Professional Indemnity Insurance for Technology Companies
Since 2011 we have been arranging professional indemnity insurance for companies in the technology sector. Whether you are a new start tech firm or already established, we offer a range of specialist services to help your business obtain tailored insurance quickly and at a competitive premium.
We offer a full service, guiding technology firms to obtain the correct insurance cover for their business and then providing support throughout the duration of the policy term.
- Competitive premiums as standard
- Fast service quotation normally within 24 hours
- Dedicated Account Manager your own central point of contact for everything
- Cyber insurance options essential for the technology sector
- Avoid buying inadequate cover online broker expertise costs you nothing
- No fussy sales people just insurance experts
What's covered by professional indemnity insurance for Tech companies?
Policy wordings vary, but certain protections are core to professional indemnity insurance for Technology Companies. Examples include :
- Financial compensation you have to pay if a client alleges you made an error, omission, or gave negligent advice in the course of your professional services to them.
- Your legal defence costs for covered claims, usually including solicitors, counsel, experts and court fees.
- Breach of professional duty or unintentional breach of contract, including failure to deliver a project or meet agreed service levels where this leads to a claim for financial loss.
Key areas of risk for companies in the Technology sector
The need to keep pace with change has driven all modern day organisations to use increasingly complex technology for their business solutions. Their reliance on these systems and services means bigger problems - and bigger claims against the software providers.
Professional indemnity claims against IT and Software firms range from hundreds to millions of pounds. Claims can arise from many different issues but key areas of risk include -
- Claims arising from software defects, coding errors, configuration mistakes, or failed integrations that cause a client’s system to fail or underperform and lead to loss of revenue or extra costs.
- Liability for network outages, system downtime, or service interruption where the client alleges breach of contract or negligence.
- Certain data‑related exposures, such as loss or corruption of client data held electronically and some privacy or confidentiality breaches, where included in the insuring clauses or specific extensions.
Getting a quote for professional indemnity insurance
Professional indemnity insurance for a company in the technology sector is best obtained from a specialist broker. Market distribution is dominated by insurance brokers for good reason. A good broker will minimise the annual premium spend as well as ensuring the cover is suitable for your business. This is all under pinned with specialist service, valuable advice and support throughout the insurance period.
Unless you have the necessary insurance knowledge and expertise, beware of buying cover online. Buying a policy online carries risk as it may not give you the cover you really require, or think you have. Unfortunately, this often only becomes apparent when you come to make a claim.
The right choice of policy
Professional indemnity is complex commercial insurance. When arranging this cover, most firms will require some tailoring of their policy to ensure it provides exactly the right protection for their business. This may be a small tweak to the policy or something more substantial....things that really matter when a claim occurs.
Therefore, buying this type of commercial insurance online is NOT recommended and specialist advice from a broker should always be obtained. Read our guide Why You Need an Insurance Broker.
Specialist advice from experts
We arrange professional indemnity insurance protection for a wide range of services in the Software and IT engineering sectors. These include software designers, cloud services, network security, cyber protection, social media, email and desk-top support services etc etc. It's a long list. Read our guide on Avoiding IT Contract Disputes.
This guidance note is intended for information purposes only. Whilst all care has been taken to ensure the accuracy of the guidance note it is not to be regarded as a substitute for specific advice. This guidance note shall not be reproduced in any form without our prior permission. © Professional Indemnity Insurance Brokers Ltd