Source: Progressive Commercial — Technology Insurance
Progressive Commercial: Technology Companies Insurance Appetite
Progressive now offers both Technology E&O and standalone Cyber insurance, making them a more complete option for tech firms. Tech E&O covers product/service failure, while Cyber covers data breaches and attacks. Combined with their competitive commercial auto for IT service companies, Progressive can handle most small tech firm needs.
Available Lines
| Line of Business |
|---|
| General Liability |
| Business Owners Policy (BOP) |
| Technology E&O |
| Cyber Insurance |
| Workers' Compensation |
| Commercial Auto |
| Umbrella/Excess |
Premium Range
$1,500-$7,000
Typical annual premium
Target States
49 states (not available in Hawaii)
Key Features
- BOP available for IT consultants, web developers, and managed service providers
- Technology E&O covers product and service failure claims
- Standalone cyber insurance for data breaches, notification costs, and legal expenses
- Flexible commercial auto for tech companies with field technicians
- Low minimum premiums for startups and early-stage companies
Limitations
- Tech E&O and cyber are separate products — both may be needed
- SaaS companies with subscription revenue models may face class code issues
- Hardware manufacturers are excluded from the standard program
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