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Types of Insurance Coverage Essential for Software Firms
To effectively protect your software firm, consider the following types of insurance:
- Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this covers legal costs and damages related to claims of negligence or failure to perform professional duties1.
- General Liability Insurance: Protects against claims of bodily injury, property damage, and advertising injury2.
- Cyber Liability Insurance: Specifically designed to cover costs associated with data breaches and cyberattacks, including notification expenses, credit monitoring, and legal fees3.
- Intellectual Property Insurance: Safeguards your company's intellectual property rights and defends against infringement claims4.