The 'whats' and 'whys' of insurance for your technology business answered.
Technology is a fast-paced, fast-growing industry that is constantly churning out innovative products and services. It is only logical to pair such a business with its own tailored insurance plan that covers its industry's very specific insurance requirements.
Why does my tech company need a specialist insurance solution?
In such a volatile environment, it is crucial to have an insurer who understands the industry and is experienced in the risks associated with your business’s innovations and rapid growth.
Technology companies’ key risk is contractual liability from a failure in the product/service they provide to their customers. Majority of technology company claims arise from breach of contract. These companies face both tangible and intangible risks on a third party basis. For instance, risks associated with the company's physical products, or risks related to the company's advice or design.
Other issues a technology business may face include data breaches and other cyber risks, liability claims, and protection of intellectual property.
What kind of policies does a tech company need?
Professional indemnity cover for both tangible and intangible risks is therefore essential for technology companies.
The success of technology companies is highly dependent on their research and development, which means it is also vital to get a business interruption coverage that covers not only for product and service revenue streams, but also for research and development expenditure.
Just like any other business, technology companies should also consider covering areas such as Property, Public and Products Liability, Cyber, and Workers' Compensation.
How do I get started?
Now that you know the basics of insurance for technology companies, are you ready to get yours secured and protected?
To find out more about the specifics of each type of coverage available, get in touch with us and we can work out an individualised solution for your business.
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