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.
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
Our client base is quite broad within the technology sector:
- Software development companies
- R&D companies
- Emerging tech, e.g. AI.
- Electronics manufacturers
- Precision engineering firms
- Life sciences
- IT consultants.
Building bespoke, comprehensive cover
We can arrange a wide variety of insurance protection either as standalone policies or as part of a bespoke package.
What we can help you with
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.
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 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 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.
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.
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.
Service is where we stand out
Being an employee owned business really does make a difference – our "owner's mindset" means we are all obsessed with great client service.
To create welcome efficiencies at key moments, we invest time upfront. You might think we ask a lot of questions compared to other brokers, but you’ll thank us in a claim or contract dispute.
Complimentary review of all your contracts
60% of claims in the tech sector are about contractual disputes – we help you improve your defensibility
Hands-on service, handholding where needed
We won’t leave you with a 30 page form, we’ll go through it with you, explaining as we go and getting it done right with the minimum of stress.
Proactive reviews of your business
We like to talk to technology clients at least quarterly, as things can change dramatically and your risk management needs to keep up
Right from the start, we prepare you for claims.
Most claims (60%) concern breaches of contract. When such claims are made against you, it’s our job to alert the insurers to respond quickly and step in to back you.
This is why we stay close to you throughout the policy term, to keep abreast of your activities and advising on risk management.
When we understand the work you are doing behind the scenes, we can do more to help.