Insurance for the technology sector

Simplify. Deliver. Support.  

Insurance for the technology sector is a complex purchase. Solutions need to be skilfully designed to keep up with the pace of change in a fast-moving sector.

The innovations an insurance broker makes will probably seem quite humble to people who spend their days developing pioneering technology. Yet they often protect businesses from existential crisis.

As your business grows, your risk management needs to evolve too. A quality specialist broker will be extremely proactive in this, providing great comfort to entrepreneurs and investors alike.

Why Howden?

The first thing you’ll want to establish is this - does this broker understand what my business is all about?

We won’t be found wanting in that department – our technology sector specialists work with digital and product-based tech businesses day in, day out.

We are used to learning the ins-and-outs of unique complex products and services, and getting to know the businesses and people behind them.

Trusted by the market. Always on your side

The amount of truly specialist capacity for tech risks within the London market is quite small. Howden enjoys excellent relationships with all the serious players and we personally know the specialist underwriters within those insurers.

Our role involves bridging communication barriers.

The clients are the experts in their business. The specialist underwriters are highly knowledgeable in the wording of insurance contracts for tech risks (as are we!) Howden’s role is to a conduit between the two.

Where the needs don’t exactly match – and they rarely do – we work closely with underwriters to create a solution that suits you.

The tech market is developing at such a rapid rate that insurers are willing to compromise and customise on wordings and exclusions. This presents excellent opportunities to get you what you need, how you need it.

Who we work with

What we can help you with

Professional Indemnity 
Professional Indemnity insurance will protect your technology business against any claims of negligence that result from perceived errors or omissions in your professional services. For example, a technology-based company could be found negligent if they unknowingly transfer a virus to clients through their online services.

Business Interruption 
Covering your loss of profits in an unsecured environment can make a significant difference. If you are not able to open due to unexpected situations such as fire or flood damage, it may help cover the cost of your business’s loss.

Cyber insurance
Cyber insurance protects against damages that result from cyber attacks to your organisation’s technology or data — this includes stolen or damaged information, liability and recovery costs. This form of cover is especially crucial for technology-based organisations that rely heavily on cyber assets and data to conduct necessary business operations. 

Computer failure
Computer insurance covers your computers and associated gadgets in case of breakdown. This includes costs of repairs or replacement, investigation and consultant costs. It also includes coverage for temporary additional costs of doing business such as renting equipment.

Directors' and Officers' insurance
Directors’ and officers’ liability insurance provides cover in the event that your organisation suffers losses due to the wrongful acts or negligence of senior-level leadership. This form of cover is vital to protect technology-based organisations, as strict regulations like the GDPR hold senior management responsible for various business disasters — both online and in person.

Property, Contents and Stock
If you’re a business making physical products using high value manufacturing equipment, these are likely to be one of the biggest assets.

Trade Credit
For manufacturing and consulting businesses extending lines of credit to their clients, trade credit insurance can help offer financial protection if clients default or delay payments. 

Intellectual property insurance
Who did it first? Who infringed on who? These are big, frequent questions in the tech game. IP cases happen all the time. What looks like plagiarism may not be, but a solid defence is essential. IP insurance covers legal costs when defending or bringing allegations of infringement on patents, trademarks or copyright.  

Legal expenses
The technology industry is a litigious one. Before the event (BTE) legal insurance covers for legal fees to do bringing or defending legal action. Another product, After the Event (ATE) insurance, can cover the need to pay the opponents costs and court fees in the case of a defeat.