Professional indemnity insurance for technology companies
Professional indemnity insurance has traditionally been the
domain of those companies required to hold it by regulation.
Construction professionals, solicitors and those working within the
financial services industry are commonly required to insure
themselves against any claims directly arising from the services
that they provide. For the technology sector there is no central
regulatory or disciplinary body, but now - more than
ever - such cover can be a necessity.
Why professional indemnity insurance? Why now?
Companies operating within the technology sector are coming
under increasing pressure to carry professional indemnity insurance
through contractual requirements laid out by their clients. In
addition to this, the professional risk faced by such entities is
A basic need to streamline operations has driven a growing
number of firms to use increasingly complex technology in order to
form business solutions. This reliance on IT systems means bigger
problems - and bigger claims - should such clients
perceive their requirements not to be met by contracted
Professional indemnity insurance is there to provide a safety
net for such events. Many insurers are now prepared to cater for
these specialist risk exposures and to defend their clients using
detailed knowledge of this emerging sector. This increase in focus
has brought about the release a range of updated, tailored products
that suit the needs of this rapidly growing industry.
At Towergate Professional Indemnity we are confident in our
understanding of the technology market. We recognise that
technology companies can rarely be pigeon-holed and we will work
alongside our clients to ensure that their operations are fully
understood and catered for by insurers.
We have access to some of the leading insurers in the market,
coupled with our own expert claims and legal teams who can provide
full advice on any issues that do arise, whether that might be a
contract query or the occurrence of an actual claim.
The cover we can offer
Professional indemnity insurance, at its most basic level, will
respond to any negligent acts, errors or omissions which might
result in a claim against the policyholder. Beyond this, cover can
also protect the policyholder in respect of the following:
- Breach of professional duty
- Breach of contract
- Libel and slander
- Breach of confidentiality
- Intellectual property rights infringement
- Inadvertent virus transmission
Who will benefit from professional indemnity insurance?
Suitable professions for tech-based professional indemnity
insurance cover include, but are not limited to:
- Software developers (including games and apps developers)
- Hardware and software suppliers
- Internet service providers
- Website designers
- Digital broadcasters
- Managed service providers
- Technology consultants and systems integrators