Technology Company Insurance

Technology Company Insurance

Protecting innovation, data, and digital operations

Technology companies face complex risks involving professional services, data security, intellectual property, and contractual obligations. Whether developing software, providing IT services, managing networks, or operating online platforms, even a small error, system failure, or cyber incident can result in major financial loss. Technology businesses often carry higher exposure due to reliance on data, uptime, and performance guarantees.

Properly structured insurance helps protect revenue, client relationships, and the long-term stability of technology-driven operations.

Key Risks in Technology Operations

Technology companies face exposure related to:

• Software errors or system failures

• Data breaches and cyber attacks

• Failure to meet performance obligations

• Intellectual property disputes

• Contractual liability claims

• Loss of client data

• Business interruption due to outages

Claims can arise even when services are performed correctly.

Core Coverages for Technology Companies

Technology insurance programs typically include:

Professional Liability / Technology E&O
Protects against claims alleging errors, omissions, or failure of technology services or products.

Cyber Liability
Covers data breaches, ransomware, privacy violations, and network security incidents.

General Liability
Protects against bodily injury and property damage claims involving third parties.

Commercial Property
Covers office equipment, servers, and business contents against covered physical loss.

Employment Practices Liability
Protects against claims involving wrongful termination, discrimination, or workplace issues.

Crime / Social Engineering Coverage
Covers fraud, funds transfer loss, and certain types of cyber-related theft.

Umbrella / Excess Liability
Provides additional limits for high-severity claims.

What’s Commonly Overlooked

Technology insurance programs are often weakened by:

• Incorrect description of services performed

• Missing cyber or privacy coverage

• Inadequate E&O limits

• Failure to cover subcontractors or developers

• Gaps between cyber and professional liability

• Contract requirements not reflected in the policy

These problems often appear only after a claim occurs.

Real-World Claim Examples

• Software failure causes a client financial loss

• A cyber attack exposes customer data

• A missed specification leads to a contract dispute

• A network outage interrupts client operations

• A client alleges negligence in IT services

Even small mistakes can lead to large claims in technology fields.

Why Proper Placement Matters

Technology coverage varies significantly based on:

• Type of services or products provided

• Contract and indemnification terms

• Data security exposure

• Revenue size and client type

• Claims-made policy structure

• Industry-specific exclusions

Improper placement can leave critical risks uninsured.

Our Approach

At Cory Washington & Co., we structure technology insurance around the actual services you provide, the contracts you sign, and the data you handle. We coordinate E&O, cyber, liability, and crime coverage to ensure protection aligns with the real risks technology companies face.

Innovative businesses require insurance that keeps up with innovation.