SOUTHERN TECH 100
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Specialist tech businesses deserve specialist tech insurance
Hiscox has been working with businesses in the technology sector for more than 20 years; providing a wide range of insurance products for more than 40,000 tech companies including IT consultancies, software developers and managed services providers, writes Alex Wheal, commercial client manager of Hiscox
Hiscox’s expertise in this sector is one reason why it is supporting the Southern Tech 100 initiative in both celebrating and promoting tech businesses across the Southern and Thames Valley area, as well as helping to ensure that tech firms get the insurance cover that best suits their needs.
Understanding the tech sector
Hiscox has put together a comprehensive insurance package for tech companies. The Hiscox Technology Portfolio helps clients reduce any potential gaps in their cover and only buy what they need by choosing options from professional indemnity, property, public and product liability, employers’ liability, business interruption as well as cyber and data insurance.
Tech businesses face a growing breach of contract risk
A particular area of exposure for companies within the tech sector is breach of contract. Of the professional indemnity claims Hiscox dealt with in 2015, more than two-thirds (67%) were for breach of contract – up from 53% in 2011*. It’s one reason why tech businesses need to ensure that they have comprehensive insurance cover and that their insurer knows the sector well. When it comes to taking out a policy, has
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the insurer asked the right questions? Do they fully understand your business? Has your insurance cover changed as your business has grown? Professional indemnity insurance is not an off-the- shelf purchase and must be tailored to the risks individual tech businesses face.
A new insurance proposition for tech companies
Firms have the option to buy their cover through an insurance broker or direct from Hiscox. For larger tech businesses with more complex needs, Hiscox Commercial Client will meet them in person and work together with them to design a policy that complements their individual business activities. It’s a personal service as well as being flexible and bespoke to each client.
Hiscox Commercial Client endeavours to make the management of insurance as straightforward as possible and explain to clients how their policy has been underwritten. This transparent approach
to insurance puts clients in a stronger position to question underwriting rationale but also budget for future premium and coverage changes as their business develops and grows. The focus is on building trusted relationships and helping its clients make informed decisions.
* Hiscox claims figures 2015
For more information on Hiscox insurance for the technology sector speak to your insurance broker or Alex Wheal in the Hiscox Commercial Client team on
020 3321 5571
alex.wheal@hiscox.com
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – FEBRUARY 2017
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