Technology Insurance

We live in a world where technology shapes everything we do. As tech companies lead the way in research, development and innovation, it’s vital that they have technology insurance to take control of their insurable risks in an ever-changing industry.

At Creative Risk Solutions, we understand the needs of technology companies and the risks they can face. As technology evolves, so should your technology insurance cover.

How does technology insurance differ from liability insurance?

There are core protections that are essential for any business with an ambition to thrive. Examples of these include;

Property damage
Business interruption/Income Protection
Protection for injury suffered to employees and other individuals
Protection for damage to other parties’ property as a result of your business operations

At its most basic level, professional indemnity insurance (errors and omissions insurance) protects against negligent acts, errors or omissions which might result in a claim against the policyholder.

Risk exposures for technology companies extend beyond protection of their physical assets and the people around them. It relates to more intangible risks and requires a specific cover to reflect this.

What does technology insurance cover?

Technology insurance can cover these industry-specific areas. For example, exporting products and programs might result in unexpected liabilities. Intellectual property rights will need to be protected locally and internationally. And claims of infringement will need to be defended.

Technology businesses now rely on increasingly complex IT systems to run more efficiently. This not only increases the risk of system failure but also the scope of any potential insurance claims.

Technology insurance can offer additional protection for:

Intellectual property rights infringement
Breach of Contract
Negligent and Inadvertent virus transmission
Network Security and Business interruption resulting from risks excluded under a standard business combined policy (such as virus, hacking, denial of service attacks, loss of data)
Mechanical breakdown/engineering
Software, products and cyber liability
Software failure