Developing mobile apps can be very lucrative and exciting. Canada has become a hotbed for mobile app developers. Still, you have to be aware of the risks associated with this line of work. If you don’t provide the client with a perfect app, you’re going to run into major problems. A small bug in the software could cause the client to lose money. Then, they’ll want to hold you responsible. A lawsuit could be heading your way. Acquiring Information IT Professional insurance is a great way to protect your mobile app development company.
By working with ProfessionalsCoverage, you’ll be able to obtain multiple quotes from several brokers in Canada. After that, you can choose the plan that works best for your mobile app development company.
Important Insurance For Mobile App Developers
Mobile app developers face a lot of risks. Even when you’re developing a video game, you may mess something up and cause the client to lose money. So, you need various insurance products to shield your business from lawsuits.
Errors And Omissions
For mobile app developers, technology errors and omissions insurance is essential. If you give the client a mobile app that has several errors, you may be sued. Furthermore, you may not be able to finish the app before the deadline passes leading to even bigger problems. When you are hit with a lawsuit or you’re accused of negligence, you’ll want to have errors and omissions insurance. It can help you protect your company while offering assistance paying the legal fees.
Cyber Liability Insurance
When it comes to mobile apps, your source code is very important. If it leaks to the public, someone could easily steal and use your software. Alternatively, someone may break into your database and steal the credit card details of your recent clients. Both problems could cause clients to file a lawsuit against your company so you need to prevent this from happening. You’ll also want to protect your business by working with ProfessionalsCoverage and getting cyber liability coverage. This insurance offers protection when you’re sued due to a data breach. It can help you cover various costs including those associated with notifying clients and monitoring for fraud.
Again, the source of your software is important. If it falls into the wrong hands, your software may be stolen. If you hire a bad apple, that individual may decide to steal your software and sell it on the black market. This could cost your company millions and you might not survive. Fidelity bonds or employee dishonesty bonds can help protect your company from bad employees. This type of insurance protects from illegal fund transfers, employee fraud, and employee theft.
General liability for mobile app developers will give you greater peace of mind. When you’re working on a new health app or mobile gaming app for a client, they’ll want to monitor your progress. They’ll visit your studio once a week or month so they can see how things are going. During their visit, there is always a risk that they’re going to get hurt. They may sit in a chair and it could break. Or, they might touch a live wire and get electrocuted. Having general liability insurance delivers protection from such issues. It protects your business from slip-and-falls as well as damage to the customer’s property.
It is very difficult, if not impossible, to create a mobile app alone. You need a lot of help. You need developers to help code the app. Then, you’ll need to hire testers so they can help you find bugs. Suffice to say, you’re going to rely heavily on your employees. They want to do the best they can for your company so you should repay that favor. Workers’ compensation insurance proves that you can care about your workers. Furthermore, it is required by Canadian laws.
Commercial Auto Insurance
As an app developer, you may have to go into the city from time to time. You might need to test your app around Toronto. Also, you may need to travel to the park so you can take pictures to add to your app’s interface. When you leave the office, you’re likely going to drive around in a commercial vehicle. If you have commercial vehicles, you also need commercial automobile insurance. Commercial automobile insurance for mobile app developers can help protect your business when an employee causes an accident. It also covers problems such as vandalism, theft, and weather damage.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance:
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
The Costs Of Mobile App Developer Insurance
Every mobile app development company is different. With this in mind, you have to understand that the insurance premiums are going to vary significantly. A bigger development firm will pay more for insurance. If you have fewer employees and less equipment, you’ll pay less. Other factors that are going to impact your premiums include your location and services you offer. Contact ProfessionalsCoverage so you can find a good broker who will provide you with a free quote.
Why Would An App Developer Need Insurance?
All Canadian professionals take risks. You face risks daily and cannot gamble with your future. It is only a matter of time before something bad happens. This is why you should not wait to get mobile app developers insurance. This coverage ensures that your company is protected from lawsuits, employee theft, vehicle theft, and so much more. The cost may seem expensive but it will prove to be worth it. Without insurance, a lawsuit could lead to your company going out of business.
Need coverage in effect? Compare the market!
Helpful resources for IT professionals and their companies
- Why do I need IT insurance for my business?
- What types of insurance do I need for my IT business?
- Will I be legally required to get insurance to operate as an IT company?
- How do I get the cheapest rate possible as an IT business?
- As an online business, what liability insurance coverages will I need?
- How do I handle a lawsuit that is frivolous or completely fake?
- Want to cancel insurance for your IT Company? Here are reasons to consider!
- Using a change control board for tracking.
- Acceptable use policy – Every business needs it and here is how to write one!
- Want to start an IT consulting business? Awesome! Here is a small guide!
- How much insurance will I need to operate my tech company?
- I am a sole proprietor, how will business insurance work for my IT business?
- How do I choose the right legal corporate structure for my technology company?
Other types of IT Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of information technology related businesses.
- Telecom Cabling Installers Insurance
- Network Designer Insurance
- Cyber Security Insurance
- Business Intelligence Insurance
- Data Analysis Insurance
- Database Administration Insurance
- Web Hosting Service Insurance
- Network Security Company Insurance
- Mobile App Developers Insurance
- IT Staffing Agency Insurance
- IT Project Management Insurance
- IT Consultants Insurance
- Data Scientist Insurance
- Computer Repair Business Insurance
- Digital Marketing Agency Insurance
- SEO & SEM Consultants Insurance
- Software Developers Insurance
- Technical Writers Insurance