The technology sector is at the forefront of world progress. From electronics to artificial intelligence, technology companies develop innovative solutions that enrich the lives of people around the world.
Laws regulating the technology sector are highly complex, and there are a number of legal and financial risks technology companies must prepare for.
There are numerous threats and challenges specific to technology companies.
Cyber attacks, for example, pose an especially big risk. Whether disabling your company’s network or stealing its data, a cyber attack can cause significant financial and operational damage. Insurance can help cover the costs involved in recovering from a cyber attack, including IT forensics, restoring your system, and reputational damage control.
Another risk comes from the technology itself. By their nature, new technologies do not have the advantage of decades of testing and refining. This means they are more likely to have faults or instabilities that can negatively affect a consumer. Professional indemnity cover can protect your business from legal repercussions should a product fail to perform as intended.
Other risks include:
If you’re not sure where to start when insuring your technology company, we can help. Simply tell us what kind of cover you require, and we can advise you what you should do next to best protect your company and its assets.
Taking out the right insurance for your technology company is crucial. Not only will it give you peace of mind, but you and your company will be fully protected should an unexpected incident or crisis occur.
At Lansdowne Woodward, we have two decades of experience sourcing comprehensive insurance cover for businesses in specialist sectors.
Technology companies often require public liability limits of over £10 million. We have access to markets willing to provide this on a single care insurance policy. We can also assist you with access to legal documents, updates on legislation, and prompt legal advice.
Here are some of the many services we provide:
We thoroughly analyse the potential risks your company may face, including privacy breaches, intellectual property infringement, cyber attacks, delays and interruptions, and product faults. Our expertise in the technology sector lets us identify the exact cover your company needs.
We dive deep into your company’s R&D expenditure, profit, liability insurance, human resources, and key workers, and identify the most comprehensive and cost-effective package for its specific requirements.
The technology sector is ever-changing. We will use our expertise to support you through both global and national developments, as well as through important company milestones like mergers, acquisitions, and stock launches.
Technology companies require cover that regular business insurance does not provide. Because of this, the best way to ensure your company is fully covered is to go through an insurance broker.
A broker can highlight areas of cover you may not have considered, consult insurance providers on your behalf, find the most cost-effective options, and make the process as streamlined and non-intrusive as possible.
At Lansdowne Woodward, we’re dedicated to providing you with a personal, responsive service, no matter your requirements. We handle all claims in-house and make sure we fully understand your needs before sourcing the best insurance solution for you.
To get started, you can reach out to us by filling out our online form or calling us at 01202 874989.
'You can learn the hard way that not all insurance policies are created equal. Liam at Lansdowne-Woodward understands the risks our business faces and give me the confidence of knowing we are adequately protected. I can't imagine running Conker without having Liam at the other end of the phone’
Rupert Holloway, MD Conker Spirit
"Fantastic team! Over the years we have moved all of our commercial and personal insurance across to the Lansdowne Woodward. Great service and competitive on price. Highly recommended."
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