The edtech industry is growing, which means both more opportunities and risks for startups and businesses in this sector. Business insurance is key for protecting your company against lawsuits due to system downtime, software errors, claims of copyright infringement, and other client complaints.
These policies cover common risks for education technology companies.
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.
This policy helps edtech businesses survive data breaches and cyberattacks by helping to pay for recovery expenses, lawsuits, and other related costs.
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.
Most states require workers' comp for education technology companies that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy covers the cost of accidents involving a vehicle owned by an edtech business. Most states require this coverage for business-owned vehicles.
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.
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:
Insureon's licensed agents work with top-rated U.S. insurers to find coverage that fits your education technology business, whether you work independently or hire employees.
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.
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.
Depending on the specifics of your edtech business, you may want to consider additional policies, such as:
When it comes to protecting your business's intellectual property, there are several insurance policies related to intellectual property rights, especially for when others infringe upon it, or from claims you infringed on someone else's intellectual property. A few of these policies include general liability coverage and cyber insurance.