SaaS Business Insurance
Why do SaaS companies need business insurance?
Your software helps other businesses succeed, but downtime can cut into their profits. If a client sues, the result could be a costly lawsuit. Commercial insurance protects your business against legal expenses, property damage, and injuries. State laws and landlords may require certain types of coverage.
Get the right coverage quickly
6 policies every SaaS business owner should consider
Clients, landlords, or state laws may require SaaS companies to carry insurance. Business insurance can prevent financial losses in the event of an injury, property damage, lawsuit, or data breach.
Technology errors and omissions insurance
Technology E&O insurance protects SaaS providers against software liability lawsuits, such as a service outage that causes a client to lose money. It's also called professional liability insurance.
- SaaS platform outages
- Problems with SaaS products
- Accusations of misrepresentation
Cyber liability insurance
Also called cybersecurity insurance, this policy protects SaaS businesses against costly data breaches and cyberattacks. You can bundle it with E&O insurance for protection against data breach lawsuits.
- Fraud monitoring services
- Data breach notification costs
- Ransomware demands and other cyber risks
Fidelity bonds
A fidelity bond compensates your client if an employee at your SaaS company steals from them. It’s sometimes called crime insurance or an employee dishonesty bond.
- Unlawful data access by your employee
- Illegal money transfer by your employee
- Other employee theft or fraud
General liability insurance
This policy protects your SaaS business or startup from the most common risks of working with customers and clients. Bundle it with commercial property insurance in a business owner’s policy for a discount.
- Accidental client injuries
- Accidental damage to a client's property
- Defamation and copyright lawsuits
Workers' comp insurance
If your software company has employees, you'll probably need workers' compensation insurance to comply with state law. It helps pay for medical costs from work-related injuries and illnesses.
- Medical bills from employee work injuries
- Disability benefits while an employee recovers
- Lawsuits over work injuries
Commercial auto insurance
This type of insurance covers the cost of accidents involving your SaaS company's vehicle. Most states required this coverage for vehicles owned by a business.
- Auto accident lawsuits
- Property damage caused by your vehicle
- Stolen or vandalized business vehicles
SaaS business insurance costs
Average costs come directly from policies purchased by TechInsurance customers.
General liability: $31 per month
Errors and omissions: $91 per month
View more expected costs.
Start a free application to see how much insurance will cost for your SaaS business.
Hear from business owners like you who purchased insurance coverage.
Why SaaS companies choose TechInsurance
Protect against common risks
A lawsuit or data breach could devastate your SaaS business. Prevent financial losses with insurance coverage tailored for your needs.
