While the tech sector is one of the most exciting and fastest-growing sectors in the UK, it’s also the most at risk. Software Companies face several unique risks, including intellectual property lawsuits, licensing issues and consumer data breaches, software failures, server downtime and cyber threats. Claims relating to software companies can also be extremely costly.
More than ever you need insurance to cover you against the wide range of risks you face. Importantly, it must be the right insurance. Unfortunately, that’s not as easy as it sounds. There are plenty of insurance companies willing to insure software companies. Very few understand the industry. And therefore, very few cover the key risks you need insuring.
Whinney Insurance is one of the few brokers with the necessary experience and expertise required to advise software companies and developers on their insurance requirements. With over a decade of working with software companies and developers, we understand the complexities of the industry. We also recognise that experience and continuity are incredibly important and work with you to understand the most critical risks to your business, from intellectual property, licensing, and publishing risks to confidentiality and consumer data.
As a privately owned broker with a small and dedicated multi-disciplined and experienced team of advisors, we pride ourselves on our exceptional service. Whether you’re getting a quote or making a claim, your insurance will always be handled personally by an expert member of our team.
The most important insurance that you need to get right as a software company, is professional indemnity. If you already have professional indemnity insurance, below we have highlighted a few areas you should check are covered. Remember if you are currently insured under a generic or miscellaneous professional indemnity insurance policy, the key exposures faced by you, as a software company may not be covered:
Here’s a list of some of the software related business activities that can be covered under the software company insurance that we arrange: