Running a technology company involves balancing client demands with the restraints of time and resources. That's where specialist technology insurance comes in.
GMG Technology Insurance is designed for UK technology companies of different sizes and stages, including SaaS providers, software developers, managed service providers, AI companies, fintech businesses, IT consultancies and digital agencies. Specialist cover addresses the costs associated with delays, mistakes, oversights and miscommunication, alongside traditional and emerging technology risks.
Complete a technology insurance application with EVA. Company details, activities, contracts, cyber controls and insurance requirements are passed to a specialist broker for review and pricing. This is a broker-led application, not an automatically priced policy.
Cover for financial loss, bodily injury or property damage arising from the technology products and services a business provides, addressing both tangible and intangible exposures. Technology businesses can face claims involving software, hardware or a combination of both. Professional indemnity, also known as errors and omissions cover, addresses liability arising from professional work.
Cover for legal liability arising from a breach of client contract is an essential protection where delivery, service levels and project outcomes are contractually agreed. Technology companies depend on client contracts, so delays, mistakes and disputed deliverables can have consequences beyond the cost of correcting the work. A specialist broker reviews the business activities and contractual exposures as part of the application.
Protection against allegations including copyright and trademark infringement, media liability and publication of defamatory material. Technology products and digital services can involve intellectual property belonging to several parties. The application gives the broker information about the business, its products and services, and the procedures used to manage these risks.
First- and third-party cover includes network and privacy liability, business interruption, rectification and recreation costs, extortion and enhanced social engineering cover. Cover can also address system damage and hardware replacement costs. The precise protection, exclusions and limits depend on the policy terms and the cover arranged by the broker.
Threat intelligence, vulnerability scanning and claims data work together to help protect policyholders. Dark web monitoring searches for information relating to the business, helping identify exposed credentials and emerging threats. Phishing simulations send realistic mock phishing emails to help teams recognise criminal tactics. Deep scanning examines the external network footprint for vulnerabilities that could lead to cyber events.
If an incident occurs, specialist cyber response support helps manage the event. A dedicated CFC Underwriting Limited claims adjuster manages claims from triage through to settlement, drawing on legal, forensic and incident-response specialists as needed. GMG supports the policyholder as broker throughout.
Policy benefits include access to LawDepot tools for creating tailored legal documents, contracts and forms. A contract best-practices guidebook provides guidance to help technology companies navigate negotiations and common legal considerations. Available benefits remain subject to the policy selected and its terms.
Insurance requirements vary with business activities, territories, revenue, client contracts and existing cover. EVA walks through the application and sends the completed answers to the broker. GMG works with insurance markets including Markel, Tokio Marine HCC, CFC Underwriting Limited, Hiscox and syndicates at Lloyd's.
Get a Smart Quote or contact GMG to discuss technology insurance. Read the start-up insurance guide for further information.
GMG Insurance Brokers is a trading name of Grow Money Group Limited, an Appointed Representative of Movo Partnership Ltd, authorised and regulated by the Financial Conduct Authority (FRN 823503).