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IT Liability Insurance

Insurance for SaaS & Software Development, MSPs & IT Support, Cloud & Data Services, Hardware, and Beyond.

Tailored advice from experienced industry brokers
Comprehensive insurance account management
Customisable insurance solutions and packages

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Specialist insurance brokers for technology firms requiring customised insurance programs.

Technology

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What Types of Technology Organisations Do We Help?

We understand that the technology industry is a very diverse and complicated sector that demands specific requirements depending on each firm’s operations.

Our IT liability insurance solutions are tailored to diverse technology businesses, including:

MSPs

Managed Service Provider – Outsourced IT Solutions.

Hardware

Design, manufacture, assembly, installation, maintenance and resale.

SaaS, Software, Apps & Developers

SaaS providers | Development, design, configuration and resale | Front-end, back-end, full-stack, dev-ops, SCALA and PLC.

Data

Warehousing, processing, hosting and analysing.

Websites

Hosting, design, plug-in building,

SEO and CRO.

Systems & Networks

ISPs, network consulting, system integration and control.

Support

IT support, training, procurement and facilities management.

Security

Security/cyber security management and consulting.

Telecommunications

Call centre ops, telecoms setup and consulting.

Why Tech Companies Need Specialised Insurance?

Since a technology company typically offers a combination of products, services and advice — they need a policy that covers more than one type of liability.

The type of liability coverage a business needs will depend on whether they provide products, services, or advice.

The main benefit of IT liability insurance is that it offers all of the necessary liability coverage under one policy. When you cover indemnity and liability separately, claims can slip between the cracks. If your insurers disagree over who is responsible for a claim, you may end up covering it yourself.

Claim Example:

You tell a client that software you are installing will not clash with their firewall. A clash happens and their system goes offline. Your client asks you to cover the cost of repair.

Your insurer could view the claim as:

A product liability claim: Your product (software) damaged a third-party system.
A service liability claim: Your service (installing software) damaged a third-party system.
A professional indemnity / errors & omissions claim: A third-party suffered a financial loss (system repair expenses) as a result of your incorrect advice.

If you have insured for all three scenarios under one policy, it will not matter which one your insurer picks.

If you have insured for these scenarios under different policies, then you are open to risks if your indemnity insurer declines the claim as a liability issue, and your liability insurer declines the claim as an indemnity issue.

Here to help

Secure Your Technology Business with IT Liability Insurance

Technology businesses face increasing risks in today’s landscape.

Need help understanding the type of coverage you need for the services you provide? Or don’t know where to start? Allow us to provide some tailored advice – obligation free!

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We’ll help scope your requirements

What Is IT Liability Insurance?

Technology firms need IT liability insurance solutions to protect against industry-specific risks in a dynamic environment.

Technology businesses need indemnity and liability cover because they face risks associated with offering products and services. It is important for indemnity and liability to be covered together on the same policy to reduce the risks of gaps in cover.

It combines cover for:

Professional indemnity: If your advice or service results in third-party financial loss.
General liability: If your products or services cause third-party injury or property damage.

IT liability insurance allows technology companies to limit liability for third-party claims.

Coverages for technology companies

What Does IT Liability Insurance Cover?

The main coverages your technology company will require customised solutions for.

No two technology companies are the same and especially today, getting the right coverage can be the difference between continued success and the very damaging impact of increased risks. We help to manage those risks strategically and cost-effectively with some of these covers:

Professional Indemnity
This section covers financial losses incurred by a third-party as a result of your service or advice. It can include claims related to your errors and omissions. It extends to both legal fees and settlement costs.
Public & Product Liability
This section covers costs related to third-party injury or property damage. It includes claims that result from product malfunction and from day-to-day business activity. The cover is not limited to your business premises. It will apply for on-site work.

Typical Coverage Extensions

Multimedia Liability.
The actions of employees and subcontractors.
Loss of data and documents.
Defamation.
Legal breaches, including breach of copyright, IP and trade acts.
Contractual breaches, including NDAs and confidentiality clauses.
The cost of mitigating losses once they occur.
Product-recall.

Complementary Coverages

Cyber Insurance

This section is for costs and losses that your business incurs as a result of cyber attacks. It is a common part of IT Liability Policies because of its particular applicability to IT providers. Covered events include malware attacks, cyber extortion and social engineering.

Management Liability

This section covers managers and directors for risks associated with running a technology company. This includes costs related to mismanagement allegations, legal breaches, third party crime, tax audits and identity fraud.

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What’s Next?

Our team is ready to help you understand your risks and find the right coverage to ensure your business is fully protected.

Don’t leave your business vulnerable to the damage of a cyber attack–Contact the team at KBI Insurance to discuss your cyber insurance needs and get a customised quote today.

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Specialist insurance brokers

Why Do Technology Companies Choose KBI for IT Liability Insurance?

At KBI, we have leveraged our networks, strong relationships and our insurance/risk management knowledge of the technology sector to customise IT liability insurance solutions specific to each firm’s needs.

We provide expert advice to make the process seamless and help our clients better understand their insurance program – helping them make an informed decision.

solutions child why you need cyber insurance

Our Offering

Risk-Based Insurance Program Design

Identify & quantify corporate & operational risk profiles
Measure risk tolerance
Assess risk appetite
Financially tests insurance options (cost vs benefit analysis)

Program Placement

KBI leverages both local and global markets to gain competition by using detailed underwriting submissions to achieve best outcomes.
KBI undertake contract review services to understand fair apportionment of risk allocation to third parties to better protect the insurance placement.
Independent broker that provides flexibility engaging specialists suited to our clients needs.
Policies are underwritten using manuscript technology policy wordings.

Streamlined Client Service

Specialised team who are reputable with a consistent approach
KBI is employee owned providing quality team with a genuine “care factor”
Pro-active brokers who are hands on
Keep abreast of industry news and regular contact to ensure client’s insurance strategy remains suitable.

Claims Management/Advisory

Dedicated team (including the placement broker)
Simplified claims process
Agreed loss adjusters / solicitors at time of placement not at claim time.
Policies include claims preparation costs, advancement of defence cost to aid clients during time of need.

Added value