Technology and Software Company Insurance
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Technology and software company insurance encompasses a range of covers to ensure financial protection from unexpected events
Software Company Insurance Guide
- What technology & software company insurance?
- Technology professional indemnity insurance
- Technology business activities measured by risk
- Technology & software company insurance guide
- Technology business insurance considerations
As experts in insurance for software companies, we access the wholesale insurance market to identify to range of competing solutions to meet your needs. Below we take a look at the different covers available to your agency and identify some important considerations when purchasing software company insurance.
What technology & software company insurance?
Technology professional indemnity insurance
Maintaining adequate professional indemnity insurance is necessary when dissatisfied clients are increasingly likely to consider litigation to recover costs and potential damages.
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 coverage 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. | 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. | 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. | 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. |
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). |
Technology business insurance considerations
Specific consideration should be made to purchasing sufficient PI insurance, sometimes overlooked, if there is not a contractual requirement to purchase.
Please complete our online application to apply for the above technology & software company insurance. If you are unsure which business insurance is the most appropriate, please contact us to discuss.
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.