Ontario Technology Insurance

Providing technology innovators in Ontario with custom coverage

Ontario-based technology companies require various types of insurance to address the distinct risks they encounter. Because each business operates differently and faces specific challenges, our technology insurance specialists are dedicated to helping you acquire coverage that aligns with your individual requirements. Below are some of the most frequently selected insurance options for tech startups in Ontario:

• Property
• Commercial General Liability
• Professional Liability (also known as Errors & Omissions Liability)
• Directors & Officers Liability
• Cyber/Privacy Liability
• Media Liability (also known as Multimedia Liability)
• Crime and Fidelity
• Equipment Breakdown
• Business Interruption
• Group Benefits

Below, we provide more details about what each coverage includes and how they apply to tech startups and businesses in Ontario.

Property Coverage

Commercial property insurance is often considered foundational coverage for many Ontario businesses. This coverage protects your company’s assets by covering repair or replacement costs if your property is damaged, destroyed, stolen, or impacted by an insured peril. This includes furniture, equipment, tools, inventory, improvements, and renovations. It applies to both static premises you own or occupy as a tenant and mobile property.

Insured perils can vary by policy but commonly include fire, theft, wind, and more. Coverage for sewer backup and overland water, such as flood, is often an add-on and may not always be available in your location. A local broker will be able to provide further information.

Commercial General Liability

Commercial general liability insurance is another standard coverage for all businesses in Ontario. This protection covers your business if a third party sues you for causing bodily injury or property damage due to a negligent act.

Professional Liability Insurance

If your technology company offers professional advice as part of your service offerings, technology professional liability insurance, also known as errors & omissions liability, is absolutely vital. This coverage protects you if you’re sued by a third party for causing financial loss due to an error, omission, or professional negligence related to your advice or service.

Directors & Officers Liability

D&O insurance protects directors and officers against lawsuits alleging mismanagement, breach of fiduciary duty or failure of oversight related to technology risks.

Cyber/Privacy Liability

For tech companies and startups in Ontario, cyber insurance is essential due to your access to sensitive client data and systems. This coverage assists your business in responding to cyber-attacks or data breaches, and may include:

• Legal expenses
• Regulatory fines
• Crisis public relations or reputation management
• Cyber extortion
• Cyber crime and social engineering
• Notification expenses
• Investigation and forensic expenses
• Data restoration expenses
• Business interruption
• Technology supply chain failure

Cyber liability policies can vary widely and are highly customizable, so it’s important to work with a broker who understands the Ontario tech landscape.

Media Liability

Material published on the internet is governed by copyright and trademark laws. Posting negative statements about a person or business may be deemed libel or slander, exposing parties to legal claims. Media liability insurance is designed to protect against risks such as defamation, personal or product disparagement, invasion of privacy, and breaches of copyright or trademark rights.

Crime & Fidelity Coverage

Certain crimes involving monies and securities are often excluded from standard insurance policies. Crime or fidelity coverage protects Ontario tech companies against incidents such as employee dishonesty or theft of product, theft of money including embezzlement by employees or third parties, counterfeit money or forgery, credit and debit card fraud, and funds transfer fraud.

Business Interruption

Business interruption coverage provides financial support if your technology company experiences a covered claim or is forced to temporarily close due to mandatory evacuation orders. There are different types of this protection, so consult an experienced insurance advisor to find the right fit for your Ontario business.

Equipment Breakdown Coverage

Many technology companies in Ontario rely on specialized equipment. Equipment breakdown coverage pays for the repair or replacement of equipment that fails due to mechanical or electrical breakdown, damage not typically covered by standard property insurance.

Group Benefits

If you want to offer group benefits to your employees, we provide a range of options including extended health coverage, dental coverage, vision care, life insurance, critical illness insurance, and disability insurance. These flexible options allow you to create a comprehensive benefits package tailored to your team’s needs. Our teams offer customizable benefits plans for technology companies of all sizes in Ontario.