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Ask HN: Business insurance for SaaS startup

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.

( 6 comments | 13 points | on HN )
Re:Ask HN: Business insurance for SaaS startup by codegeek on Sunday February 10, 2019 @02:35PM (#19129539)
You can get Errors & Omissions (E&O) policy using a broker such as 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.
Re:Ask HN: Business insurance for SaaS startup by kull on Tuesday February 12, 2019 @11:05AM (#19144627)
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. I went with them and I am very happy with the way they treated me and what offer they provided.
Re:Ask HN: Business insurance for SaaS startup by aspantel on Monday February 11, 2019 @07:27PM (#19139900)
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 -Alexey
Re:Ask HN: Business insurance for SaaS startup by staticautomatic on Saturday February 09, 2019 @01:52PM (#19123898)
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.
Re:Ask HN: Business insurance for SaaS startup by saas_startup on Saturday February 09, 2019 @11:06PM (#19126319)
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.

Re:Ask HN: Business insurance for SaaS startup by ykevinator on Saturday February 09, 2019 @01:53PM (#19123900)
You need E&O and cyber