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Why do education technology companies need business insurance?
The edtech industry is growing, which means both more opportunities and unique risks for startups and businesses in this sector. Business insurance is key for protecting your company against lawsuits due to downtime, software errors, claims of copyright infringement, and other client complaints.
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Edtech startups and companies can save money by comparing quotes from top insurers.
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What types of insurance do edtech companies need?
These policies cover common risks for education technology companies.
General liability insurance
This policy covers basic risks at an edtech business, such as accidental damage to a client's property. Bundle it with commercial property insurance for savings in a business owner’s policy.
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Libel and slander lawsuits
Cyber insurance
This policy helps edtech businesses survive data breaches and cyberattacks by helping pay for recovery expenses, lawsuits, and other related costs.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Technology errors and omissions insurance
Tech E&O, also called professional liability insurance, covers lawsuits related to the performance of your edtech platform. You can often add intellectual property and media liability coverage.
BEST FOR
- Edtech software errors
- Failure to deliver e-learning services
- Missed deadlines
Workers’ compensation insurance
Most states require workers' comp for education technology companies that have employees. It also protects sole proprietors from work bodily injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal costs from workplace injuries
Commercial auto insurance
This policy covers the cost of accidents involving a vehicle owned by an edtech business. Most states require this coverage for business-owned vehicles.
BEST FOR
- Car accidents
- Vandalism and theft
- Weather damage
Fidelity bonds
Fidelity bonds compensate your clients if an employee at your education technology business steals from them. Your clients might require you to purchase a bond.
BEST FOR
- Unlawful data access by an employee
- Unauthorized money transfers
- Other employee theft or fraud
Looking for different coverage? See more policies.
How much does technology business insurance cost?
A small edtech startup will pay less for insurance than a larger business.
Factors that affect technology business premiums include:
- IT / tech services offered
- Business property and equipment
- Business size and annual revenue
- Types of insurance policies purchased
- Policy limits and deductibles
- Number of employees
- Claims history
How do I get education technology insurance?
It's easy to get insurance for your edtech business if you have your company information on hand. Our insurance application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed agents work with top-rated U.S. insurers to find coverage that fits your education technology business, whether you work independently as an education consultant or hire employees.
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Common questions about edtech business insurance
Review answers to frequently asked questions (FAQs) about education technology business insurance and more.
Why is business insurance important for education tech companies?
EdTech business owners may think their company has fewer risks compared to other types of businesses. However, even a frivolous lawsuit can still have a serious financial and reputational impact on your company, whether you're just starting your business or are well established.
Here’s a closer look at some key insurance products and why you should carry them:
- Technology errors and omissions insurance, sometimes called tech E&O or tech professional liability insurance, is a bundle of E&O with cyber insurance. This policy can help you with legal fees and court costs if a dissatisfied client sues you over your work performance or third-party cyber incident. It covers the cost of customer notification, credit monitoring, legal fees, and fines.
- Business owner's policy (BOP) combines general liability coverage with commercial property insurance at a discount. It protects against common third-party lawsuits and business property damage.
- Electronic data processing (EDP) insurance covers electronic devices such as computers, storage devices, and the data they contain during a power surge, fire, natural disaster, or similar incident. Also known as computer coverage or data processing coverage, EDP insurance can help protect your business income against financial losses from data corruption or loss.
- Business income insurance, also known as business interruption coverage, offsets your lost income when your business is forced to close because of a covered peril, such as property damage. These funds help cover your normal operating expenses until you can resume business operations.
- Employment practices liability insurance (EPLI) safeguards your business if you're sued by an employee over wrongful termination or another violation of employee rights. EPLI can also be added as an endorsement to a general liability or business owner's policy.
- Directors and officers (D&O) insurance protects your board members and officers from legal expenses if they're sued over a decision they made on behalf of the company that led to a financial loss. D&O is a type of management liability insurance that provides reimbursement for legal costs (indemnification) over lawsuits related to mismanaged funds, employee grievances, failure to comply with regulations, and more.
- Intellectual property (IP) insurance provides businesses with vital protection against IP disputes. It ensures valuable intangible assets are safeguarded so businesses can focus on innovation and growth instead of worrying about costly legal battles. This type of coverage is usually added as an endorsement to an E&O policy.
Do ed tech businesses need professional indemnity insurance?
Similar to other technology-focused businesses, education technology firms aren't required by law to carry professional indemnity insurance. However, it should be a key component of your risk management plan.
Professional indemnity insurance, also called professional liability insurance or errors and omissions (E&O) insurance, protects you in the event a client files a lawsuit against your education tech company for an error, mistake, or professional negligence.
You can bundle professional liability insurance for edtech businesses with cybersecurity insurance into a technology professional liability policy, which is more commonly referred to as tech E&O. This would be a more affordable insurance solution than purchasing the policies individually.
Do edtech independent contractors need insurance?
Independent contractors face many of the same risks as bigger businesses, but with their own personal assets at stake. Business insurance can help cover medical expenses, legal defense costs, and expensive repairs.
Contractors may need general liability insurance to qualify for a lease or loan. A general liability policy can also protect your business from copyright infringement claims.
You might also need a fidelity bond to fulfill the terms of a client contract.
Tech E&O is also crucial, as it protects against claims that your edtech platform caused a client to lose money, or that you failed to deliver promised online learning services. It also protects consultants against accusations that their advice caused financial harm.
Though it's not required, you may want to invest in workers' comp to guard against costly medical bills from a workplace accident. Personal insurance policies usually don't cover work-related incidents, which is a big reason why contractors often buy their own coverage.
How does first-party and third-party cyber insurance differ?
Cyber insurance provides coverage for incident response and its associated costs when you or your customers are affected by a data breach, cyberattack, ransomware, phishing, or other cyber threat. More specifically, there are two kinds of cyber liability coverage you should consider for your edtech business:
First-party cyber insurance protects your education technology business against data breaches and cyberattacks that affect you directly, such as a DDoS attack that overwhelms your network. This is crucial coverage if you handle personally identifiable information (PII) or other sensitive customer information.
Third-party cyber insurance provides legal protection if a client blames your education tech company for failing to prevent a data breach or cyberattack at their business.
Tech E&O insurance coverage typically includes both types of cyber insurance, along with E&O insurance to safeguard your edtech business against other lawsuits from dissatisfied clients.
How can I save money on ed tech business insurance policies?
There are many steps you can take to get affordable coverage that meets your insurance needs. You can start by comparing free business insurance quotes from leading insurance companies with Insureon.
Our licensed insurance agents can help you find cheap ed tech insurance for your specific needs. Most small businesses can get insured and download a certificate of insurance within hours of applying for quotes.