TECH COMPANY INSURANCE
At Simcox Brokers, we can arrange Professional Indemnity (PII) insurance for Technology businesses.
HOW WE CAN HELP YOU
As an independent broker we have built strong working relationships with a wide panel of specialist technology insurance companies and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.
· From consultancy to project management, the development of bespoke systems to trading platforms, we can help arrange a suitable policy which is tailored to your unique insurance needs in this evolving and exciting sector
· We understand the technology sector and how quickly the risks facing this industry can evolve. We recognise the need for your insurance requirements to mitigate risk and evolve with you, helping your business understand and manage the risks you face.
· Working directly with specialist technology insurance providers with a deep understanding of sector exposures, we will help to design the tech company insurance cover to accommodate the unique risks that your business will face.
A PERSONAL SERVICE
Independent & Specialist Insurance Broker
Transparent & Simple Communication
Friendly & Personable Approach
HIGHLY EXPERIENCED
Valuable insight and industry knowledge
Understands your industry specific risks
Impartial & objective
A TAILORED SOLUTION
Consultative approach
Access to a wide panel of Insurers
Comprehensive selection of products & services
WHAT CAN TECH COMPANY INSURANCE COVER?
Technology Insurance provides specialist cover for anyone in the tech or telecoms industry, from software, app and game developers to hosting and platform providers.
Tech company insurance can include cover for professional indemnity and cyber risks such as data loss, hacking and corporate espionage.
You can also add cover for public and products liability, employer’s liability, IT equipment – and anything else you’d like to protect.
THINGS TO CONSIDER
Businesses in the technology and communication sectors own valuable assets such as sensitive data, software and intellectual property. These are assets that a general liability insurance policy would not always provide protection against and may not always satisfy all the regulatory requirements.
Specialist tech company insurance is relatively new and is still evolving, but our team are kept up to date with these changes and our relationships with carefully selected insurance providers allow you to benefit from a range of bespoke products.
FREQUENTLY ASKED QUESTIONS
What is Tech Company insurance?
Professional Indemnity (PI) insurance can be taken out by technology companies in order to cover legal fees incurred, as well as any damages and/or expenses which may be awarded against them as a result of a claim that they have caused their client a financial loss.
What determines the cost of a Professional Indemnity policy?
Insurers consider a number of factors when assessing Professional Indemnity insurance for technology companies. This can include areas of practice i.e. low or high risk, the experience/qualifications within your firm, your claims history, fee income and the types of contracts you are involved in. This will include the total contract value, as well as your own fees. Insurers will also want to know if you have put any risk management procedures in place.
To secure the best tech company insurance premiums, it is essential to put together a comprehensive proposal, that is as clear and easy to read as possible. This will need to include full details of your experience, the services you offer to your clients and the procedures you have put in place to minimise risk. This proposal will also help your broker negotiate the most competitive premium on your behalf, so is worth spending time on.
What limit of Professional Indemnity is required?
When dealing with Professional Indemnity Insurance for technology companies, there are a few areas that need to be considered to determine the amount of cover your business will need.
Firstly, it will depend on the type of clients you work with. Further consideration will also need to be given to your regulatory or contractual responsibilities with the technology product or service you provide and the maximum amount you could potentially be held labile for, should a claim be made against you.
In addition, you will need to make sure the limit of indemnity you opt for meets your regulatory bodies' requirements, or meets any limits your clients may have stipulated within service contracts.
Does tech company insurance include cyber protection?
Data breaches, ransomware, phishing, social engineering, funds transfer fraud amongst other potential cyber risks are where many technology companies remain unprotected!
Whilst no cyber cover is offered under professional indemnity insurance, there are a number of specialist insurance products for technology companies which combine a mixture of professional indemnity and cyber insurance amongst other covers which provide a comprehensive insurance portfolio for your technology business.
We encourage ALL businesses review their risk and need for Cyber Insurance, Simcox Brokers can support you through this process.
I have my own tech company; do I need Directors & Officers Insurance?
No matter what sector or industry you work in, company directors have specific duties and responsibilities they must adhere to. If they are found to be in breach of these duties, they may become personally liable.
This could be the result of litigation from various parties such as regulatory bodies, shareholders and creditors.
In the event of any legal action being taken against a director or officer for an alleged wrongful act, a Directors & Officers (D&O) insurance policy will cover legal defence costs and any expenses.
FINANCIAL ADVISORS, BRISTOL
After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks
CHARTERED ACCOUNTANT, SHROPSHIRE
Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!
RENEWABLE ENEGRY COMPANY, BRISTOL
Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly