The Hartford and NEXT are tied for our top spot as the best small business insurer for tech companies due to their exceptional customer service and comprehensive coverage. However, we recommend comparing quotes from our other top picks, including biBerk, Simply Business and Nationwide.
Best Tech Business Insurance
Our research shows that The Hartford, NEXT and biBerk provide the best and cheapest business insurance for tech companies.
Discover affordable business insurance for tech companies below.
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Updated: October 7, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT and The Hartford are tied as the best business insurance company for tech firms because they offer the greatest balance of customer service and coverage.
The cheapest overall commercial insurance provider for tech businesses for professional liability is The Hartford, with low monthly rates.
To shop for business insurance for your tech business, assess the risks in your industry, consult agents and other similar organizations and compare multiple options.
Find Insurance for Your Business
Select your industry and state to get a customized quote.
Industry
State
Best Business Insurance for Tech Companies
| The Hartford | 96 | 98 | 91 |
| NEXT Insurance | 96 | 96 | 94 |
| biBERK | 91 | 93 | 91 |
| Simply Business | 90 | 91 | 83 |
| Nationwide | 90 | 87 | 91 |
| Progressive Commercial | 88 | 91 | 81 |
| Hiscox | 87 | 88 | 87 |
| Thimble | 85 | 87 | 81 |
| Chubb | 85 | 80 | 87 |
| Coverdash | 85 | 80 | 83 |
*All scores were based on a tech business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. The Hartford
pros
Cheapest professional liability coverage
Strong financial rating (A+ AM Best)
Trusted by established tech teams
cons
Less automated onboarding than peers
COMPANY HIGHLIGHTS
The Hartford ties for first overall and leads in professional liability, with coverage starting at just $88 per month, ideal for IT consultants and developers worried about client losses from software failures or downtime. It also offers affordable BOP coverage and has a reputation for excellent claims service. Backed by an A+ rating from AM Best, it serves mature tech firms and agencies handling large contracts well. While not as digital as NEXT, The Hartford excels at handling complex liability scenarios.
2. NEXT
pros
Tied for cheapest general liability
Excellent customer service rating
Easy digital quote experience
cons
Slightly higher pro liability cost
COMPANY HIGHLIGHTS
NEXT ranks as a top pick for tech and IT companies thanks to its strong customer satisfaction and fully digital experience. It ties for the lowest general liability cost at just $17 per month and offers competitive BOP coverage at $24 per month. Tech founders appreciate NEXT's 100% digital policy management, ideal for remote teams and fast-moving startups. With a 4.7-star average review score, it stands out for service and responsiveness. While its professional liability pricing is slightly higher than The Hartford's, its speed and ease make up for it for many IT-focused businesses.
3. biBerk
pros
Cheapest BOP insurance
Strong liability pricing
Backed by Berkshire Hathaway
cons
Fewer customization options
COMPANY HIGHLIGHTS
biBerk works well for tech and IT companies looking for strong value and financial security. It offers the cheapest BOP plan at $22 per month and ties for the lowest general liability pricing. As a direct-to-business insurer backed by Berkshire Hathaway, biBerk combines affordability with dependable claims handling. It works well for small-to-mid-sized dev firms or MSPs that want essential coverage with minimal complexity. While it doesn't offer as many niche add-ons, its core protection is strong and competitively priced.
Find Insurance for Your Business
Select your industry and state to get a customized quote.
Industry
State
Cheapest Business Insurance for Tech Firms
Based on our study of business insurance pricing, NEXT offers competitive commercial insurance for tech companies, tying for the cheapest general liability coverage.
But this applies only to tech companies with two employees, and you might find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Tech Companies
With average monthly rates of $17, NEXT and biBerk tie for the lowest-cost general liability insurance for tech companies. Even so, consider getting quotes from the next-most-affordable insurer: The Hartford.
| biBERK | $17 | $201 |
| NEXT Insurance | $17 | $200 |
| The Hartford | $18 | $212 |
| Nationwide | $20 | $237 |
| Simply Business | $20 | $246 |
| Progressive Commercial | $21 | $255 |
| Hiscox | $23 | $279 |
| Thimble | $24 | $294 |
| Chubb | $26 | $314 |
| Coverdash | $34 | $406 |
Cheapest Workers' Comp Insurance for Tech Companies
Thimble offers the lowest-priced workers' comp insurance for tech companies, with rates starting at $12 monthly or $140 annually. Still, check quotes from other low-cost insurers like Progressive Commercial, Simply Business, Coverdash and Hiscox.
| Thimble | $12 | $140 |
| Coverdash | $13 | $160 |
| Hiscox | $13 | $156 |
| Progressive Commercial | $13 | $151 |
| Simply Business | $13 | $156 |
| The Hartford | $13 | $159 |
| biBERK | $14 | $165 |
| NEXT Insurance | $14 | $163 |
| Nationwide | $15 | $176 |
| Chubb | $16 | $189 |
Cheapest Professional Liability Insurance for Tech Companies
The Hartford offers the most affordable professional liability insurance options for tech companies, with low average monthly rates of $88. Compare prices from other low-cost providers like NEXT, Progressive Commercial and Simply Business.
| The Hartford | $88 | $1,051 |
| NEXT Insurance | $91 | $1,098 |
| Progressive Commercial | $93 | $1,119 |
| Simply Business | $96 | $1,157 |
| Hiscox | $97 | $1,168 |
| Thimble | $97 | $1,162 |
| Coverdash | $100 | $1,196 |
| biBERK | $102 | $1,220 |
| Nationwide | $106 | $1,266 |
| Chubb | $114 | $1,372 |
Cheapest BOP Insurance for Tech Companies
For those seeking combined general liability and property insurance in a business owner’s policy (BOP), biBerk offers the lowest average annual rate at $263. That’s a savings of roughly $7 annually compared to The Hartford, the second most affordable option.
| biBERK | $22 | $263 |
| The Hartford | $23 | $270 |
| NEXT Insurance | $24 | $290 |
| Nationwide | $30 | $355 |
| Simply Business | $30 | $366 |
| Progressive Commercial | $32 | $379 |
| Hiscox | $35 | $415 |
| Thimble | $38 | $457 |
| Chubb | $40 | $475 |
| Coverdash | $49 | $591 |
What Type of Coverage Do You Need for a Tech Business?
Most states legally require companies with employees to carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond might be necessary in certain industries, particularly when contracts require guarantees of service or compliance.
RECOMMENDED TECH AND IT BUSINESS COVERAGE
Tech companies should carry general liability insurance because it covers common risks like bodily injury, property damage and legal defense costs. Professional liability insurance also benefits businesses that work under client contracts or provide specialized services. This coverage works well for companies offering specialized services or handling large contracts where the risk of disputes is higher.
Coverage Recommendations by Tech Company Type
We organized tech services by their risk levels, starting with those facing the highest claim risks. Businesses with higher risks need more comprehensive insurance coverage to protect against potential liabilities.
Tech/IT Company Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
SaaS Providers & Cloud Platforms | Tech E&O, Professional Liability (high limits), Cyber Liability, General Liability, BOP, Workers’ Comp | Data breaches, system outages, service-level failures, employee injury | Client lawsuits for downtime or data loss, breach of contract, regulatory violations |
IT Managed Services Providers (MSPs) | General Liability, Professional Liability, Cyber Liability, Workers’ Comp, Commercial Auto (if on-site), Inland Marine | Physical damage to client property, misconfigurations, hardware loss, staff injury | Property damage disputes, configuration errors, negligence lawsuits |
Software Development Firms | Professional Liability, Tech E&O, Cyber Liability, BOP, Workers’ Comp | Bugs or errors in software, delayed project delivery, data exposure | IP disputes, client loss claims, failure to deliver contractually |
Cybersecurity Consultants | Professional Liability, Cyber Liability (high limits), General Liability, Tools & Equipment, E&O | Vulnerability oversight, faulty risk assessments, data privacy exposure | Claims tied to breaches, security misadvice, failure to detect intrusions |
Web Dev & Digital Agencies | General Liability, Professional Liability, Cyber Liability, BOP | Project delays, website outages, ad account issues, vendor disputes | Breach of SLA, copyright issues, client dissatisfaction lawsuits |
Solo Tech Contractors / Freelancers | Professional Liability, Cyber Liability (optional), General Liability, Business Personal Property | Scope creep disputes, deliverable delays, stolen laptop/data loss | Contract breach, missed deadlines, client dissatisfaction or miscommunication |
How to Get the Best Cheap Business Insurance for Your Tech Company
Here's a step-by-step method for finding the best and cheapest business insurance for your tech company.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This gives you a balanced perspective on your coverage needs and prevents you from being convinced to get excessive coverage.
- 2
Research costs
To ensure you get the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This lets you see for how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
To further narrow your list, research what customers say on online rating sites and forums to get a more comprehensive look at company services. Also, to align with your coverage needs and future ones, research coverage options to ensure you're covered for the right items.
- 4
Compare multiple quotes through different means
The tried-and-true method for finding the best deal is to compare multiple quotes for apples-to-apples coverage. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Tech Business's Liability Risk
Reducing risk in your tech business is key to managing insurance costs effectively. We organized practical risk mitigation strategies by business type and risk level to help you through this process.
Tech/IT Risk Type | Included Types of Tech/IT Businesses | Risk Mitigation Tactics |
|---|---|---|
Highest | SaaS platforms, MSPs, cybersecurity firms | Use signed service-level agreements and scope of work documentation. Conduct regular penetration testing and patch management. Secure client data with encryption and access logs. Maintain high-limit cyber and E&O policies. |
Moderately High | Software development firms, tech consultants | Document every deliverable and revision. Use version control and rollback strategies. Protect IP ownership in contracts. Carry professional liability to cover bugs, delays, or misaligned expectations. |
Moderate | Digital agencies, web developers, IT support companies | Create milestone-based contracts with change request protocols. Set client access and responsibility boundaries clearly. Maintain secure backups and log client approvals for all site or ad changes. |
Moderately Low | Solo tech contractors, freelance developers | Always use written agreements with defined payment terms, scope, and delivery timelines. Secure workstations and cloud backups. Keep software licenses updated and encrypted. Maintain minimum liability protection, even if part-time. |
Lowest | Remote-only, early-stage IT consultants | Use NDA, IP, and service disclaimers in lightweight contracts. Store deliverables and communications in version-controlled platforms. Limit liability in contracts and include clear refund/dispute terms. |
Best Insurance for Tech Business: Bottom Line
The Hartford is the top insurer for tech businesses, offering excellent overall value with the most affordable professional liability coverage. Consider getting quotes from biBerk, Simply Business and Nationwide as well. To secure the best deal, research costs, consult with peers or agents, and compare multiple quotes.
Tech Business Insurance: FAQ
This section addresses common questions about business insurance for tech companies.
Who offers the best tech business insurance overall?
NEXT and The Hartford offer the best business insurance for tech companies with an outstanding customer service rating and a MoneyGeek score of 96 out of 100.
Who has the cheapest business insurance for tech companies?
Here are the cheapest business insurance companies for tech and IT companies by coverage type:
- Cheapest general liability insurance: biBERK and NEXT Insurance at $17 per month
- Cheapest workers' comp insurance: Thimble at $12 per month
- Cheapest professional liability insurance: The Hartford at $88 per month
- Cheapest BOP insurance: biBERK at $22 per month
What business insurance is required for tech organizations?
States legally require workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) for tech businesses, with requirements varying by state.
While not legally mandated, most commercial clients and property leases require general liability insurance and surety bonds.
How much does tech business insurance cost?
Business insurance costs for tech and IT companies vary based on team size, service type, and client contracts. For two-person companies, here are the average monthly costs by coverage type:
- General liability: $22 per month
- Workers comp: $14 per month
- Professional liability: $98 per month
- BOP insurance: $32 per month
How We Chose the Best Tech Business Insurance
Our Research Approach
Tech companies face unique insurance challenges, from cyber liability exposure to professional errors and omissions claims that can reach six figures. We designed our research to identify which insurers offer the best combination of affordable coverage and reliable service for IT businesses, where downtime claims and data breach lawsuits create risks traditional small businesses don't face.
How We Scored Insurers
We evaluated providers using four weighted criteria tailored to tech business priorities. Affordability accounts for 50% of each company's score because premium costs directly impact cash flow for growing tech firms. Customer service represents 30%, scored through industry studies, customer review forums and Reddit sentiment analysis, critical for tech companies that need fast claims response during service outages. Coverage flexibility makes up 15%, evaluating policy options, payment terms and endorsements like cyber liability add-ons. Financial stability contributes 5%, using AM Best and Moody's ratings to assess claim-paying ability.
Base Profile for Rate Comparisons
All pricing reflects a three-person tech business with two employees, $150,000 in payroll and $300,000 in annual revenue. We quoted coverage at $1 million per occurrence and $2 million aggregate annually for general liability, professional liability and workers' compensation. BOP quotes include the same liability limits plus $5,000 in business property coverage for equipment and workstations.
Why These Limits Matter for Tech Companies
These coverage levels reflect realistic scenarios: a single professional liability claim for software failure costing a client's business can easily exceed $500,000, while cyber incidents affecting multiple clients push claims into seven figures. Our baseline helps tech businesses understand what adequate protection costs across different insurers and coverage types.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed June 16, 2025.
- NEXT. "Customer Reviews." Accessed June 16, 2025.