that are commonly included in a SaaS insurance plan:
Technology Errors & Omissions Insurance – which is the policy that can cover legal expenses, settlements and/or judgments for claims of negligence, or other forms of professional deficiency, errors, omissions etc. that led to client’s experiencing financial losses associated with your services or the software.
Commercial General Liability Insurance – is common for all businesses as it can protect you from legal claims of personal injury, property damage, false advertising, libel/slander and more.
Cyber Liability & Privacy Insurance – is as essential for your software company as cybersecurity software and protocols are. The amount and type of data stored on your devices and systems and the reliance of your clients’ system on your own make this coverage a necessity for risk management. Cyber liability insurance can cover the costs of a breach including losses sustained by third parties, costs to repair systems and data and notification costs.
Property Insurance – protects building property and contents including computer equipment, office equipment, furniture, supplies, financial instruments and other assets from perils such as fires, floods, sewage backups, windstorms and others. You may want to include the following extensions:
- Business Interruption coverage to replace income lost due to an insured peril; and
- Extra Expense insurance to cover the costs of setting up a temporary location following an insured peril.
Boiler & Machinery Insurance / Equipment Breakdown Insurance provides coverage for the losses stemming from machinery and equipment failure due to perils like electrical arching, power surges and others not named in a property insurance policy.
ALIGNED – Software Sales Company Insurance Powered by Commercial Insurance Specialists
Commercial insurance is all we do. The advocates at ALIGNED can save you time, money and the hassle of shopping around for the right software sales insurance at the best rates. Contact an ALIGNED advocate to get a free quote on software sales company insurance in minutes or get started right away by using our free online tool.
- Technology Insurance For Canadian Technology Companies Explained
- Shopify Retailer Insurance
- DESIGN PROFESSIONAL LIABILITY
We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian owned, we are super proud to be one of the fastest growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram, LinkedIn and YouTube.