Do I Need Insurance

[Ducky13]

Hi All,

I've recently setup a LTD company which has the sole purpose of paying 3rd party mobile App developers to design, develop, launch & market mobile App ideas (games) that I come up with. My company will not be employing anyone & I am the only share holder. Do I need any form of insurance?

Thanks,
Ducky

 

[estwig]

Depends, what risk are you trying to mitigate?

 

[Ducky13]

What could be my potential risks? I am not investing in any physical goods, my registered office address is via a registered office service with mail forwarding, I am not employing anyone & am financing the business with my own savings (no borrowing).

 

[obscure]

Intellectual property infringement would be one risk. Developers often fail to understand IP law (or just ignore it) and include code, visuals or audio works that they found online.

 

[mattk]

It depends what you app is doing. If you are storing "value" such as allowing users to buy in-game currency, then you have the risk of losing their credit. If you are storing user's data, then you have the risk of losing that.

You could protect your company by having iron clad contracts with your developers ensuring they are responsible for security, but I have no idea how something like that might hold up if push comes to shove.

Of course, most apps fail to get to 1,000 downloads, so maybe you're worrying about things which are unlikely to happen!

 

[Ducky13]

Thanks Matt! Is there any form of insurance that can cover that?

 

[tparnell]

I would speak to a Insurance brokers. They at the very least can provide you advice and if needs be point you in the right direction.

 

[Fortuityview]

Hi

Hi All,

I've recently setup a LTD company which has the sole purpose of paying 3rd party mobile App developers to design, develop, launch & market mobile App ideas (games) that I come up with. My company will not be employing anyone & I am the only share holder. Do I need any form of insurance?

Thanks,
Ducky

, As others have said you'd be recommended to have IP insurance this could cover you if somebody thinks you've infringed or if another party has infringed you. I'd also recommend cyber insurance as this could cover a breach of personal data from users and also a loss of revenue if your network failed and the app went down.