Insurance for technology businesses
Software companies, IT consultancies, managed service providers and SaaS businesses carry exposures that a standard professional indemnity policy was never drafted for. The cover has to follow the code, the contracts and the data.
Your work, your systems and your board
IT Liability
Professional indemnity and public liability in one policy written for technology work: failed deliverables, project overruns, breach of contract and the property damage claims that come with on-site work.
IT Liability coverCyber Insurance
Your own systems and your clients' data. Incident response, ransomware, business interruption and the liability that follows a breach of the information you hold.
Cyber coverManagement Liability
Directors' and officers' cover, employment practices and statutory liability for growing companies with investors, boards and staff.
Management Liability coverThe master services agreement decides what the policy has to do
Technology claims usually start with a contract clause rather than a bug.
Contractual liability
Enterprise clients push liability caps, indemnities and uptime commitments into master services agreements. Where you agree to more than the law would impose, the policy may not follow.
Your clients' breach
If your platform is the way into a client's systems, their loss becomes your claim. Third party cyber liability and IT professional indemnity need to work together.
Overseas clients
Selling into the United States or the United Kingdom brings their courts and their jurisdiction clauses. The policy territory and jurisdiction have to say so.
A misconfiguration that left client records readable
An illustrative example of how Ardent can make the difference in a time of need.
A storage bucket was left open and client data was accessible for a period before anyone found it. The client's own customers had to be told.
We notified the cyber insurer immediately and the incident response panel scoped the exposure. We also confirmed the technology liability section answered the client's contractual claim.
Notification costs, the forensic work and the client's claim were all met under one program. The contract with the affected client was renewed.
Responds under IT Liability
This is an illustrative example. Every claim is assessed by the insurer on its own facts and under the terms of the policy.
What insurers expect to see
IT liability is rated on the services you declare and the contracts you sign. We go through both with you each year so a new product line or a new market does not sit outside the policy.
- Activities declared to the insurer cover everything you build, host, resell and support
- Jurisdiction and territory extended to every country you sell into
- Contractual liability wording read against your master services agreement
- Subcontracted developers insured in their own right or covered under your policy
- Cyber limits set to the client data you hold and the uptime you commit to
- Revenue split by service line declared at the current level
Our Technology experts
QPIB · Dip. Fin. Serv. (Ins Broking) · Dip. Integrated Risk Management · ANZIIF (Snr Assoc) CIP
Risk management and program design
Stephen co-founded Ardent and has 17 years in insurance, with clients from sole traders to multinational corporates. He works through the risks a business faces and helps decide what to avoid, reduce, retain or insure, balancing cover against cost. He has served on the committee of NIBA's NSW Mentoring Program.
Mid-market businesses and jewellers
Sophie has almost 10 years in insurance broking and is studying for her diploma in insurance broking. She looks after mid-market clients across a range of industries, with a long-standing focus on jewellers. She gets to know each business, its risk profile and its appetite for risk before advising, and keeps in touch through the year.
Cyber, property, motor fleet and technology
Kye has two and a half years in insurance broking, after working in retail management, and is studying for his diploma in insurance broking. He looks after a general book of clients, with a focus on cyber, property, motor fleet and technology. Clients find him thorough, efficient and understanding.
What a client says about Ardent
Sophie and the team at Ardent Insurance are a pleasure to deal with, everything was easy and uncomplex with excellent service and communication. Would thoroughly recommend, Thank You again!