Software development is one of the most crucial industries in the world right now. If you’re a professional involved with the creation of software products, then you may wish to invest in software development insurance. Without it, you won’t be protected against a whole host of business risks, risks that are only growing in this increasingly vital industry.
To protect your software development business from financial harm, partner with ALIGNED today. As one of the leading insurance brokerages in Canada, we are software insurance experts and can help you find the right policy for your unique needs.
What is insurance for software products?
Like any insurance policy, the intention behind software development insurance is to protect your company and its software-related products from risk. Common risks for software development companies in Canada include but are not limited to cyber-attacks, copyright infringement, property damage, disgruntled employees, dissatisfied customers, theft, and workplace injuries. Please note that software development insurance is not something reserved exclusively for technology companies. If your company, no matter what industry it’s in, employs a team of software developers who write, alter, test, or support software in any way, software development insurance can help protect your business. ALIGNED has years of experience matching software development insurance policies with video game companies, computer programming companies, mobile app companies, software consulting firms, and more.
What does software development insurance cover?
The risks that software development insurance covers vary depending on the policy you choose. Generally speaking, experts recommend that you choose a software development policy that includes the following types of coverage:
- Commercial general liability insurance
- Errors and omissions insurance
- Cyber risk and data breach insurance
- Commercial property insurance
- Directors and officers’ insurance
- Employment practices liability insurance
How is the cost of software development insurance calculated?
Insurance companies consider several factors when calculating the cost of software development insurance. The industry, location, annual revenue, functionality of software, industry the software is serving, how much and what type of personal information the software accesses, the companies insurance claims history, number of employees and years in business can all affect the price of your policy.