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Insurance Buying Guide for Insurtech Businesses
Insurance technology companies can have very different roles: software provider, agency, administrator, or business exercising authority for a carrier. Before comparing quotes, list the services, entities, data, funds, and contracts involved. A California producer-license lookup can verify a listed licensee’s status and discipline history, but it does not show whether a policy fits your operations.
Which Insurance Should You Consider for Insurance and Insurtech?
Consider professional errors and omissions (E&O), technology errors and omissions (E&O), cyber liability, crime, directors and officers, and employment practices liability. Start with the coverages tied to your day-to-day operations, then use the situations and buying questions below to compare your options.
Professional Liability (E&O) Insurance for Insurance and Insurtech
You sell, advise on, place, administer, or adjust insurance products for customers or a carrier.
Ask which professional acts, entities, and customer-facing services the actual form covers and what financial-services, contract, and regulatory exclusions apply. Ask the insurer to explain the response under the actual form.2
Which named professional services, entities, alleged errors, financial-services exclusions, and defense-cost terms appear in the actual wording?Tech E&O Insurance for Insurance and Insurtech
An insurer, agency, or customer relies on your quoting, rating, policy-administration, claims, or data software.
Describe the software service and a concrete failure scenario. Ask how the specific technology E&O wording addresses the service, financial loss, subcontractors, and contractual duties; do not infer an answer from the line name.3
Which named services, entities, alleged financial injury, financial-services exclusions, and defense-cost terms appear in the actual wording?Cyber Insurance for Insurance and Insurtech
You handle policyholder financial or health information or depend on claims, policy, or cloud systems.
NAIC describes cyber policies as highly customized and says most commercial property and general-liability policies do not cover cyber risks. Compare the actual data, vendor, response, and interruption terms.5
Does the quote address policyholder and customer data, underwriting and claims systems, carrier or program vendors, response costs, and interruption? Which sublimits, waiting periods, and exclusions apply?Crime Insurance for Insurance and Insurtech
You handle premium, commission, claim, settlement, or customer funds, or staff can change payment instructions.
Crime forms vary by purchased causes and insured property. Ask whose money, what persons and instructions, and which transfer routes are described; do not assume customer funds or a digital transfer is included.6
Whose property is insured, and which people, instructions, transfer methods, discovery terms, direct-loss conditions, and exclusions apply?D&O Insurance for Insurance and Insurtech
A carrier partnership, board, investor, or acquisition changes governance and management responsibilities.
A board, investor, or contract request is a prompt to compare the entities, people, claim definitions, and insurance-activity exclusions in the proposed wording.3
Which entities and people are insured, what claims and defense costs are addressed, and which financial-services or regulatory exclusions apply?Employment Practices Liability Insurance for Insurance and Insurtech
You hire producers, claims staff, engineers, or support teams, or add another employing entity.
Employment-related claims are distinct from standard CGL categories. Ask which employing entities and worker groups are insured and what allegations and defense terms the actual form lists.4
Which employing entities, worker groups, allegations, defense-cost terms, and exclusions appear in the proposed form?
Separate Software From Insurance Functions
For each entity, identify whether it only supplies software or also markets, solicits, places, binds, services, or adjusts coverage, or performs work under delegated authority. Ask the broker to put each service and capacity into the application and name the correct insured entities. A software description alone may omit work the contract assigns.2,3
In California, use CDI’s inquiry to check the intermediary’s status and discipline history, then confirm its listed license class. The lookup does not establish expertise or whether a policy fits your business.1,2
Map Data, Funds, and Claims Separately
List policyholder data, premium and settlement funds, claim decisions, insurer systems, and third-party vendors separately. For each, ask what the quote says about your own property, customer property, fraudulent instructions, data incidents, and interruption. A general crime or cyber category does not settle these questions.6,5
For any carrier or bank contract, compare the required notice, service, continuity, indemnity, and evidence terms with the actual application and policy documents. Ask the insurer whether the wording addresses the obligation you accepted; do not treat a partner checklist as proof of coverage.3
Which Providers Should You Compare for Insurance and Insurtech?
Professional Liability (E&O) Insurance Providers
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Tech E&O Insurance Providers for Insurance and Insurtech
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Cyber Insurance Providers for Insurance and Insurtech
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Crime Insurance Providers for Insurance and Insurtech
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D&O Insurance Providers for Insurance and Insurtech
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Employment Practices Liability Insurance Providers
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Common Questions About Insurance for Insurance and Insurtech
Does a California producer license class show that a policy fits an insurtech?
No. CDI’s lookup can verify a listed licensee’s status and discipline history, and its page lists license classes. Neither establishes the quality of advice or the fit of an insurance form.1,2
Read the Full AnswerCan a software vendor assume its technology policy also addresses agency or program work?
Do not assume that. Software, producer services, and delegated work are different operations to describe in the submission; ask the insurer which are listed and how the form treats each.2
Read the Full AnswerSources and Further Reading for Insurance and Insurtech
Get Help With Insurance Buying and Renewals.
Get help buying coverage and managing renewals, with less paperwork for your team. Create your account and submit an insurance request online.