Protecting your tech company, whether it’s a start up company or an established business that’s been operating for years,  effective risk management strategy is essential. No matter what innovative technology or app your business develops, robust insurance cover can help give you peace of mind from the unexpected.

What Insurance May a Technology Business Need?

Whether your tech company operates online, in the office, or both, risks can arise in nearly every corner of your business. By identifying your organisation’s key vulnerabilities and finding an insurance policy that is adapted to your specific risks you can gain valuable peace of mind and help towards safeguarding your venture from potential setbacks and loss of profits.

• Professional indemnity insurance protects your start-up against claims of negligence resulting from perceived errors or omissions in your professional services.
• Public and products liability insurance provides cover if your organisation’s products or services are responsible for any bodily injury, harm or property damage to another client or the public, this type of liability insurance kicks in. For example, your office’s roof tiles have fallen and a member of the public has walked past your building. They trip over the roof tiles, fell over and now they’re making a claim against you as they have hurt themselves.
• Employers’ liability insurance protects your business against the cost of compensation claims if an employee suffers a work-related injury or illness. For example, employees in a technology-focused company may develop conditions such as carpal tunnel syndrome, eyestrain, or musculoskeletal issues from prolonged use of display screen equipment.
• Legal expenses insurance provides cover towards the legal defence costs your technology business may face in the event of a dispute or claim.

• Building and contents insurance helps protects your organisation’s property and its contents in the event of unexpected damage, theft or natural disaster. In addition, business interruption cover offers protection towards your business’ loss of income after a disaster and during the recovery process.

• Directors’ and officers’ liability insurance provides cover towards in the event that your organisation suffers losses due to the wrongful acts or negligence of senior-level leadership. This form of cover is vital for technology-based organisations, seeing as strict regulations like the GDPR hold senior management responsible for various business disasters—both online and in person.

• Cyber-insurance helps protect against damages that result from threats to your organisation’s technology or data—this includes stolen or damaged information, liability and recovery costs. This form of cover is especially crucial for technology-based organisations that rely heavily on cyber-assets and data to conduct necessary business operations. In the same way that a fire can devastate a traditional business, a cyber-breach or attack can be ruinous for your start-up. With no access to your primary digital services, or no access to your crucial online store, your new business could l lose valuable early customers which can be difficult to recover from.

Call us directly or complete our quote form and we’ll conduct a full review of your business’ insurance needs

We will approach our panel of insurers to find cover that meets your requirements at a competitive rate

Once agreed, your policy will start and you’ll be protected towards several eventualities.