Business

It is important that the insurance a modern business buys represents its challenges in the marketplace, as opposed to a traditional insurance package.

Employee Benefits

In today’s competitive employment market a well-designed benefits package is essential to attract, retain and reward high quality talent.  We focus on designing attractive benefit plans which enable your business to offer market leading solutions.

Global Programs

Experience in arranging global programmes, and mature relationships around the world, are an essential of insuring the modern business.

Tech & Innovation

We have developed a flexible ‘full service’ proposition for today’s technology businesses, and commit to continually innovating our solutions for our clients’ evolving needs.

Tech & Innovation

We have developed a flexible ‘full service’ proposition for today’s technology businesses, and commit to continually innovating our solutions for our clients’ evolving needs.

Technology & Software Risks

Professional Indemnity insurance tops the list of cover sought by Tech firms, mainly addressing the crucial product or service failure risk. For many companies PI is a contract driven policy. Coming next would be that nebulous flux of IPR, cyber liability and data breach risks. Tech companies struggle with these insurance areas. The insurance industry hasn’t helped with multiple cyber and tech policy offerings which make comparisons difficult.

A very important service that every Tech firm should require from its broker is a contract review capability (any broker supposedly expert in the Tech sector should be able to do this, often at no direct charge).
Paul Dickson

The check list for Tech starts with PI at a decent limit (£2m minimum for the smaller firms, quickly rising to £10m) – and arranged with a market leading tech insurer. Firms should ensure the widest IPR cover, normally not including Patent claims in the US for obvious reasons, to do with insurability. Cyber liability is next on the list but for Tech companies this is to do with “media” risks rather than data breach as the PI policy will often pick up privacy or data breach claims as indirect software performance failings, unless personal data on individuals is stored by the company.

Tech firms will often gravitate to the US market and this means having a US broker network capable of offering help in the arrangement of local policies as well as an understanding of US insurance issues. Innovation Broking is the UK member of TechAssure, the leading global broker association of insurance and risk management experts for technology-related risks.

 

Tech Assure Logo

 

Specific pitfalls for the Tech sector are in not completing an annual proposal form for PI risks (insurers will go along with this but don’t expect any latitude on claims), inadequate limits of liability for PI in particular, ignoring Business Interruption risks, and not using knowledgeable brokers who can work with firms as they grow.