Technology Professional Indemnity (PI) safeguards professionals and companies within the technology industry. It provides protection against claims of errors, omissions, or negligence relating to the products or services they provide.

This insurance covers legal defence costs and settlements or judgements in cases where a client alleges that a technology service or product failed to meet expectations, caused damage to a property or business, or led to financial losses.

It also covers technology-related risks such as software defects, hardware failures, network outages, data breaches, and intellectual property infringement.

What types of businesses need Technology PI insurance?

Technology professional indemnity (PI) insurance is crucial for businesses involved in offering technology-related products or services. This includes developers, IT consultants, website designers, cloud computing providers, data processing companies, telecom firms, e-commerce platforms, social media companies, and those working in AI, cybersecurity, and data protection.

Any company operating within the technology industry should strongly consider obtaining some form of technology company insurance, such as technology professional indemnity cover.

Examples of claims

Insurance claims can arise for various reasons within the tech industry. Examples include data breaches, intellectual property infringement, software bugs and errors, system outages, and breaches of contract.

Other insurance policies to consider

Alongside technology professional indemnity cover, you should also consider the following insurance solutions for your technology business: