Technology firms can have very specific and different risk exposures that standard “off the shelf” business insurance policies do not generally meet.
The Technology Industry employs circa 105,000 people in Ireland and at it is by far our largest export sector; but in general the insurance industry has been slow in many cases to provide the sector with specialist technology products that stay abreast of the pace of change, and offer specialist support when needed.
We at Jade Insurance Management can provide access to bespoke products, which can include risk management and consultant services (including advice on contract wordings and validating disclaimers and limits to indemnification) for firms developing and dealing with software, web based delivery and network equipment systems.
Often the largest claims can arise not through the fault of the technology services provided, but through a combination of lack of customer attention, or failure to devote resources to a project (eg a straight forward e-commerce site is not delivered by a specific date, and client suffers a financial loss). Another area is when over-ambitious claims are made or alleged to have been during the sales and tendering process.
Additionally, for example, claims can arise through the outsourcing or sub-contracting of part of a project, and firms can become liable for the work of their sub-contractors. Or copyright and intellectual property disputes can arise from such arrangements. This is when a firm requires access to quality legal advice from specialists in the field in different countries and jurisdictions.
We can arrange insurance cover for your legal liabilities to customers and others arising from negligent acts and omissions. Also third party cyber liabilities and damage to their systems and your own systems; and include cover for legal and other costs arising from data security breaches and breach of intellectual property rights. We can add extensions to cover overseas and web based trading into overseas jurisdictions, including North America which has a very different culture of litigation and damage awards.
Should you wish to discuss your own particular needs or indeed for us to provide you with insurance quotations, please do not hesitate to contact us on 01-284-9246.
Or email Des Gowan: des@jadeinsurance.ie
