IT application developers are at risk of several forms of liability and should be properly covered.
Whether you are a one person operation or you have grown to employ several teams, app developer business insurance has various vital layers of coverage for your company.
Your operations expose you to a number of liabilities that could be financially catastrophic.
By purchasing the right app developer business insurance, you make certain that if the unexpected happens, it won’t place your company at risk of ending. As you grow, it is important to have a robust insurance plan in place with policies for the IT business coverages you require.
Depending on the size and nature of your company, it will need different types of coverage. Moreover, the size of those different types of policy will also depend on the unique nature of your company. It’s always a good idea to speak to an experienced insurance agent to know you have all the coverage your operation requires.
Here are some of the types of app developer business insurance your company may need:
These are some of the most commonly purchased types of coverage for IT businesses in this category:
• General business liability insurance – This is the core of any tech company insurance plan. No matter the size or nature of your app developing business, your coverage starts here.
• Business property insurance – This coverage is for damage to the space in which you work and the contents of that space that you use for your job. This includes office space you rent or own, as well as computer equipment, software, furniture, etc.
• Business owner’s policy (BOP) – If you’re still very small, you’ll likely be able to purchase this as an expansion of your general liability coverage as you will still be labeled by insurers as a very low risk. It combines property insurance and general liability coverage.
• Cyber liability insurance – This is an absolute must as a part of app developer business insurance as these products are highly vulnerable to malicious activity and corruption. Moreover, since apps frequently require sensitive information to operate, any cyber attack could spell catastrophe without the right coverage in place. First-party coverage typically isn’t enough for IT companies, which require third-party protection, too.
Other very likely forms of insurance policy your app developing business will need can include Errors and Omissions (E&O) insurance as well as workers compensation.