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Software development is a lucrative and growing field, but it's not one without risk. Massachusetts businesses in the field must consider the property and liability risks they face, and that's weird software developer insurance comes in.
Software developer insurance is specialized commercial insurance designed for software firms and similar businesses. So that these policies can protect against both property and liability risks, the policies normally come with multiple coverages packaged together.
Most Massachusetts firms that develop software and/or apps can benefit from the protections afforded by software business insurance. Some examples of firms that might want this insurance include:
In some cases, businesses that develop software and do other work also need one of these policies. An insurance agent who specializes in software business policies can help broader businesses determine whether they should carry this type of insurance.
As mentioned, software business insurance typically offers multiple coverages. Some of the property and liability coverages that a policy might offer include:
Firms that use a vehicle for on-site services likely also need commercial auto coverage, and there are still other coverages that policies might offer. An agent can go over all available protections.
Individual software developers who are self-employed ought to consider purchasing a software business policy. Even if developers work for make home office, homeowners insurance generally doesn't extend coverage to business activity. A software business policy is thus normally necessary to ensure even self-employed software development.
The specific protections afforded by any individual software policy’s professional liability coverage depend on the terms of that policy. Nonetheless, many policies provide coverage for incidents like the following:
Premiums for software development policies are based on many factors, and therefore often vary. The best way to determine how much insurance would cost in a particular situation is by comparing policies with an independent insurance agent. Independent agents aren't obligated to promote any one insurer, and can help developers compare policies across several companies.
For help finding software developer insurance in Massachusetts, contact The Independent Insurance Agents at The Feingold Companies. Our agents will review your situation in order to determine coverage needs, and then they will work closely with you to find a policy that adequately meets those needs. With our assistance, you can be confident that your software firm is well protected.