Information Technology Liability Insurance is a combined Professional Indemnity and General Liability Policy for technology organisations. An IT Liability policy exist to avoid gaps in coverage when these two policies are placed separately.
Understanding the specific nature of an organisation’s IT products and services is key to ensuring the IT Liability policy is placed with the correct insurer with a broad level of coverage.
Expertise
Information Technology Insurance
Combined Information Technology / Cyber / General Insurance
With technology companies facing significant cyber threats on a daily basis and a concerning cross over between professional indemnity and cyber claims, a number of Insurers have offered a complete technology insurance solution, which includes not only Professional Indemnity and General Liability insurance but extends to provide first and third party cyber coverage.
Coverage between insurers for these policies can vary greatly so working closely with an experienced broker who has strong relationships in this insurance market is critical to ensuring the right protection is provided. With many technology companies now expressing a desire to have comprehensive cyber insurance, AIT is a strong believer this insurance solution provides the desired outcomes required.
Coverage between insurers for these policies can vary greatly so working closely with an experienced broker who has strong relationships in this insurance market is critical to ensuring the right protection is provided. With many technology companies now expressing a desire to have comprehensive cyber insurance, AIT is a strong believer this insurance solution provides the desired outcomes required.
Fintech Insurance
Fintech organisations face a unique situation when it comes to insurance coverage. Not only do these organisations face the challenges of their technology exposures, but they also face complexities around their financial services exposures. A tailored fintech insurance solution provides the following coverages:
Professional Indemnity Insurance – which is not only designed to deal with the exposures from the Insured’s IT products and services, but also the financial services they provide to third parties via their technology platforms.
Directors & Officers Liability – which is designed to provide protection to the directors and officers of the organisations, including investigations against these individuals by regulators.
Crime Insurance – which is designed to provide coverage for first and third party crime exposures, including cybercrime exposures which result in a loss of funds.
General Liability Insurance – which is designed provide coverage for the organisations public and products liability exposures.
Some fintech wordings also provide elements of first and third party cyber coverage to ensure protection is provided for the cyber risks faced by these organisations.
Professional Indemnity Insurance – which is not only designed to deal with the exposures from the Insured’s IT products and services, but also the financial services they provide to third parties via their technology platforms.
Directors & Officers Liability – which is designed to provide protection to the directors and officers of the organisations, including investigations against these individuals by regulators.
Crime Insurance – which is designed to provide coverage for first and third party crime exposures, including cybercrime exposures which result in a loss of funds.
General Liability Insurance – which is designed provide coverage for the organisations public and products liability exposures.
Some fintech wordings also provide elements of first and third party cyber coverage to ensure protection is provided for the cyber risks faced by these organisations.
Management Liability Insurance
For SME technology organisations, management liability insurance is a vital part of any financial lines insurance program. Management Liability provides cover in relation to the management risk associated with running a business. The coverage provided under a management liability insurance policy includes, but is not limited to:
Directors & Officers Liability – which is designed to provide protection to the directors and officers of the organisations and in many cases, the organisation itself, including investigations bought by regulators.
Employment Practices Liability – which is designed to provide cover for the organisation from third party employment related claims, including unfair dismissal and harassment/bullying type issues.
Statutory Liability Insurance – which is designed to provide protection for the company in relation to investigations and potential fines and penalties (if insurable at law) bought by regulators.
Crime Insurance – which is designed to provide coverage for first and third party crime exposures, including cybercrime exposures which result in a loss of funds.
Directors & Officers Liability – which is designed to provide protection to the directors and officers of the organisations and in many cases, the organisation itself, including investigations bought by regulators.
Employment Practices Liability – which is designed to provide cover for the organisation from third party employment related claims, including unfair dismissal and harassment/bullying type issues.
Statutory Liability Insurance – which is designed to provide protection for the company in relation to investigations and potential fines and penalties (if insurable at law) bought by regulators.
Crime Insurance – which is designed to provide coverage for first and third party crime exposures, including cybercrime exposures which result in a loss of funds.
Stand Alone D&O / EPL / Statutory Liability & Crime Insurances
For those organisations who are too large for management liability insurance, these sorts of insurances need to be purchased on a stand alone basis through either the same, or a variety of different insurers.
Challenges arise when moving an organisation from management liability to stand alone products given there are coverage differences and hence, an experienced broker is required to ensure detailed reporting and explanations are provided. These insurances remain an important part of an organisation’s overall insurance and risk transfer program.
Challenges arise when moving an organisation from management liability to stand alone products given there are coverage differences and hence, an experienced broker is required to ensure detailed reporting and explanations are provided. These insurances remain an important part of an organisation’s overall insurance and risk transfer program.