We live in a world where technology shapes everything we do. As tech companies lead the way in research, development and innovation, it’s vital that they have technology insurance to take control of their insurable risks in an ever-changing industry.
At Creative Risk Solutions, we understand the needs of technology companies and the risks they can face. As technology evolves, so should your technology insurance cover.
How does technology insurance differ from liability insurance?
There are core protections that are essential for any business with an ambition to thrive. Examples of these include;
- Property damage
- Business interruption/Income Protection
- Protection for injury suffered to employees and other individuals
- Protection for damage to other parties’ property as a result of your business operations
At its most basic level, professional indemnity insurance (errors and omissions insurance) protects against negligent acts, errors or omissions which might result in a claim against the policyholder.
Risk exposures for technology companies extend beyond protection of their physical assets and the people around them. It relates to more intangible risks and requires a specific cover to reflect this.
What does technology insurance cover?
Technology insurance can cover these industry-specific areas. For example, exporting products and programs might result in unexpected liabilities. Intellectual property rights will need to be protected locally and internationally. And claims of infringement will need to be defended.
Technology businesses now rely on increasingly complex IT systems to run more efficiently. This not only increases the risk of system failure but also the scope of any potential insurance claims.
Technology insurance can offer additional protection for:
- Intellectual property rights infringement
- Breach of Contract
- Negligent and Inadvertent virus transmission
- Network Security and Business interruption resulting from risks excluded under a standard business combined policy (such as virus, hacking, denial of service attacks, loss of data)
- Mechanical breakdown/engineering
- Software, products and cyber liability
- Software failure
Who needs technology insurance?
We can provide cover for a wide range of technology businesses, including (but not limited to):
- Software, games and website application developers
- Hardware and software suppliers
- Internet service providers
- Technology consultants and systems integrators
- Managed service providers
- Data centres
- Online security specialists
We understand that every business is different and we work with specialist providers to deliver a tailored solution to respond to your needs.
If you have any questions, our specialist technology insurance team will ensure that you get the right level of cover at the right premium.