Do software and SaaS startups need professional indemnity insurance?

Software and SaaS startups commonly arrange professional indemnity insurance because it may help protect against claims that a bug, outage, or error in your product caused a client a financial loss. Client contracts and enterprise procurement teams frequently require it before signing. Professional indemnity may include cover for legal defence costs and compensation, subject to the terms, conditions and exclusions of the policy.

What insurance does a tech startup need in Australia?

Most tech startups start with professional indemnity, cyber, and public and products liability, then add directors and officers cover once they raise funding or appoint a board. The right mix depends on your client contracts, the data you hold, and what investors require. upcover arranges these covers for tech startups and scaleups, and cover may include protection for software errors, data breaches, and IP disputes, subject to policy terms and conditions.

How much does tech startup insurance cost in Australia?

The cost of tech startup insurance in Australia depends on your business activities, turnover, employee numbers, the covers you choose, and your claims history. Premiums vary between startups and can change at renewal. upcover accesses coverage across more than 80 insurance partners, so you can get a market leading quote online and a coverage that scales as your business scales.