Insurance for Technology Businesses

Arranging the right cover to protect your technology firm from key risks.
Techinsure Website Image clear group

Want to speak to someone?

Call this number 0333 043 1133

Get a quote now

Why choose Techinsure?

Techinsure is an insurance product for the technology industry that was devised to help businesses understand and manage the risks that they face.

Whether you're a start-up, established company, or self-employed individual, our team are here to help. We cater for all technology businesses such as managed service providers, hardware/software providers, IT consultants, website designers/developers, hosting and many more. 

Working with hundreds of businesses across the UK

Technology

Bespoke solutions to accommodate the unique risks that your business may face

Technology

Working in collaboration with industry specific partners and insurers

Technology

We cater for all technology businesses big or small

Want to speak to someone?

Call this number 0333 043 1133

Get a quote now

Want to speak to someone?

Call this number 0333 043 1133

Get a quote now

Additional covers

Bullet With Bkg

Property Owners Insurance

Bullet With Bkg

Fleet Motor Insurance

Bullet With Bkg

Contract Works Insurance

Bullet With Bkg

Business Travel Insurance

Bullet With Bkg

Loss Recovery Insurance (Claims Assistance)

Bullet With Bkg

Employee Benefits

Bullet With Bkg

Risk Management

Bullet With Bkg

Trade Credit Insurance

Don't just take our word for it

Techinsure are very knowledgeable around the requirements of companies like ours. It was a breath of fresh air to have someone come in and discuss our options, so that we can make an educated decision on what we needed. Very thorough and communication was outstanding! We’ve also become a lot more educated on what is expected by insurers, which will help us put our clients in a better position when we talk to them about things like Cyber Security and the associated insurance benefits.

Speech Icon

2 LOGIC Ltd

The team at Clear/Techinsure are very knowledgeable and clued up on what an IT company looks like and what we need and, frankly, how to explain the sometimes confusing insurance elements to allow us to understand what cover we need. They asked me questions that no broker has ever bothered to before and in the process we established that my previous cover was horribly under insuring me and was missing some key parts. The process was straightforward and we were supported to make sure all the forms were filled in correctly and that we fully understood the questions even when they were a bit (in our opinion!) ambiguous.

QCT Over Under 3840X2160 Light

Quietly Confident Technology Ltd

Frequently asked questions

Is my current insurance policy likely to cover me for cyber losses?

Most standard insurance policies do not cover cyber losses. They are typically intended to cover physical losses caused by events like storms, fire, floods, or theft. While some policies may offer limited coverage for certain aspects of cyber incidents, such as legal defence for a data breach, this coverage is usually minimal. It's generally better to have a specific cyber insurance policy to ensure comprehensive coverage for cyber losses.

Do I need cyber insurance?

Cyber insurance, like many other types of insurance, is not a legal requirement. However, it's sensible to consider obtaining cyber cover for your digital assets, particularly in light of the continuing rise in cyber-crime. It's important for anyone using IT in any capacity to assess their risk exposure and determine whether cyber insurance is necessary for their business.

How can cyber insurance protect my business?

Most industries now rely on technology for smooth and efficient business operations. Any cyber incident could potentially cripple a business, leading to financial losses from liability claims, repair costs, recovery of systems, lost income, extortion expenses, and more. Cyber policies provide the necessary support for businesses to recover from incidents, including legal, public relations, and loss of income.

What is the difference between first-party and third-party cover?

First-party cover in your cyber insurance policy covers the costs your business incurs as a result of a cyber-attack. Third-party cover provides defence costs and settlement costs for claims made against your business, such as allegations of failing to keep your customers' data secure.

Is my organisation responsible if there is a breach of our computer system?

Yes, it's your organisation's responsibility to protect your customer information. You are liable for any losses and will have to pay any fines or fees resulting from legal actions. Unfortunately, even if you outsource services to other companies, your customers' data is still your responsibility.

I don't store customer information on my network. Do I still need cyber insurance?

Even if you don't store customer information, you likely store employee records and emails. If your network contains any information, it's advisable to consider having cyber insurance. As mentioned in the section that discusses which sectors require cyber insurance, it's a consideration for all businesses.

What can I expect to happen when I make a cyber insurance claim?

Please remember that the process for making a claim can vary between insurers. Typically, you would need to call your insurer's 24/7 claims line to report the claim. After that, your insurer will gather some basic details to assess the situation. They should then call you back promptly to discuss an action plan that outlines the necessary services for your claim, which may include:

  • Forensics to assess how the attack occurred and actions needed to prevent a repeat attack (including dark web monitoring to check for compromised data)
  • Assistance with Information Commissioner's Office (ICO) notification, if necessary
  • Credit monitoring
  • Legal services/advice
  • Public relations assistance
  • Coordination with your IT provider to get you back up and running if needed.

The action plan will then be implemented, and normally, your insurer will arrange regular catch-up calls to ensure everything is proceeding as expected. Once everything is up and running, your insurer will work to reach a final settlement of the claim.

If you have experienced any loss of revenue, your insurer will need to see evidence of this. For example, a lost contract or a comparison between last year's and this year's accounts (it may take time to see losses, so this element may not be settled right away).

Unfortunately, with so many cyber claim scenarios, we can't explain how each one would work in practice. However, it's usually a condition of your policy that the first step in a cyber claim is to call and notify your insurer.

When selecting an insurer, what features and covers should I look for?

  1. 24/7 claims line: it's always a good idea to ensure your insurers offer a 24/7 claims line, as a cyber attack typically happens outside regular business hours, and not all Insurers offer this service.

  2. Outsourced service providers: not all insurance policies cover loss of income or additional costs incurred if a hacker targets your technology systems or outsourced service providers, such as a cloud provider or outsourced payroll company. If you're arranging cover, be sure to confirm that this protection is included.

What sort of things does basic Cyber Insurance cover in general?

Several types of coverage are available under a cyber policy, the different sections and extensions of which are outlined below. Keep in mind that some coverage may be included as standard with a policy, while others will be optional. If you're unsure, always speak to a broker to discuss what your policy includes. If you don't have a policy in place, they can help determine the covers you need for your business.

First-party covers

  • Breach costs: practical support in the event of a data
    breach (electronic or otherwise) for notification, forensic investigations, legal advice.
  • credit/identity: monitoring of affected customers and PR / crisis management support.
  • Business interruption: cover for loss of income if a hacker targets your systems and prevents your business from earning revenue.
  • Extortion costs: cover if your business is held for ransom including the ransom payment and the services of risk consultancy.
    firm to help manage the situation.
  • Property damage: cover for the costs of repair, restoration, or replacement if a hacker damages your websites, programs, or electronic data.

Third-party covers

  • Privacy protection: cover for defence costs and claims settlements made against you for failing to keep customers’ personal data secure, including the costs of regulatory investigations and civil penalties levied by regulators where allowed.
  • Multimedia liability: cover if you accidentally infringe someone’s copyright by using a picture online, for example, or inadvertently defame a third party in an email or other electronic communication.

Additional covers

  • Cybercrime and social engineering: cover for financial loss following the theft of money, property, or digital assets, either resulting from a hack of a business' systems or an employee falling victim to a social engineering attack.
  • Telephone hacking: cover for the costs of unauthorised telephone calls made by an external hacker following a breach of your computer network, including traditional fixed-line telephony systems and online systems (VoIP, Skype, etc).
  • Dependent business interruption: cover for loss of income or additional costs incurred if a hacker targets the systems of one of your technology or outsourced service providers – i.e. a cloud provider or outsourced payroll company.
  • System failure: cover for loss of income or increased costs incurred if an employee or supplier's error causes an outage of your IT system.

 

What to know more?

Find more information from our knowledgeable professionals in these downloadable documents

Clear Downloadable Blue
Clear Downloadable Blue

Why Clear?

Industry-recognised for being people-first, our team of specialists supports start-ups, SMEs, corporates, multinationals and individuals.

Trade specialists

Trade specialists

We offer broad and bespoke sector specialist insurance solutions for peace of mind.

Chartered status

Chartered status

In recognition of our commitment to maintaining the highest standards of knowledge, ethical practice and guidance.

Exceptional service

Exceptional service

We're dedicated to providing exceptional customer service to respond proactively to the needs of our clients.

The bigger picture

Stay informed about insurance news and its impact on you and your business