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Hiscox boosts tech insurance offering

Hiscox boosts tech insurance offering | Insurance Business

Hiscox boosts tech insurance offering

Hiscox has added new extensions to its technology insurance proposition.

UK-based companies with a turnover of less than £2 million can now get coverage for unlimited business interruption, with the refreshed technology insurance product offering to shoulder loss of income and loss of gross profit as well as increased cost of working.

Another new extension of the enhanced policy is for intellectual property infringement for both non-US and Canada. The specialist global insurer said it will now pay claims arising from infringement of patent or misappropriation of a trade secret.

In addition, pre-claims assistance has been made available. This inclusion will cover fees, costs, and expenses related to investigating or monitoring a potential claim.

“The UK technology sector is thriving,” noted Tom Dixon, head of technology at Hiscox UK. “Growth here outpaces the rest of the economy by some way, but with sizable opportunity comes increased risk.

“Technology businesses are unique; they evolve and scale quickly and face risks that other businesses are shielded from, so it’s important that their insurance reflects this. We’ve been providing technology insurance for 25 years and insure over 75,000 businesses in the UK, so we understand the challenges these businesses face.”

The technology insurance provided by Hiscox includes professional indemnity cover for the emerging risks that threaten the likes of software and app developers and SaaS (software-as-a-service) firms.