Technology business insurance solutions

Technology is evolving rapidly. Stay up-to-date with the industry’s ever-changing landscape by conducting a risk evaluation. Zurich technology specialists stay current with industry advances to help identify potential exposures and provide customized solutions for total risk management.

Why Zurich?

Zurich takes a seamless, multi-line approach, which features over 20 risk transfer and risk management solutions including  property, general liability, directors & officers, errors & omissions, cloud and other specialty coverages. Our customized insurance solutions keep pace with the emerging risks you encounter, whether your business is focused on electronics, information technology, communications, factory automation, medical devices, clean tech or federal government contractors.

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Technology business insurance solutions

Directors and officers

Technology executives are vulnerable to lawsuits claiming weak competitive actions, lowered stock values, wasted corporate assets and missed growth opportunities — not to mention bankruptcy itself. Zurich offers directors and officers (D&O) liability insurance that can be customized to any organization’s needs. Our plans provide coverage for claims of alleged or actual breach of duty, neglect, error, misstatement or omission.

Our corporate D&O coverage, Zurich D&O Select®, offers 75 policy enhancements and key advantages for your technology business, including:

  • Retired independent directors protection
  • Extended reporting period
  • Enhanced Side A coverage
  • Sublimit for derivative investigation costs and outside directorship coverage
  • Expanded definitions of claims, insured persons, loss, subsidiaries and securities claims
  • Coverage for personal assets of directors and officers
  • eDiscovery defense coverage

Enterprise risk management

A damaged reputation can cost a technology company millions of dollars in lost revenue and take years of rebuilding in the event of a crisis. Incorporating stakeholder analysis and strategic reputation management into your Enterprise Risk Management (ERM) program can help mitigate this risk.

Zurich’s strategic risk management team can work with your business to expand your ERM risk culture and business intelligence. Our ERM Diagnostic Service provides gap analysis of your company’s current ERM infrastructure, in order to drive the best next steps in increasing its effectiveness. It focuses on identifying strengths and areas for improvement within your framework to help you further embed ERM processes and yield greater positive outcomes. You can further  close the gaps in your ERM framework with support from our specialists.

Errors and omissions

Zurich’s approach to Technology Errors and Omissions coverage is designed with innovative companies in mind. Our errors and omissions liability policy, called Zurich Pro Plus®, helps you address the evolving needs of your technology business by combining extensive insurance protection with the flexibility to choose desired coverages.

Zurich Pro Plus® includes:

  • Global technology errors and omissions
  • Security and Privacy Protection coverage grants
  • Privacy breach costs
  • Media liability coverage grants
  • Defense costs for privacy-related regulatory proceedings
  • Consumer redress funds coverage following a privacy breach

International

Zurich can help you address the extensive challenges of growing your technology business overseas. Our package policy program, called Zurich Envoy®, offers expanded coverages for property, general liability, excess auto/motor, foreign voluntary workers’ compensation, business travel accident and more.

We have developed one of the largest global networks in the industry, providing knowledge and services in 180 countries and territories around the world. In addition, Zurich’s proprietary Multinational Insurance Application database houses tax and regulatory information provided by more than 120 law firms around the world. It helps align your policies with local insurance and tax regulations in the countries where you do business today and where you want to be tomorrow.

Property and casualty

Technology companies require an insurance program flexible enough to cover the risks they face today and help manage the risks they may face tomorrow. Zurich’s dedicated technology team understands current industry trends and emerging risks, and can develop an insurance solution tailored to your exposures.

Our coverages include:

  • Property Portfolio Protection (PPP): offers flexible coverage options, limits and deductibles on a single, proprietary form. It includes worldwide contingent business interruption, electronic vandalism, original information property, research and development, and more
  • General Liability: features a customized, technology broadening endorsement and integration with E&O to eliminate the possibility of gaps and overlaps
  • Workers’ Compensation: includes standard NCCI coverages, Defense Base Act and the ability to provide international coverage
  • Auto Liability: provides foreign travel coverage and risk management tools and resources to promote safe driving
  • Umbrella: coverage offers higher limits over and above general liability, employer’s liability and auto liability

Supply chain

Risks in any one link of the supply chain can affect all of its connection points and create financial and reputation damage for your technology business. Zurich offers risk management and risk transfer solutions to help you optimize your supply chain and manage the risk of a disruption.

Our Supply Chain Risk Assessment process provides a deeper understanding of your potential profit exposures. It also identifies mitigation actions to help reduce the impact to your business if your supplier, or your supplier’s supplier, fails to deliver.

Zurich’s Supply Chain Insurance is an “all risk” business interruption coverage that is not restricted to property damage and includes total or partial reduction in supply. It allows you to transfer supply chain risks for named supplies and has few exclusions.

Cloud coverage

With the stakes high, tech companies need clear and consistent insurance protection. This cloud enhancement to our Property Protection Policy (P3) provides coverage in the event of physical damage at data centers owned and operated by technology companies’ cloud service providers. It addresses the gray areas within more traditional coverage, like exclusions surrounding data location, continuing expenses for research and development functions and insured property damage requirements.

Zurich offers insurance protection for qualified cloud-reliant technology companies, should their cloud service providers’ data centers go offline because of a fire, major storm, vandalism, sprinkler leakage or other physical damage. Because technology companies deliver so many cloud-based platforms and services to their clients, such interruptions could mean major losses in the face of customer downtime.

Knowledge Hub: Technology