IT and technology businesses that Hiscox cover
IT consultants
Providing professional advice is a key part of any IT consultancy business. But words can be misinterpreted. For example, a client could misunderstand instructions you’ve provided for the set-up of new systems and choose to claim for losses from the resulting delays.
Web developers
In website development, technical equipment is everything. If your computers are stolen in an office break-in, then you might be unable to continue working on an application prototype. Business insurance can help to cover office equipment and professional risks.
Web designers
Visiting clients to present your latest creative can be part and parcel of working as a web designer, but encountering people from outside your business can bring risk. Insurance can be tailored to help if you accidentally damage a client’s equipment, for example.
Contractors
Whether you work on one long-term contract or regular shorter jobs, as an independent contractor risk can present differently. Insuring yourself against events such as accidental injury can bring financial reassurance if you’re unable to carry out your usual site work.
App developers
Developing apps for clients you're used to working to the highest standards and tight deadlines. But occasionally you could drop the ball. That's where business insurance comes in. Professional indemnity cover, for example, can help you to deal with claims of negligence.
Software developers
In the world of software development, things don't always go to plan. Bugs and glitches can lead to client complaints, while missed deadlines might also cause headaches. Insurance could safeguard you against legal claims from clients.
Key types of insurance for IT and technology businesses
The combination of covers you choose depends on your profession, so not every insurance type is available to all IT and technology businesses. Generate a quote or speak to the experts for more information.
Professional indemnity insurance
Running an IT or technology business often involves providing services, creating software and apps, and giving advice – professional indemnity insurance can protect you against the financial impact of legal action if someone complains about this work. Indemnity cover helps to defend and settle claims of negligence.
Cyber and data insurance
Cyber risks can be significant for technology firms, so specialist insurance can bring welcome back-up. It can help provide protection if you are faced with a GDPR non-compliance claim and can safeguard against accidental data breaches or cyber-attacks where a hacker targets confidential business information. As part of your business insurance, this cover can fund data recovery and reimburse you for loss of business following an attack.
Public liability insurance
Travelling to various sites and meeting with clients is commonplace for IT and technology professionals. Therefore, it’s good to know public liability insurance can help protect you financially if someone suffers an injury or experiences property damage while interacting with your business. Product liability insurance may also be relevant if you manufacture or supply technology products since faults can also cause injury or damage client hardware.
Office insurance
Renting an office space comes with specific risks, so it can help to have insurance cover. For an IT and technology firm, instances of fire or flood don’t only impact your office infrastructure – they can also have indirect consequences by causing equipment failure and lost productivity. Hiscox has a combination of office-focused covers to help, plus equipment breakdown insurance as an optional extra.
Employers’ liability insurance
Technology businesses sometimes scale quickly, so employers’ liability insurance can help you to stay on the right side of the law throughout this process. This cover is usually mandatory for employers (external link) – it can help to pay legal fees and meet compensation demands if a staff member suffers an injury while fixing a server, for instance. Likewise, if a former employee claims they developed an illness due to an inadequate workstation, this insurance can help with court costs and pay-outs.
Personal accident insurance
What would you do if you couldn’t work as a result of an accident? Personal accident insurance protects IT and technology professionals when the unforeseen happens. If you can’t work, it provides a weekly payment, and can also help to pay for support staff you may need to bring in during your absence.
If you’re not sure what you need, tell us a little more about your IT and technology business. We’ll help you to build your quote and explore any other insurance needs.
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