Services

'More than one half of UK businesses (52%) have suffered malicious or premeditated e-security breach.' *

Risks can be high, as can the demands of customers - the right protection is therefore vital. The ICT sector is constantly evolving. It is essential that businesses in this market have suitable insurance cover.

Many policies do not provide the right cover for the risks facing technology companies.  Revenue streams can be impacted in many ways - from equipment failure to cyber theft to accusations of wrongful advice.

Insurance is about the transfer of risk.  Your business risks include many that if they remained uninsured, could seriously threaten the profitability of your business both long and short term.  Our experience in your sector gives us the insight as to what insurance is right for you as well as affordable. 

Bridge provide risk management, insurance programme design and placing services to a wide variety of businesses in the technology sector.  These include international software businesses, hardware importers, wholesalers and retailers, bespoke software developers and IT advisors.

We offer competitive package covers for the usual asset and liability protection but we also offer specialist covers and advice to include such areas as:

• Employment Tribunal Costs and awards - IT people are often highly skilled and highly paid.  If disputes occur within the team the costs to the business can be very high. We can arrange appropriate insurance coverage and provide access to expert HR advice.

• Errors and Omissions/Professional Advice Risk - getting it wrong or being accused of getting it wrong can be costly.  It is important that your insurance protection is suitably drafted so as to provide you with adequate protection whether the fault lies with your advice, the system or the product.  Many non-specialist insurance products may not cover these risks adequately.

• Cyber Risk - a new area for insurers, there are exposures that are either excluded or inadequately addressed by traditional policies. 

• Data Loss - many policies do not consider loss of data as a physical loss in the traditional sense and many risks of hacking or virus attack are excluded.  Bridge can access a number of insurer products that can offer you much wider protection in these areas.

• Bad Debt Protection and Credit Management- please see the Credit section of this website.

• International transit and theft risk - chips and high grade servers vary in value but the risks remain high.  Bridge has experience of arranging marine and transit cover for worldwide shipments of a wide range of technology equipment including mobile phones, laptops, chips and servers.

• Risk Management - insurance and risk are two sides of the same coin.  Insurance is after all just transferring risk from your balance sheet to that of insurers.  Risk Management is about reducing those risks and when a loss occurs; managing the costs down.  We have a dedicated risk management team able to support your business with a wide range of services including IOSH accredited training, computer disaster contingency planning, accident investigation and claims defensibility training.

  Our specialist technology sector insurers are often prepared to offer risk funding to help meet the cost of risk management and health & safety advice; helping you reduce risk and your insurers to reduce premiums.

*  Source: Office for National Statistics, data for 2005

For more specific advice on how we can assist please contact Peter Warburton in our Technology team:

Peter Warburton FCII, Chartered Insurance Broker, Director peter.warburton@bridgeinsurance.co.uk