Technology

Hiscox PRO®

Technology

Hiscox PRO®

Technology

What is Technology coverage? 

Hiscox provides a clear, tailored insurance solution to protect technology businesses from breach of contract to intellectual property, service credits, and misappropriation of trade secrets. 

Appetite

Targeted classes include technology consultants, application service providers and software developers. 

We cover Primary up to $1B in revenue; Excess above $1B in revenue 

Download Appetite Guide

Capacity

$10M capacity on primary or excess basis

Coverage & Benefits
  • Eight coverage components to create and tailor an insurance package that fits your exposures  
  • Unique coverage capabilities including Breach of Contract, Intellectual Property, Service Credits Coverage, and Misappropriation of Trade Secrets 
  • Free access to risk management services:  breach prevention information (BreachProtection.com) and breach response solutions (Hiscox eRisk Hub®) 
  • A worldwide network of technology and privacy lawyers and technical specialists 
  • Option for first-party modules to be triggered by event rather than formal claim 
  • Primary up to $1B in revenue; Excess above $1B in revenue 
  • Streamlined underwriting for select classes under $5M in revenue allows us to provide quick, affordable coverage on small, simple risks 
     
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Related products

Package Technology with the following products: Allied HealthcareArchitects and EngineersMiscellaneous Professional LiabilityGeneral LiabilityCyber, 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.

Breach ProtectionTM

ePlace solutions Breach Protection™ cyber risk management services, provides immediate access to a broad range of online and data security resources to help establish best practices, create a privacy and data security program, train employees as well as equip your company with the tools to be less susceptible to a breach.

Learn more about Breach Protection.

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 contacts

Michael Drummond
AVP, Product Head – Technology
Tara Bodden
SVP, Claims Media, Tech & Cyber