Why do software developers and programmers need insurance?
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6 policies every software developer should consider
General liability insurance
This policy protects your business from the most common liabilities faced by software development firms. It's often required in client contracts and commercial leases.
- Client injuries at your office
- Accidental damage to client property
- Libel, defamation, and copyright lawsuits
Technology errors and omissions insurance
Technology E&O insurance can help pay legal bills if a software developer is sued for a mistake. You can often add coverage for intellectual property and media liability.
- Software bugs
- Missed deadlines
- Programs that don't meet client requirements
Cyber liability insurance
This policy helps your software development firm recover after a data breach or cyberattack. It can also help pay for lawsuits from affected clients.
- Fraud detection and monitoring services
- Client notification after a breach
- Lawsuits from clients affected by a breach
Business owner's policy
A BOP bundles general liability and commercial property insurance. Software developers can usually get insurance coverage at a discount with this policy.
- Client injuries at your office
- Accidental damage to client property
- Lost or damaged business property
Workers' comp insurance
If your business has employees, you'll probably need to purchase this policy to comply with state law. It covers medical costs from work injuries and illnesses.
- Medical bills from work injuries and illnesses
- Partial wages while employees recover
- Lawsuits over work injuries
Fidelity bonds
If one of your developers steals from a client, this policy reimburses the client for the amount stolen. It's also called an employee dishonesty bond.
- Unlawful data access by your employee
- Illegal money transfer by your employee
- Other employee theft or fraud
Software developer insurance costs
Average costs come directly from policies purchased by TechInsurance customers.
General liability: $30 per month
Errors and omissions: $83 per month
View more expected costs.
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Why software developers choose TechInsurance
Protect against common risks
A lawsuit or data breach can devastate a small software development company. Prevent financial losses with policies tailored for your needs.
