In recent years, more and more companies have provided their services through SaaS, software as a service located on the cloud, which allows you to use the services and products of many companies and businesses by browsing the web browser and without the need to install any software.
You can find Google, Microsoft, Shopify, and more among the companies that are discontinuing SaaS services today. The SaaS software saves you on the costs of purchasing software, maintaining, upgrading, and updating the system and infrastructure, which the provider makes. To this should also be added the simple adaptation to the characteristics of the organization, and you have some of the advantages brought by SaaS services that are popular and in high demand.
Today, many companies that provide these services in one form or another need insurance policies that know how to respond to their needs and the various exposures that arise from their activities.
In recent years, Lamda Broking has been matching professional and advanced insurers to some of the leading and well-regarded SaaS companies out there in order to help them operate safely and with peace of mind and to promote the services and products they provide in the best possible way.
Here are some of the insurances we know how to make today for companies and organizations in the field:
Directors and Officers Liability Insurance (D&O)
D&O insurance, covers claims filed against officers and directors in companies based on SaaS services for damage caused to a third party caused by their performance. The insurance does not include bodily or property damage and applies only to decisions and actions made as part of the company’s business management.
Technology Errors & Omissions Insurance
During their activity, SaaS companies may be exposed to various lawsuits relating to the negligence of the professional responsibility imposed by any of their employees in the past or present. This policy allows you to get coverage for the various legal expenses involved.
The ever-increasing frequency of the various cyber-attacks raises more and more the importance of taking out cyber insurance, which will protect the company itself from the various damages that may occur due to the various attacks, the loss of income, payment of fines, as well as everything related to the recovery of the information and the operation and management of the event, and coverage The damages that may be caused to third parties, such as claims against the violation of the right to privacy.