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Business Insurance for SaaS Companies
Secure Your SaaS Business with Tech Business Insurance
One of the most important things to understand about
business insurance is that not all industries are created equally. Each field has its own unique risks that a business needs to be protected again, and the technology sector is certainly not immune to that fact.
Why is Insurance for SaaS Companies Important?
In the world of software as a service (SaaS), organizations typically make an uptime guarantee to their customers. If their services are not fully available for a certain amount of time, they could be subject to lawsuits. The same is true due to disruptions caused by any property damage and other issues. This is why tech business insurance is critically important - it helps provide protection against these types of events and even injuries that take place while on-the-job.
What Insurance Coverage Should a SaaS Business Have?
In the event that your SaaS company suffer from something like a storm, fire, or even theft, property and building coverage will protect not only your physical place of business, but your inventory and even the furniture inside.
While tech workers aren't necessarily known for getting injured on-the-job, workers compensation insurance is still important to cover things like lost wages and medical bills in the unfortunate event that they do.
This helps provide coverage for a lot of the daily risks that businesses face. It also protects your SaaS company's physical assets in the event that your workplace suffers an issue like a fire, theft, or other damage.
This would help protect against claims like errors, oversights, missed project deliverables, exceeding budgets, and other events of that nature.
Product liability for SaaS companies is essential to address issues like service interruptions, data breaches, and misrepresentation, ensuring accountability for damages caused by digital product shortcomings and providing customers recourse for financial losses or harm.
This will again provide even more coverage against the types of threats that a SaaS company is likely to face, particularly as they relate to data breaches, phishing scams, and other events of that nature.
If you drive a car for work purposes in a state like Georgia, you'll need to have commercial auto insurance coverage. Beyond that, there are a number of distinct types that you're not necessarily required to get but should absolutely consider.
Technology companies in particular often have access to sensitive private data. A surety bond would help protect against employees who misuse that data, either by stealing it, using it to defraud someone, or just illegally accessing it in general.
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Requirements for SaaS Insurance
Certain types of insurance will be required to operate a business in your state. Georgia, for example, requires all organizations with three or more employees to have workers compensation coverage. Beyond that, you'll want to explore the types of coverage outlined above to make sure that you are adequately protected against the types of threats that SaaS businesses are likely to face on a regular basis.
If you'd like to find out more information about the major benefits of SaaS business insurance, or if you'd like to discuss your own policy needs with someone in a bit more detail, please don't hesitate to contact BIS Benefits today.
Our Carriers
All the top-rated carriers in Georgia including Selective, Hanover, Travelers, Hartford, Nationwide, Chubb, Liberty Mutual, and more.
Where We Work
BIS Benefits works with companies all around the state of Georgia, below are some of the cities our clients are located in:
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Business Insurance, Group Plans, and Employee Benefits? We're here to help! Our team is friendly, knowledgeable - and ready to answer your questions or put together a custom quote for your exact requirements. Contact us today!
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