Business

Info tech

The info tech (ICT) sector is constantly evolving. With new products and developing risks set against a background of increased customer expectation & severe time pressures, businesses in this field need reliable insurance protection.

Information and communication technology companies need insurance that can keep up with the rapid pace of change in their business. For more than 20 years our team of specialists have helped ICT companies build portfolios of industry specific insurance solutions. From small start-ups to large multinationals, irrespective of location.

For ICT companies, an off-the-shelf insurance solution is not enough. Chubb cover can guard against ICT specific risks as well as protecting your property and people. These can be cyber risks, contract exposures and cover for your research and development.

For more information about ICT at Chubb please contact ukict@chubb.com

Info tech cover

Our innovative info tech cover may be called a ‘package’ but we do not believe in ‘one size fits all’. The beauty of our solution lies in its flexibility. You are able to tailor a bespoke solution specific to the needs of your company.

Our principal offering, Chubb Standard, has been designed specifically for info tech companies. Chubb Standard has broader cover than that offered by other insurers.

Our Chubb Superior and Premier solutions include highly bespoke provisions for ICT companies which are in addition to the Chubb Standard comprehensive cover.

You can procure this cover as a Standard, Superior or Premier package or you can pick and choose the level of cover that is right for you.

Property – Material damage and business interruption
  • Property damage
  • Business interruption
  • Impairment to computer services (ICS) – insider and outsider attacks
  • Money and PA assault
  • Installation coverage
  • Electronic data
  • Machinery breakdown
  • Computer breakdown

Chubb Superior and Premier also includes:

  • Research and development
  • Property in transit
  • Contractors all risk
  • Increased limits for insider ICS
  • Increased limits for computer breakdown
Liability - Employers’ liability, public & products liability
  • UK and/or EU jurisdiction
Chubb Superior and Premier also includes:
  • Worldwide excluding USA/Canada jurisdiction
  • Global provision
  • Offshore work including danger zones
Professional indemnity
  • Errors and omissions – The final acceptance criteria is limited to losses accruing after acceptance of your product/service
  • Intellectual property – Various perils excluding USA/Canada
  • Reputational injury
  • Virus transmission
Chubb Superior and Premier also includes:
  • Errors and omissions – The final acceptance criteria includes losses accruing prior to acceptance of your product/service
  • Information security – Includes indemnity following defective products/services
  • Errors and omissions – Includes the return of the amounts paid for your product/service
  • Intellectual property – Various perils including USA/Canada
Marine cargo - Included in Chubb Superior and Premier
Commercial employee fidelity Insurance - Included in Chubb Superior and Premier
Event cancellation - Included in Chubb Superior and Premier

For more information about info tech at Chubb please contact ukict@chubb.com

Innovator

Emerging info tech (ICT) companies face unique challenges. Once your brilliant concept becomes an actual product you need to start guarding against risks even before your product comes to market. Without correct insurance a potential business partner may not sign a contract. Insurance protection is also needed when leasing office space and hiring employees. Innovator steps in at this crucial stage to help your business get off the ground and give you peace of mind.

As your business grows, so does the cover from Chubb. Innovator is designed to be flexible in these initial stages of your operation. We have over 20 years experience in providing creative solutions for the technology industry. So we understand the environment you are in as well as the dangers you may face.

Innovator is a fully comprehensive policy and it comprises of the following key coverage features:

  • Property: Buildings, contents, tenants’ improvements, property in transit and more
  • Business interruption: In the event of disruption Innovator covers for increased cost of working or gross revenue
  • Products and public liability: This provides essential cover to help safeguard your assets in case of legal liabilities to third parties
  • Employers' liability: Covers your legal liability to employees for bodily injury
  • Errors and omissions liability: Covers the failure of your product or service to perform its function
  • Reputational injury: Covers you for libel, slander and product disparagement

For more information or to get in touch with an Innovator broker please contact ukinnovator@chubb.com

Risk to emerging ICT business

Chubb Insurance has over 20 years experience in the technology industry. We therefore understand the unique risks these companies face.

As a start up operation you may be unaware of some of the risks of doing business. Here are some hazards that technology companies may confront:

You have presented your prototype to your leading supplier, who loves it and wants to buy it. However, until you can give them proof of insurance that protects you and them from future loss, they won’t sign the contract.

Where can you get insurance?

Now you have the capital behind you to develop your idea further, you’ll need an extra pair of hands and a larger workspace. However, the lease of the new premises requires you to have proof of insurance should an employee, customer or other tenant have an accident on your property.

How long does it take to get a policy?

A torrential rainstorm has caused water damage in your premises, damaging your computer equipment and wiping out your data. Unfortunately, you can’t recreate the data in time for the upcoming trade show where you planned to unveil a demo of your product.

How could your business recover from this disaster?

Whilst at a tradeshow your prototype develops a hidden fault. After hours of constant use, it suddenly overheats and injures an interested party who was visiting your stand.

What would happen if that person sues you?

Your software is now in mass production and installed on thousands of machines the world over; you are reaping the rewards. After a year, however, the software malfunctions and affects other systems the owner has installed, causing huge financial loss.

How would you compensate your customers for this loss?

For more information or to get in touch with an Innovator broker please contact ukinnovator@chubb.com

Can we insure you?

The information and technology sector covers an enormous array of businesses. All with specific needs and diverse challenges. Here are some examples of ICT companies covered by Chubb.

Biometric and security software:

A company, based in Ireland, specialising in enterprise-wide identity assurance were looking for an insurer who had experience working with biometric companies and who could insure their global programme. They chose Chubb due to our experience putting together multinational programmes, and our ability to offer all their covers in one package plus, our capacity to cover government contracts.

Value added manufacturer/reseller of hardware and software:

Under their existing insurance programme this company had a number of gaps including no worldwide cover even though they had worldwide sales and no Errors & Omissions – they thought this was picked up under their general liability policy. We worked closely with the broker to put together a package insurance programme that ensured seamless cover and gave them peace of mind.

Telecommunications service provider:

We took the time to meet with this client to understand the various revenue streams of their business. With enhanced knowledge we were able to put together a bespoke programme of covers including multinational exposures. Our ability to offer loss control services that complimented the existing risk management work, at no additional charge really demonstrated our value added offering.

Developer and seller of analysis and visualisation software:

At a client meeting this company outlined that their offices in Germany were responsible for Research & Development (R&D) for the European operations and that these offices were insured by another company. It came to light that if a R&D loss had ensued at this location it would affect product development and overall business operations in Europe and it would not have been covered. We were able to provide the necessary R&D cover within the German policy and ensure all European operations were insured with Chubb to guarantee continuity of cover across all territories.