Technology Company Insurance
Business insurance for technology and software companies
Get indemnity™ technology business insurance for software developers, hardware providers and other tech companies. We work with a wide range of tech companies and can identify cover from the leading insurance providers at a cost-effective premium.
Who are the leading software and technology company insurers in the UK?
Technology companies work at the forefront of innovation and operate within a constantly evolving environment. Therefore, technology business insurance is required to be flexible and comprehensive to offer the protection required. Talk through what your technology business activities with a specialist and we can offer guidance on what policy covers best meet your needs.
What insurance for tech and software companies?
Software and tech companies will often seek to create new solutions to solve existing problems, therefore it's important to ensure the insurance policies offered are suitable for your specific business needs.
The company can be exposed to a range of third-party liability risks arising from clients, competitors, employees, and member of the public. Not to mention the property damage risks, or director's liability from managing the business.
As a technology insurance broker, we have the tools and knowledge to identify the most suitable technology and software company insurance to offer financial protection against a range of unexpected events.
Most important insurance policy covers for technology and software companies
Technology and software company insurance provides specialist cover designed for software developers, IT services, hardware providers and other companies working within the technology sector. The policy coverage can also accommodate businesses which provide a service facilitated by technology.
Looking for business insurance for your technology or software company? Talk with one of our experts about your needs.
Get indemnity™ technology business insurance can start at £336 per year or £28 per monthWhy technology professional indemnity insurance is important?
Critical to business
Companies place great importance on the application of technology to achieve their strategic objects. Expected benefits are often identified and detailed within the architecture phase. If these high expectations are not delivered upon, clients may seek to identify ways to bring a civil action.
Large counterparties
The UK technology sector is made up of predominantly small and medium sized companies. If disputes arise, technology companies can find themselves defending legal actions against companies with significant financial resources.
Unfounded allegations
Technology companies through no fault of their own can become the target of frivolous allegations. It is not uncommon within the technology sector for professional indemnity claims to be without merit. Unfortunately, the time and costs associated to defend these actions can still be significant.
Specific considerations for technology businesses when arranging insurance cover
Business interruption
Have you considered what would happen if either your physical premises were destroyed, or whether your systems were held to ransom by malware. Business interruption cover under technology combined policy or a cyber insurance can offer valuable support in your time of need.
Cyber or data breach
Does your software solution or SaaS platform hold or process significant amounts of personally identifiable information (PII)? This can include names, email addresses, phone numbers (or very sensitive data such as banking details or medical records), whereby you have legal obligation under data protection laws to notify such individuals if their data is stolen.
Technology hardware
If you operate with technology hardware, it’s important to understand where potential liabilities can arise. If you manufacture or even distribute hardware as part of the services you offer your clients, it's vital you combine both your professional indemnity and product liability under the same policy to avoid a gap in cover.
How much does technology business insurance cost?
At get indemnity™ technology business insurance can start at £336 per year or £28 per month. This would typically include, £1 million professional indemnity, £2 million public liability, and £10 million employers' liability.
However, the above will pricing will be dependent upon the size of the business (typically less than £150,000 turnover or projected turnover) and the business activities and services offered.
Does your business provide a service that technology aids, or do you provide software development services to your clients? It's important we understand your business model to ensure the policy coverage (i.e. SaaS insurance is fit for purpose).
Other business insurance commonly purchased by technology companies
Tech companies will typically combine a selection of policy covers to meet their business needs. It can be cost effective to combine some covers, but that is not always the case in securing value for money when purchasing insurance protection.
Understand what insurance protections you need to protect your technology business against financial losses
Talk with a specialist technology insurance broker about your needs todayWhy should you use a specialist technology insurance broker?
Market access
With access to a wide range of technology insurance underwriters, we can identify competitive solutions tailored to your business needs.
Expert knowledge
With a depth of knowledge and resources available we can navigate the pitfalls and offer valuable advice to securing the best policy coverage.
Cost-effective
We can operate on a low touch basis or full-service technology insurance broker, to ensure we can provide our quality services at a manageable cost to the business.
Frequently asked questions
Can infringement of intellectual property rights be covered?
Professional indemnity will commonly cover allegations of infringing upon intellectual property rights. However, you may want to consider a specialist IP policy which provides broader cover and can protect your intellectual property from infringement.
What are perceived to be high-risk technology business activities?
Typically, insurers will consider the following high risk: Cryptocurrencies, EWallets, Medical Software, Point of Sale (POS) System, Reward Card Providers, Safety Automotive Systems, Trade Execution Software.
What are perceived to be low-to-medium risk technology business activities?
Typically, insurers will consider the following low to medium risk: Application Developer, Data Processor, Computer Systems Analysis, Control Systems Integrators, Hardware Design, Hardware Installation, Hardware Maintenance, Hosting Services, Internet Services, IT Consulting, IT Contractor, IT Support, IT Security, Network Management, Managed Service Provider, Software Development, Software Installation, Software Maintenance, Systems Integration, Training Services.
Do we need technology professional indemnity insurance?
Specific consideration should be made to purchasing sufficient technology professional indemnity insurance. Sometimes the cover can be overlooked if there is not a contractual requirement to purchase. However, it is by far the most important policy coverage for a tech company.
How much professional indemnity insurance should we buy?
For small businesses, the most commonly purchased amount of cover is £1 million. However, it's common for counterparties to request higher amounts (i.e £5 million) under contract, especially when dealing with large corporates. It's also worth considering that defending a liability insurance allegation can typically amount to half the total cost of the claim.
Related articles and guides
Below we talk to James McBride Wilson at 'CFC Underwriting' and Anna Husband at 'Hiscox Insurance', to obtain their perspective on the challenges they face
If employees aren’t achieving their individual goals or become disruptive, it becomes increasingly difficult for management to achieve their strategic objectives.