Technology and Software Company Insurance

Get indemnity™ technology insurance for software developers, hardware providers and other tech companies

Get indemnity™ technology insurance

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Software developer professional indemnity insurance starting from £336 annually for a £1 million limit.
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As a specialist in software company insurance we can obtain quotes from the wholesale market.
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Compare technology business insurance quotes with a digital insurance broker.
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Get indemnity™ software company insurance is available to businesses with a turnover up to £100m.

Technology and software company insurance

Offering financial protection for organisations working in the tech sector

Technology and software companies are exposed to a range of liability and property damage risks. Ensure your agency continues to purchase the most suitable and cost-effective software company insurance to protect your interests.

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

    Technology companies work at the forefront of innovation and operate within a constantly evolving environment. Therefore, software company insurance is required to be flexible and comprehensive to offer the protection required. 

    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 technology & software company insurance?

    Technology & software company insurance provides specialist cover designed for software developers, IT services, hardware providers and other companies working within the technology sector. Cover typically includes:

    >  cyber insurance; and
     
    To obtain your no-obligation quotes from a range of wholesale insurers, please complete our online application.
     

    Insurance for software companies available online


    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.

    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.

    Potentially 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.

    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

    Technology and software company obligations, responsibilities and therefore insurance needs will vary depending upon their area of expertise.

     

    > Low to medium technology 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, Software Development, Software Installation, Software Maintenance, Systems Integration, Training Services.

     

    > High risk technology activities

    Cryptocurrencies, EWallets, Medical Software, Point of Sale (POS) System, Reward Card Providers, Safety Automotive Systems, Trade Execution Software.


    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.

    > 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).
     
    Tailored insurance covers are available that can meet more specialised needs. Additional covers can also include business health insurance.

    At get indemnity we maintain the knowledge and expertise to offer a wide range of technology business insurance solutions for any transferable risk.

    As a digital insurance broker, we have the tools and knowledge to identify the most suitable technology & software developer insurance to meet your needs.


    Technology business insurance considerations

    Technology and software companies are faced with a variety of risks often dependent upon the nature of the services offered.

    Specific consideration should be made to purchasing sufficient PI insurance, sometimes overlooked, if there is not a contractual requirement to purchase.

    It is worth considering that defending a liability insurance allegation can typically amount to half the total cost of the claim.

    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.

     

    Compare software and technology insurance online


    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.