The UK is one of the world’s largest information & communication technology (ICT) markets and CLEAR have been providing insurance solutions to the technology sector for many years.
The ICT sector is changing ever faster and the number and type of risks for technology businesses are also increasing. Combined with increasing customer expectations and time pressures, technology businesses need to ensure that their risks are fully managed and the right insurance cover is arranged by a broker who understands this complex industry.
CLEAR recognises that in such a fast-paced and dynamic market, 'off the shelf' standard policies just won’t do. Working directly with the UK's leading insurance companies in this sector, our experts will help to design the right cover for your technology business at the right price. As your business grows and as the Cloud develops further your insurance requirements will change so regular review is vital - are you unwittingly exposed to export risks and foreign jurisdictions? CLEAR can help you keep on top of the risks you face and leave you safe in the knowledge that you are properly protected, allowing you to focus on developing your business.
Cover features and benefits
In addition to the core Professional Indemnity insurance, some of the additional risks we can insure include:
- Employers & Public Liability, including Products
- Cyber Liability & Crime
- Breach of Contract
- Transmission of malicious software
- Infringement of somebody else’s intellectual property
- Loss or damage to your office contents, computers and portables, such as laptops
- Business Interruption following damage at your office or other locations you rely on
What our customers have to say
What you need to know
Here are some of the most frequently asked questions we receive about our technology companies insurance:
What sort of businesses are policies for the ICT Sector suitable for?
The list of organisations that come under this banner is constantly changing with the technology itself but here are some of the main businesses:
- IT consultancy & training
- Internet service providers
- Software and App developers/publishers
- Software testing services
- Telecommunications
- Value added resellers
- Data centres
- Social media or SEO services
Essentially, if you consider your business within the technology sector, you should make use of the specialist policies available.
Why do I need Professional Indemnity insurance?
Without it, you could be liable for thousands of pounds worth of legal fees and compensation to your client if you are found to have been negligent in your services to them. However experienced you and your staff maybe, it’s always possible to make a mistake or for a client to think that you have. But it’s not just about bad advice, a Professional Indemnity (PI) policy covers you against many situations:
- Professional negligence
- Loss of documents or data
- Unintentional breach of copyright, intellectual property or confidentiality
- Defamation and libel
- Loss of goods or money for which you are responsible
Do I also need cyber cover?
Impending legislation changes are likely to heighten the exposures to those holding and managing personal and sensitive data. Whilst professional indemnity will pick up claims in many areas an additional cyber policy can dovetail with PI cover to pick up the additional exposures. These primarily surround your own costs and notification expenses involved in a data breach/loss.
How can I choose the right level of cover?
There is no right solution – some argue that you should 'buy what you can afford'. In other cases your customer will specify a minimum level of cover. In any event, you should assess the greatest loss that might result from a mistake on any particular project/contract. Ultimately, no one will take on your responsibility to ensure you have enough cover but you should carefully review this area with your broker.
My policy is on a 'Claims Made' basis – what does that mean?
Unlike many liability insurances Professional Indemnity is underwritten on what is known as a ‘claims made basis’. This means that the policy will only provide cover for incidents that are discovered and notified to the Insurers during the period of insurance. Your policy will provide cover for advice given in previous years, often limited to a given date. It is important to note that if you want to continue with the protection PI cover provides you need to keep renewing cover or buy 'Run Off' cover.
Can I insure against one of my contracts going wrong?
There is no single answer to this but it’s wise to talk to your adviser and discuss any contractual liabilities you may face. Beware signing standard contracts without checking whether they increase your insurance exposure e.g. many US contracts will include a 'hold harmless' clause which would prevent you or your insurers from recovering against a negligent party.
Often the best form of protection is not insurance, but making sure you have strong terms of business which limit your possible exposure. Where you do make a mistake which affects a client the best policies will intervene quickly to minimise the loss and help you retain the client.
Why do I need international cover if I’m based in the UK?
The rapid growth of the internet means that geography is much less important these days. Often data will be stored outside the UK and your customers may themselves be abroad. If they decide to sue you they may well do so in their own country making use of local laws. It’s not necessarily obvious that you are trading abroad. For example:
- The provider of a UK online news service had US subscribers, who claimed the site infringed local trademarks
- An online TV service was the subject of an injunction in India in relation to content
- An online auction site fell foul of French law when featuring some military memorabilia
- The operator of a website for an Austrian nightclub was sued when a customer was injured at the club
As a general rule, if your customer may be abroad make sure you have 'worldwide jurisdiction' under your policies.
Call 0330 0948 740 or email
