Technology companies generally end up with a patchwork of traditional E&O and general liability policies, but this tends to make their insurance programmes more complicated and can leave gaps in the cover if the policies don’t dovetail perfectly.
Modern technology companies are multi-faceted and complex. What they provide ranges from software and hardware products to consultancy and installation services. Some work on-site, some work remotely and some do both. Each business in this fast-moving sector has its own blend of products and services and its own unique risk profile.
A single insurance product designed to cover the various exposures borne by these companies would make it easier for them to arrange their insurance and reduce the risk of leaving any gaps in their cover.
The scope and scale of the exposures faced by technology companies is growing quickly. This is true for businesses working in both the B2B and B2C sectors.
In the face of this rising tide of risk, we have designed our technology product to offer simple and sophisticated cover that does away with the need to have lots of different policies. In turn, this means modern day technology company risks won’t fall through the cracks.
Our product and service liability wording means technology companies are covered, whether their products and services are tangible, intangible, manual or desk-based. It also ensures their losses are covered, whether they relate to property damage, bodily injury or financial loss.
In addition to the new liability wording, our technology product provides cover for breach of contract, intellectual property rights infringement and cyber exposures. You also get access to our expert cyber incident response team.
Most of the traditional insurance products used by technology companies were designed before the likes of Amazon and Twitter even existed. Our new technology product has been especially tailored for the sector by professionals who have decades of experience in this fast-evolving field.
We believe our new product meets the needs of technology companies, instead of technology companies having to meet the needs of traditional insurance products. To find out more, please contact tech@cfc.com.
