Hiscox PRO®

Technology Risk Solutions

Technology

What is Hiscox PRO®? 

For more than two decades, Hiscox has been a pioneer in the technology insurance industry-empowering all businesses, from start-ups to Fortune 500 firms, to challenge convention and push the limits of innovation. From breach of contract to intellectual property infringement and cyber liability, we provide the essential protection that businesses need to stay one step ahead.

Appetite

Our Technology product is broad in coverage with a clear and simple to understand insuring agreement covering a wide spectrum of risk. 

  • Primary appetite up to $100M revenue
  • Target industries include U.S. based technology software and service companies

Download Appetite Guide

Related products

Package Technology with the following products: Allied Healthcare, Architects and Engineers, Miscellaneous Professional Liability, Cyber, and Crime. 

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Claims scenarios 

Not sure what risks our product covers? We’ve brought some scenarios to life.

Software developer

Our insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software that resulted in the misuse of credit card information. The immediate payment card related responsibilities resided with each retail establishment, as it was their customers’ credit card data that was compromised. However, it was the insured’s software that led to the data breach and, accordingly, the insured was liable under its contracts with its clients.

Software developer

Our insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software that resulted in the misuse of credit card information. The immediate payment card related responsibilities resided with each retail establishment, as it was their customers’ credit card data that was compromised. However, it was the insured’s software that led to the data breach and, accordingly, the insured was liable under its contracts with its clients.

Start-up IT company

Our insured was a small start-up, established by two individuals shortly after they left their previous employer. Their new business was in the same market as their former employer. Sometime later, their former employer sued our insured alleging copyright infringement and breach of confidentiality. 

Start-up IT company

Our insured was a small start-up, established by two individuals shortly after they left their previous employer. Their new business was in the same market as their former employer. Sometime later, their former employer sued our insured alleging copyright infringement and breach of confidentiality. 

Breach of contract

The insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software and credit card information was stolen. The insured was liable under its contracts with its clients. The total potential exposure amassed to $150K. Due to Hiscox’s broad coverage, the forensic costs and other contractual claims were covered.

Breach of contract

The insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software and credit card information was stolen. The insured was liable under its contracts with its clients. The total potential exposure amassed to $150K. Due to Hiscox’s broad coverage, the forensic costs and other contractual claims were covered.

Broad intellectual property and defense

The insured set up a business in a small market. A much larger competitor brought suit against the insured on the basis of copyright infringement, trademark infringement, and breach of confidentiality in order to put them out of business. The $630K it would have cost to defend the claim could have put the insured out of business, but their policy covered them and they’re still successfully in business today.

Broad intellectual property and defense

The insured set up a business in a small market. A much larger competitor brought suit against the insured on the basis of copyright infringement, trademark infringement, and breach of confidentiality in order to put them out of business. The $630K it would have cost to defend the claim could have put the insured out of business, but their policy covered them and they’re still successfully in business today.

Outstanding fees coverage

The insured was contracted by a client to design and supply technology to help integrate a modern computer system. The technology worked in the test environment, but not when the client supplied it to the end-user. The insured received the liability brought by the end-user as a result of their failure to meet contractual obligations. Hiscox supported the insured and recovered a majority of its outstanding fees without litigation.

Outstanding fees coverage

The insured was contracted by a client to design and supply technology to help integrate a modern computer system. The technology worked in the test environment, but not when the client supplied it to the end-user. The insured received the liability brought by the end-user as a result of their failure to meet contractual obligations. Hiscox supported the insured and recovered a majority of its outstanding fees without litigation.

Risk management

We partner with leading risk management services to ensure our clients have support and guidance, in addition to exceptional coverage.

Paladin Shield

Paladin Shield is a powerful cybersecurity platform that is entirely free for Hiscox insureds. Paladin Shield provides software protections, live consultative services, and security training content including phishing simulations, all under one log-in. Hiscox insureds that have engaged with Paladin (e.g., complete trainings, add employees to the platform, etc.) have filed cyber claims at less than half the rate of non-Paladin engaged insureds. The trainings on Paladin Shield can be found in the Cyber University section of your customized Paladin Shield portal, which you can access at this link.

Don’t have a Paladin account? Sign up.

For more information contact:

Email: [email protected]

Phone: (800) 418-8593

Live chat: www.meetpaladin.com

eRisk Hub®

eRisk Hub®, powered by NetDiligence®, provides tools and resources to help our policyholders understand the exposures, establish a response plan, and minimize the effects of a data breach on an organization.

Learn more about eRisk Hub.

Risk Management Assistance

Free initial confidential consultation from a referred, national recognized law firm. Up to one-hour of legal services to assist in better understanding and minimizing risks that commonly lead to the types of claims covered under a Hiscox privacy policy.

Key contact

Doug Karpp
SVP, Head of Specialty Risks
(213) 412-1223
pi_17580_email
[email protected]