• Technology companies

    Professional indemnity insurance.

Technology Companies

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 constantly growing.

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 professionals.

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.

Our mission

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
  • Dishonesty
  • 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