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Ask HN: Business insurance for SaaS startup

13 points by saas_startup 8y ago

We are starting to offer our SaaS product to the clients. We incorporated a company and I am looking at what other things we should be getting. The largest possible risk for us is that in a freak accident all our databases get wiped out and the clients need to go back to paper-based process or use another vendor. The service we offer costs $100 a month. I assume in first year we will make $20k or less. In T&C we have we don't guarantee that any level of service will be provided or the fact their data will be available to them at a constant basis.

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staticautomatic 8y ago
Most of the insurance you need is the usual stuff: general liability, D&O, and workers comp. I don't think anyone would underwrite a policy that covers what you're describing, but you could talk to someone who deals in cyber liability policies and see what they think.
ykevinator 8y ago
You need E&O and cyber
saas_startup 8y ago
What are cost for GL, E&O and Cyber I could be looking at? I doubt we need cyber as the only information we store that is not public is their name and email address, though this is typically available on their website as they are artists.
codegeek 8y ago
You can get Errors & Omissions (E&O) policy using a broker such as https://techinsurance.com https://techinsurance.com. They will help you find deals with various companies. No affiliation but I have been using them for 5+ years for our business. It can cost you a few hundred USD per year on an average. If you are starting out, you could probably get it under $500 for the first year.
aspantel 8y ago
You'll definitely need E&O and Cyber if you work with big enterprise level clients. Christine helped us get those for my company, check out her LinkedIn https://www.linkedin.com/in/christinemarciano https://www.linkedin.com/in/christinemarciano -Alexey
kull 8y ago
I was looking for an insurance for my Saas recently, and after an intensive research I found many founders and even my lawyer recommending https://foundershield.com https://foundershield.com. I went with them and I am very happy with the way they treated me and what offer they provided.

13 points by saas_startup 8y ago

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staticautomatic 8y ago

Most of the insurance you need is the usual stuff: general liability, D&O, and workers comp. I don't think anyone would underwrite a policy that covers what you're describing, but you could talk to someone who deals in cyber liability policies and see what they think.

ykevinator 8y ago

You need E&O and cyber

saas_startup 8y ago

What are cost for GL, E&O and Cyber I could be looking at? I doubt we need cyber as the only information we store that is not public is their name and email address, though this is typically available on their website as they are artists.

codegeek 8y ago

You can get Errors & Omissions (E&O) policy using a broker such as https://techinsurance.com https://techinsurance.com. They will help you find deals with various companies. No affiliation but I have been using them for 5+ years for our business. It can cost you a few hundred USD per year on an average. If you are starting out, you could probably get it under $500 for the first year.

aspantel 8y ago

You'll definitely need E&O and Cyber if you work with big enterprise level clients. Christine helped us get those for my company, check out her LinkedIn https://www.linkedin.com/in/christinemarciano https://www.linkedin.com/in/christinemarciano -Alexey

kull 8y ago

I was looking for an insurance for my Saas recently, and after an intensive research I found many founders and even my lawyer recommending https://foundershield.com https://foundershield.com. I went with them and I am very happy with the way they treated me and what offer they provided.