Insurance for fintech companies, built around the money you touch.
Your platform moves money, holds financial data, and asks people to trust it with both. When something goes wrong, the cost is measured in someone else's funds. We build insurance programs for Ontario fintech and payments companies around that responsibility.
A software bug here is someone else's money.
In most software, a bug is an inconvenience: a screen freezes, a report is wrong, support apologizes. In fintech, a bug reaches into a user's finances. A calculation error, a failed transfer, a rounding problem at scale, an algorithm that advises badly: each one converts a technical defect into someone's financial loss, and financial loss is what claims are made of.
Then there is how the platform connects. Fintech runs on data aggregation and APIs: your application pulls banking data through third-party aggregators and talks to processors, banks, and card networks. Every connection is a place where data can be intercepted and where responsibility gets blurry. When an incident happens at the seam between you and a provider, the first argument is about whose security failed, and your insurance program has to answer that question before the lawyers finish asking it.
The sector also answers to an audience no other software vertical has: financial regulators and consumer protection bodies. Depending on what the platform does, that can mean FINTRAC registration, consumer-protection obligations, and hard questions about whether an activity needs a licence. Expanding into the United States brings state-by-state money transmitter licensing into the picture. This is why underwriters ask whether the platform's activities have had rigorous external legal review. Operating like a financial institution without being licensed as one is an exposure no policy is meant to absorb.
Finally, underwriters treat your security posture as part of the submission. They will ask how you watch the network: endpoint detection feeding a monitored security operations centre, backups built to survive ransomware because they cannot be altered or deleted, privileged access tightly controlled and logged. A current SOC 2 Type II report answers many of these questions at once, which is why it sits on so many fintech insurance checklists. The controls do not guarantee coverage, but their absence guarantees harder questions.
Coverage mapped to how a fintech operates.
- Technology Errors & Omissions, worded for financial platforms: responds when a user or partner alleges that your platform, your calculations, or your automated advice caused them financial loss. One line we read with particular care: some technology E&O wordings may not respond to third-party financial loss arising from calculation errors or bad automated advice. The wording has to describe what the platform actually does before anything is placed.
- Cyber Liability: for the data and the connections. Policies can include breach response and forensics, notification across every jurisdiction your users sit in, income lost while the platform is down after an attack, cyber extortion, and PCI-related fines and assessments where the wording allows. One honest strategy note: tokenizing card data, or outsourcing payment processing to a compliant provider, shrinks the card-data footprint a breach can expose.
- Crime / Social Engineering: a platform that moves money attracts instruction fraud. Fraudulent funds transfer and impersonation schemes aimed at your team, subject to the policy's wording, limits, and exclusions.
- Management Liability (D&O): for the boardroom and the regulator's letter. Responds to claims about management decisions, claims from investors, and the cost of responding to regulatory investigations, once the company has outside capital or a formal board.
- Commercial General Liability: the baseline your partners and landlords ask for: third-party bodily injury and property damage. The honest limit, as always: CGL typically excludes electronic data.
- Umbrella / Excess Liability: one incident in fintech affects many users at once. Excess layers add limits above the primary policies, sized for that aggregation.
The right program is built from your contracts and your operations. Coverage is defined by the actual policy wording, not by this page.
Your partners will ask before your customers do.
Banks, payment processors, and enterprise partners impose insurance requirements and security questionnaires before the first transaction flows. Technology E&O and cyber at stated limits, crime coverage where money moves, a current SOC 2 Type II report on the checklist: these arrive as conditions of the partnership, not as suggestions.
We read the requirement with you, compare it against what you carry today, and close the gap before a partnership stalls on it.
Start with a conversation.
Fintech programs turn on details most applications never ask about: what the platform calculates, what it advises, where the money rests between steps, which licences the activity needs, who reviews the code that touches funds. Those details need a conversation, not a form. A short discussion gets the program right.
Working in more than one of these areas?
Many technology companies do. Each segment page describes the exposure from that side of the business:
MSPs · SaaS & Software · Cybersecurity Firms & MSSPs · Cloud & Hosting · Systems Integrators · VARs
Or start from the full picture: who we insure and the coverages we place.