Tech Startup Protected with Tailored Cyber and E&O Coverage

NovaPay, a Toronto-based fintech startup processing digital payments, needed insurance coverage that reflected their unique risk profile. Traditional commercial policies did not address their exposure to data breaches, system outages, or regulatory actions.

Maple Shield Insurance worked with NovaPay's CTO and legal team to understand their technology stack, data handling practices, and regulatory obligations under PIPEDA and provincial privacy laws. We then sourced a tailored insurance package including:

- $3 million cyber liability with breach response services - $2 million technology errors & omissions - $1 million directors & officers liability - Media liability for their content marketing - Regulatory defense coverage

The package cost $24,000 annually, roughly 40% less than the individual quotes NovaPay had received from direct markets. More importantly, the cyber policy included proactive risk management resources, vulnerability scanning tools, and access to a breach response team.

Six months later, NovaPay detected an attempted data breach. The cyber insurance carrier's incident response team helped contain the threat within hours, and the forensic investigation was fully covered. No customer data was compromised.

NovaPay's CEO now speaks publicly about the importance of proper insurance for tech companies and has become a vocal advocate for the broker channel.