Technology Company Business Insurance in North Carolina

Small business insurance requirements vary, depending on the size and type of risk. 

Cyber Threats

Data breaches and cyberattacks are perhaps the most prominent threats. As technology advances, so do the methods of cybercriminals. 

A successful attack can result in stolen customer data, financial losses, and severe damage to your company’s reputation.

Intellectual Property

Intellectual property theft is another significant risk. In an industry driven by innovation, protecting your ideas, code, and designs is crucial. 

Competitors or malicious actors might attempt to steal your proprietary information, potentially undermining your competitive advantage.

Software Glitches

Software bugs and system failures can lead to substantial financial losses for your clients, resulting in lawsuits and damaged business relationships. 

Even with rigorous testing, the complexity of modern software means that bugs can sometimes slip through, potentially causing disruptions to your clients’ operations.

Hardware Hazards

Physical damage to expensive equipment is a tangible risk that tech companies face. 

High-end servers, specialized development hardware, and other costly equipment are vulnerable to damage from accidents, power surges, or natural disasters.

Employee Well-being

Employee injuries, while perhaps less common in office environments, are still a concern. 

Repetitive strain injuries from prolonged computer use, accidents in server rooms, or even mental health issues related to high-stress work environments can all lead to workers’ compensation claims.

What if: A Software Update Goes Awry

Imagine that your software company releases an update with a critical bug, causing financial losses for multiple clients. 

Without proper professional liability insurance policy for small business, you could face multiple lawsuits and significant financial strain, potentially threatening the very existence of your business.