Marshal Insurance, the corporate insurance brand operating since 1985, is now offering technology companies a way to apply for three of their main business insurance covers at once. One application goes in. One quote comes back, covering professional indemnity, cyber insurance and general liability.
What a technology company actually needs to insure
The typical technology company owns very little that an insurer of 40 years ago would recognise. There is no factory and no fleet of vans, and the stock room is a laptop. What it has is code, client data and a reputation. Even so, it tends to collect insurance policies the way an office collects phone chargers, one at a time and from different places, and none of them quite fits the others.
That is because trouble can come from three sides. A client can say the software failed and cost them money. This is a matter for professional indemnity insurance, which the sector also calls technology errors and omissions. Criminals can lock the company’s systems or walk off with its data, and cyber insurance exists for that. And somebody can still trip over a cable in the office, which is general liability, the oldest of the three covers and easily the dullest.
The gap between cyber insurance and professional indemnity
Bought separately, these covers mean three forms, three quotes and often three insurers. The paperwork is a nuisance. The bigger worry is that real incidents do not stay in one category. A ransomware attack on a software provider is a cyber loss on Monday. By Wednesday, when the provider’s own customers still cannot log in, it can be a professional indemnity claim as well. Two insurers then have to agree on who pays for what, and that conversation rarely happens at a convenient time.
One application, one insurance quote
The single application asks about the company once: what it sells, who its largest clients are, how its contracts limit liability, how it backs up data, whether staff log in with multi-factor authentication. Underwriters then assess the three covers together and return one insurance quote. The price still depends on the answers, and every application is assessed individually.
“In a lot of tech companies, the person filling in the insurance form is the same person running the business,” said Antonis Theofanous, Director. “Three forms down to one, and one figure to look at at the end. That is time they get back for the actual work.”
Insurance for software, SaaS and IT companies
The option is open to software developers, SaaS providers, IT consultancies and hosting companies. For a start-up, the trigger is often a first large contract with an insurance clause in it. For an established firm, it is the yearly renewal of policies that were never designed to sit together.
Technology companies have spent two decades removing forms from other people’s lives. It seems fair that someone has removed a couple from theirs.
About Marshal Insurance
Marshal Insurance has been arranging insurance since 1985 and serves more than 10,000 clients in 45 countries. It works with companies and international groups whose risks cross borders, across corporate liability, employee benefits, commercial specialty and sector cover. Its website is available in English, Russian and German.
To learn more about the available insurance solutions, visit: Marshal Insurance. Explore our coverage options, including Technology Errors and Omissions Insurance, Cyber Insurance and General Public Liability Insurance.
For more information or to request a quotation, please contact our team.