Our Technology team delivers an insurance solution for companies that operate within the Technology industry, offering enhanced policy coverage, risk management advice and value add-on services.
The technology industry is growing rapidly with exposures constantly evolving but at Sompo we aim to understand your requirements and help you manage your risk so we can protect your business now and in the future. Whether you are a new start up with an innovative idea or a global company that requires a multinational programme, our market leading underwriting expertise will offer flexible insurance solutions that are customised for you.
We seek to bring our ease of expertise to provide comfort that you are always in safe hands.
Hear from Toby Harris, Head of Technology, Middle Market, UK about our Technology product.
Watch the video below to find out what to expect when a client makes a cyber or technology claim.
Target Clients
The product is aimed at providers of technology which covers three broad areas:
- Those companies that provide a service:
- Software
- IT consultants
- Computer programmers
- Digital transformation services
- Managed service provider’s
- CRM’s (Client Relationship Management)
- ERP (Enterprise Resource Planning)
- Data centres
- Cloud or hosting services
- Digital copying services
- Games developers
- Those Companies that provide an electronic product:
- Computer peripherals
- Electronic components
- CCTV
- Audio visual equipment
- Communications equipment
- Lighting
- Building management systems
- Scientific instrumentation
- Computer chips
- Broadcasting equipment
- Control systems
- Robotics
- Electronic office equipment
- Telecommunication companies:
- Telephone resellers
- VOIP
- Network services
- Broadband providers
- Internet service providers
Coverage Features
Our technology package covers the following as standard:
Professional Indemnity:
- Civil liability wording including breach of contract
- Provides cover for both products and services
- Includes carve back for bodily injury and property damage arising from provision of a service
- Infringement of intellectual property rights
- Media liability
- Worldwide jurisdiction as standard
First Party Cyber:
- Breach costs as a result of a privacy or network security event
- Business interruption arising from a system failure of your own IT system or that of an IT provider
- Digital asset loss
- Cyber extortion threat
- Cyber crime where loss caused by system fraud or social engineering
Third Party Cyber:
- Privacy and network security
- Advertising liability from your own website or social media
Property:
- Material damage
- Business interruption
- Machinery & computer breakdown
Casualty:
- Public liability
- Products liability
- Pollution liability
- Employers’ liability
We also provide excess professional indemnity or cyber over a competitors technology wording.
Maximum Capacity
- Property £200m
- Casualty £10m
- Professional indemnity £10m
- Cyber £5m