Technology and Software Company Insurance
Get indemnity™ technology insurance for software developers, hardware providers and other tech companies
Get indemnity™ technology insurance
Get indemnity™ technology insurance
Technology and software company insurance
Offering financial protection for organisations working in the tech sector
At get indemnity™ software company insurance starts at £336 per year or £28 per month. Below we take a look at the different covers available to your agency and identify some important considerations when purchasing software company insurance.
Get indemnity™ software company insurance
As experts in insurance for software companies, we can access the wholesale insurance market to identify to range of competing solutions designed to meet your needs.
What is technology & software company insurance?
Why technology professional indemnity insurance?
The technology sector is prone to claims because:
It's not uncommon for new technology to have unintended or unforeseen consequences. QBE Insurance have produced an article called Technology companies face some challenging risks.
Technology business activities measured by risk
> Low to medium technology risk
> High risk technology activities
Technology & software company insurance guide
The below guide identifies scenarios you may face and the available insurance for software companies that can offer financial protection:
What would happen if.. |
Technology Insurance: |
What the cover does: |
|---|---|---|
| A client alleges an infringement of intellectual property rights when a similar solution is developed for a competitor. | > Professional Indemnity | Protects your company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
| A client seeks compensation for a failure to deliver on a software project within a specified timeframe. | > Professional Indemnity | Protects your company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
|
A client seeks compensation for a system upgrade that contained an inadequate component that crashed their network for 48 hours. |
> Professional Indemnity | Protects your company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
| An employee causes serious injury after slipping over a wet floor and seeks financial compensation. | > Employers Liability | Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
| A client suffers a serious injury after falling over object left on the floor of your premises and seeks compensation. | > Public Liability | Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
| The Information Commissioner's Office investigates and prosecutes your directors for a data protection breach. |
> Directors and Officers > Management Liability |
Protects the directors against legal costs incurred in defending the allegation; and damages from any award or settlement. |
| An allegation of breach of contract is made against your company. |
> Corporate Legal > Management Liability |
Protects the company against legal costs incurred in defending the allegation. |
| You discover that an employee has been misappropriating funds over a number of months. |
> Crime Insurance > Management Liability |
Protects the company against financial loss from the theft of property, money or securities by an employee. |
|
An allegation of unfair dismissal and workplace harassment is made against your firm. |
> Employment Practices > Management Liability |
Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
|
A cyber breach steals customer information and you are required to notify thousands of individuals. |
> Cyber Insurance | Protects the company against financial loss arising from security and privacy breaches. Can cover first and third-party losses. |
| Your company premises and equipment is damaged as a result of an insurable event? (i.e. fire, flood or storm). | > Property Damage | Protects your company’s buildings and contents (including options for computer equipment) against loss or damage from a range of insured perils. |
|
Your company is unable to trade as a result of an insured event. |
> Business Interruption | Protects against the loss of income from being unable to trade as a result of the insured peril (i.e. property damage from a fire, flood or storm). |
What technology business insurance do you need?
It is worth considering that defending a liability insurance allegation can typically amount to half the total cost of the claim. At get indemnity™ we maintain the knowledge and expertise to offer a wide range of technology business insurance solutions for any transferable risk.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.