Technology risks need more than a generic business policy

Technology companies can face professional, cyber, contractual, product, intellectual property and business interruption exposures at the same time. The right insurance structure depends on what the company builds, sells, hosts, integrates or supports and on the contractual responsibilities it accepts.

Businesses we work with

• Software and SaaS providers
• AI and machine-learning businesses
• Cloud, managed service and IT providers
• Automation, robotics and control-system companies
• Data, analytics and platform businesses
• Connected-device and IoT companies
• Cybersecurity providers
• Technology consultants and systems integrators
• Start-ups and scale-ups

Technology professional indemnity

Technology PI can respond to claims alleging errors, omissions, failures in professional services or failure of technology products or services to perform as represented, subject to the wording. Important differences can include contractual liability, intellectual property, mitigation costs, sub-contractors, jurisdiction, retroactive date and defence-cost treatment.

Cyber insurance

Cyber insurance addresses a different set of exposures, including incident response, data restoration, cyber business interruption, privacy and network security liability, extortion and, where included, cybercrime.

View Cyber Insurance →

Products and public liability

Hardware, connected products, robotics and physical technology can create bodily injury or property-damage exposures that are not addressed by professional indemnity. Public and products liability should be considered where technology is supplied, installed, maintained or incorporated into physical products or systems.

Management liability and start-up risks

Growing technology businesses may also need management liability or directors and officers insurance, particularly where they have external investors, employees, board members or significant contractual obligations.

Contract and customer requirements

Enterprise customers often request specific insurance limits, indemnities and evidence of cover. Insurance should be compared against the actual policy wording rather than assuming every contractual requirement is automatically insured. We can explain the insurance implications of contract requirements; legal advice should be obtained where required.

International exposures

Technology companies frequently contract with overseas customers. Insurers may need details of US or Canadian revenue, governing law, overseas subsidiaries, data location and the territories in which services are provided.

Information insurers commonly require

• Revenue split by product and service
• Customer industries and largest contracts
• Territorial and US exposure
• Standard contracts and limitation-of-liability provisions
• Use of subcontractors and outsourced development
• Cybersecurity controls and cloud dependencies
• Claims and incident history
• Requested PI, cyber and liability limits

Technology insurance program review

Businesses should consider the interaction between technology PI, cyber, public and products liability, management liability and other covers so that overlaps and gaps can be identified. All cover remains subject to the insurer’s policy wording, schedule, limits, sublimits, deductibles, conditions and exclusions.