Specialist insurance brokers for technology firms requiring customised insurance programs.
Specialist insurance brokers for technology firms requiring customised insurance programs.
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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:
IT liability insurance allows technology companies to limit liability for third-party claims.
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:
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.
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!
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:
Typical Coverage Extensions
Complimentary 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.
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.
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.
Our Offering
Risk-Based Insurance Program Design
Program Placement
Streamlined Client Service
Claims Management/Advisory
We’re specialists in IT liability insurance.
Our experience and understanding of the industry allows us to provide added value to our partnership to help ensure your risks are always managed.
Risk Profiling
Negotiations and Brokering
Coverage Analysis
Limit Analysis
Insurance Audits
Contractual Reviews (Insurance Requirements)
Contact us today to get specialised, tailored advice for your specific needs.
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