Tuesday 03 October 2023 - Thought Leadership

Understanding the fundamentals of Professional Indemnity for technology industry clients

By James Stretton and Matthew Clayton

When the worlds of insurance and technology come together, cybercrime and artificial intelligence (AI) are usually the subjects sitting at the top of the agenda, but the key risks facing professionals in the technology sector go far beyond these two risks. 

In our latest webinar, James Stretton and Matthew Clayton, Senior Underwriters from our Professional Risks team, delve into the fundamentals of Professional Indemnity for technology industry clients.

You can watch the webinar below, or continue reading for a short synopsis of what was covered. 

PI Tech 2

Using insight from 200 professional indemnity (PI) claims handled by TMHCC since 2017, our panel take brokers through the most common type of claims, those most likely to result in damages being paid and the key steps technology professionals should take to keep their business and its assets safe.

During the webinar, James and Matt reveal that broker technology clients are most likely to experience a breach of contract claim than anything else and that the majority of those are related to the rather innocuous activity of website development. While cyber related claims are increasing in severity and frequency, brokers are advised to not lose focus on the issues that are most likely to trip their clients up. These include breach of contract, negligence and intellectual property disputes, arising from the services and solutions delivered.

As the two explain, no two technology firms look or operate in the same way and as such, a more bespoke approach to securing each firm’s PI risks is required to get the best results from any insurance programme.

Using real claims examples, brokers are taken through the seven key risk management steps that every technology client should undertake to ensure that if the worst happen, they are in the best possible shape to successfully fight any third party claims. 

Due to the pace of change in technology, the associated PI market can be one of the most complex to navigate and as the technology develops, so too do the risks. Any broker hoping to operate successfully in this space, needs to gain a clear understanding of where the risks lie, how they can impact a client and how best to protect against them.
To find out more about our PI offering click here.

Disclaimer

The information contained in these articles and documents are believed to be accurate at the time of the date of issue, but no representation or warranty is given (express or implied) as to their accuracy, completeness or correctness. TMHCC accepts no liability whatsoever for any direct, indirect or consequential loss or damage arising in any way from any use of or reliance placed on this material for any purpose. The contents of these articles/documents are the copyright of Tokio Marine HCC. Nothing in these articles/documents constitutes advice, nor creates a contractual relationship.

Understanding the fundamentals of PI for technology industry clients

Matt Clayton
Matthew Clayton

Senior Underwriter

James Stretton
James Stretton

Senior Underwriter - Professional Risks