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Key Types of Insurance for Software Firms

Several types of insurance are particularly relevant to software companies:

• Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, this coverage protects against claims of negligence or inadequate work.
• Cyber Liability Insurance: Essential for any tech company, this insurance covers the costs associated with data breaches and cyber attacks.
• General Liability Insurance: This policy covers third-party claims for bodily injury or property damage.
• Business Owner’s Policy (BOP): A BOP combines general liability and property insurance, providing a comprehensive package for small to medium-sized businesses.

Understanding these options allows you to tailor your coverage to fit the unique risks your business faces, ensuring you pay only for what you need.