Technology companies have a different commercial insurance profile than traditional businesses. Their primary exposures are not premises liability or property damage — they are professional liability for software failures, cyber liability for data breaches, and D&O for investor-related disputes. An agent who understands the tech risk profile can build a complete program that actually covers what could go wrong.
Technology professional liability (tech E&O) and cyber liability are often confused — and often bundled by carriers, which adds to the confusion. They cover fundamentally different scenarios:
Tech E&O covers: A client's software product doesn't work as promised and the client suffers financial losses. A SaaS platform goes down and clients can't access their data. A developer delivers code with bugs that cause a client's system to fail. These are professional negligence claims — the tech company failed to deliver what they were paid to deliver.
Cyber covers: A breach of the company's systems exposes customer data. A ransomware attack locks the company out of its systems. A social engineering attack results in fraudulent wire transfers. These are security events — not professional failures, but unauthorized access to systems or data.
Enterprise clients, SaaS customers, and investors routinely require tech companies to carry specific insurance limits as a condition of doing business. Common requirements include:
$1M to $5M per occurrence in tech E&O / professional liability — $2M minimum per occurrence in cyber liability — $1M per occurrence in commercial general liability. Enterprise SaaS deals, government contracts, and financial services clients often require higher limits. Agents who understand these requirements can help tech clients structure their coverage to win contracts rather than lose them to inadequate insurance.
What does the software or technology product do? Who are the customers?
Does the company handle or process customer data? What type of data? (PII, financial, healthcare)
Is the product or service critical to customers' operations — what happens if it goes down?
Does the company provide any professional services alongside the software (consulting, implementation, customization)?
Has the company ever received a claim, complaint, or demand related to its technology or services?
What are the annual revenues, and how much comes from SaaS/subscription vs. professional services?
Does the company have VC or private equity backing? Are there outside investors or board members?
Where are the company's customers located? (US only, or international)
Does the company use open-source software in its product? Are there any open-source licensing risks?
What security controls are in place? (SOC 2, ISO 27001, encryption, access controls, MFA)
AgencyAssist collects all commercial lines data through a single intake link — GL, property, WC, and cyber. E&O and D&O data is structured for transfer to specialty markets.