How Much Is Insurance For A Tech Company In Canada?
How much is insurance for a tech company in Canada? This is a question the business insurance brokers at ALIGNED Insurance are asked regularly. Whether your tech company specializes in machine learning, app or web development, custom software design or otherwise it’s important to understand your costs which is why the commercial insurance brokers at ALIGNED Insurance are happy to discuss how much is insurance for a company in Canada?
What Factors Impact How Much Is Insurance For A Tech Company In Canada?
No two tech companies are the same and as a result, the answer for how much is insurance for a tech company in Canada is never the same either, but underwriters and actuaries at insurance companies do analyze similar factors when deciding how much is insurance for a tech company in Canada and are below are some of the factors used:
- Projected annual revenue
- Type of work being done
- Amount of personal or confidential information is accessed, processed and/or analyzed
- What industries you are providing solutions to
- Amount of work subcontracted to third parties
- Amount of actual insurance purchased
- Type of tech company insurance product purchased – insurance for a tech company is typically done through a packaged product that is modular and can include E&O, Cyber, Data, Commercial General Liability, Property, Crime coverage sections and each comes at an additional cost
So…How Much Is Insurance For A Tech Company In Canada?
Ultimately, the best way to determine how much insurance would cost for your organization is to work with an ALIGNED Insurance commercial broker to secure a variety of bindable quotes from some of the 50+ top Canadian insurers we work with. However, as we do work numerous tech companies across Canada we can share that a simple Commercial General Liability Policy for an office lease can be as little as $350 per year and the average small tech company we work with buys a package policy that typically costs between $1,500-$5,000 annually depending on the factors noted above.
From Apps to Web Design – Get Your Tech Coverage With Us.
Across Canada, we help a broad range of technology companies connect with better insurance value, products and options. Here are just some of the tech companies that we support:
- Application Service Providers
- Computer Facilities Companies
- Computer Programming Companies
- Data Processing Companies
- Electronics Manufacturers
- Information Retrieval Services Companies
- Instruments and Measuring Device Companies
- Internet Service Providers
- Robotics Companies
- Software Developers
- Software Development Companies
- Software Resellers
- System Integrator Companies
- Systems Consulting Companies
- Telecommunications Companies
- Web Hosting Companies
- Website Design Companies
ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.