Technology
From startups to established tech firms, we know the technology industry faces evolving risks. Data breaches, intellectual property disputes, and equipment breakdowns can disrupt operations. We focus on advising and assisting with solutions for cyber liability, business interruption, and professional indemnity to keep your innovation-driven business secure.
Products
- Cyber
- Technology Liability
- Management Liability
- Equipment Breakdown
- Crime
- Product Liability
- Business Interruption
- Property
- Workers compensation
- Motor
- Public Liability
- Corporate Travel
- Marine
Some significant exposures for technology businesses:
- Crime – fraud-based claims and employee dishonesty
- Crime – theft of laptop/computers, mobile phones and other small electronic devices
- Cyber – external hacking to gain access to sensitive/confidential client information
- Equipment – breakdown of business-critical equipment
- Management risks – breaches of WHS legislation, discrimination , privacy breaches and other employment practices liabilities
- Marine – office relocations, incoming spare arts and replacement computers/computer stock
- Product liability – customising or alteration of computers, repair and maintenance work
- Product liability – software development, sale of software
- Professional risks – errors and omissions, intellectual property risks, poor staff supervision
- Professional risks – possible introduction of viruses, trojans or other malware
- Property damage – fire risk in staff kitchens
- Property damage – large amounts of sophisticated and high value computer equipment which are sources of ignition
- Property damage – poorly maintained building, plant and machinery/electrical switchboards
- Public liability – damaging customer property when working “on site” especially when doing hardware repairs and maintenance work involving electrical work
- Public liability – slips, trips, and falls can lead to customer injuries
- Workers compensation – repetitive strain injuries, eye strain due to poor ergonomics in office environments
- Workers compensation – stress related claims
Product Spotlight – Technology Liability
Technology Liability Insurance protects businesses against financial losses arising from errors, failures, or negligence in the delivery of technology products or services. It covers claims related to data breaches, software errors, or system failures, as well as public and products liability and cyber risks. This insurance is essential for technology providers, offering comprehensive protection in a highly competitive and risk-prone industry.
Common sources of claims include:
- Incorrect recommendations for the selections of systems, software or hardware
- Breach of confidentiality, invasion of privacy and identity theft
- Inadequate system testing, quality control, errors in judgement in design or failing to identify and resolve issues
- Transmission of virus, worm, spy-ware, trojan or similar destruction or damaging application which is inadvertently spread to customer systems or hardware
- Software developed by the insured not complying with agreed functionality
- Destruction of loss of integrity of data
- Financial loss arising from e-commerce transactions
- Failing to adequately evaluate an organisation’s computing environment for effective operational procedures, systems software/hardware, systems development and security procedures
- Not meeting time, cost and performance warranties in contracts
- Failing to carry out a backup of the information on the system, resulting is a loss of customer data
Claims Examples
Business Details – Information Technology Company
Background – An information technology company was retained by a client to streamline its business operations within a single software system. Following multiple years of development, the system went live across the client’s stores. It was later alleged the software lacked the required functionality and contained critical defects, such as a failure to properly track incoming and outgoing inventory and issue corresponding invoices.
Outcome – The client sought damages in excess of $5m. The insured’s technology liability policy covered the settlement costs of $2m with defence costs totalling $200k.
Total Payment – $2,200,000
Business Details – Computer Consultants
Background – The computer consulting company was contracted to develop a document management system for a corporate client. Over time, the project faced several issues, leading to a breakdown in the relationship between the consultant and the client. The client alleged that the consultant failed to complete the project as per the agreed specifications and engaged in misleading conduct about its capabilities to fulfill the client’s requirements.Outcome: The matter was resolved in mediation, with the insured’s technology liability policy covering the settleme