If you are a small business startup about to launch a new product, service, application or website a must have is insurance. As a startup your best bet is to seek advice from a commercial liability insurance agent or broker who can thoroughly explain all the different types of insurance coverages for general liability, cyber liability and errors & omissions. Experienced lawyer Andrew S. Bosin with offices in New Jersey near New York City provides legal advice to clients in reviewing, negotiating and providing legal advice and opinions about commercial insurance cyber liability errors and omissions policies and coverages in the United States, Europe, globally, internationally, US, New Jersey, New York City, Brooklyn, Boston, Rhode Island, Buffalo, Syracuse, Albany, Long Island, Connecticut, Chicago, Illinois, Maryland, Delaware, Miami, Orlando, Jacksonville, Sarasota, St. Petersburg, Ft. Lauderdale, Florida, Dallas, Austin, Houston, Texas, Los Angeles, San Diego, Seattle, Silicon Valley, Orange County, Sacramento, San Francisco, California, Phoenix, Salt Lake City, St. Louis, Nashville, Kansas City, Minneapolis, Washington DC, Indianapolis, Charlotte, Raleigh, North Carolina, Alaska, Hawaii, Atlanta, Philadelphia, Idaho, Canada, Toronto, Edmonton, Calgary, Vancouver, EU, London, UK, England, Berlin, Hamburg, Munich, Germany, Amsterdam, France, Italy, Sweden, Denmark, Finland, Ukraine, Czech Republic, Hungary, Dublin, Ireland, Glascow, Edinborough, Scotland, Tel Aviv, Israel, India, Melbourne, Sydney, Australia, Singapore, Tokyo, Japan, and Hong Kong, Shanghai, China.
If you own any type of SaaS, cloud, or web based company serving your application to customers over the internet and you don’t have commercial insurance you are playing with fire. As a SaaS attorney who also owns a global SaaS company I have been involved in negotiating SaaS commercial liability insurance policies. In this blog post, I’m not offering any legal advice about what type of insurance fits your SaaS company’s legal needs. Instead, I’m just sharing my own experiences in purchasing commercial general liability insurance for my SaaS company. At the end of the day, my company chose an errors and omissions insurance policy which included coverage for general liability issues in the event someone slipped and fell in our office or we got into an auto accident. A good errors and omissions policy should provide global coverage and also cover cyber liability, privacy liability, business and systems interruption, reputation and brand protection, kidnap and ransom, court attendance costs, and loss mitigation. One of the areas that you should consider coverage for is personal data or personally identifiable information (PII) especially if your application or service collects personal data such as names, addresses and credit card numbers. Your best bet is to hire an agent or broker who can submit your company for coverage to more than one or two global insurance companies. If you are bound with coverage and your broker/agent or their underwriters have no questions for you that to me is a red flag. Every startup should be prepared for a lot of questions about earnings, projected earnings and funding.
Please call Andrew S. Bosin, Esq. for a free consult at 201-446-9643.
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