top of page
Night Shift at Office

Insurance for Technology
Solution Providers

Technology solution providers are indispensable partners that drive efficiency, innovation, and competitive advantage. They bring the latest technological advancements to businesses, keeping them at the cutting edge of their industries. Whether it's cloud computing, artificial intelligence, machine learning, or the Internet of Things, these providers offer custom solutions tailored to each business's unique needs and challenges. This fosters a culture of innovation and opens up new business models and opportunities for growth.

 

As technology is applied in companies' core business, however, technology solution providers may be held accountable for damages caused by the tech solution they provide. In areas like construction, it is very common for companies to be concerned about accidents causing bodily injury or property damage to customers. Damages caused by technology services are now becoming more noticeable, not only due to the disruption impact of cyber incidents and the financial consequences but also with the likelihood that a malfunction of tech solutions may cause physical damage. Insurance is evolving with policies like Technology Errors & Omissions to protect Solution Providers. Sometimes, it is also bundled with other insurance classes to give you peace of mind in providing the most innovative solutions with risk transfer instrument in case something goes wrong. 

We partner with innovative insurance carriers to offer Tech E&O combined with Cyber insurance as well as Cloud downtime insurance to also protect you against losses due to the unavailability of cloud providers (AWS, Azure, and Google). Some of these insurers also offer product and service liability combined, protecting you against any mistake related to your consulting and installation services as well as the hardware products being provided. 

 

Breach of Contract may also include a legal liability policy without ambiguity. IP and copyright Infringement may also be included in some cases

Protection for 
Solution Providers
Beyond Cyber Insurance

  • Technology Errors & Omissions covering both aspects of the Services and Products being provided 

  • Cloud downtime Insurance if you rely on Cloud service providers (e.g. SaaS) 

  • Complete Product and Operations to protect you in case there is a malfunction in the solution sold.

  • Cyber Insurance, including business interruption, incident response and data breach expenses

  • Directors & Officers (D&O) to protect the executives of the organization  

  • Traditional commercial insurance including commercial propriety, general liability, workers compensation, commercial auto and umbrella

Schedule a free Zoom Meeting consultation to discuss your specific protection needs and insurance requirements. Coverage is subject to underwriting and the terms, conditions and limits of the policy issue, and may vary from Insurer to Insurer. 

Typical Technology Solution Providers

  • Cyber Security System Integrators

  • Managed Service Providers

  • IT Consultants

  • Internet and Telecommunication Services

  • Industry Solution Providers (Digital Health, Fintech, Ed-Tech) 

  • Telematics Software and Systems

  • Internet of Things Solution Providers

  • Software Providers (ERP and Business Solutions)

  • Software Developers 

  • SaaS Solution Providers

Emerging Technologies

While Artificial Intelligence (AI) and Machine Learning may be covered as part of your solution, with some insurers being more affirmative in how the policy will respond to liabilities arising from the harm created by a potential malfunction of LLM and Generative AI, some business classes having Autonomous AI technology, for example, may have limited insurers with the appetite to cover. Similarly, coding blockchain and or providing an enterprise blockchain solution may be insurable, while having cryptocurrency as a core business may be insurable by limited insurers

bottom of page