Insurance for Tech Companies

We know Technology insurance 


AssuransSelector has multiple year experience of advising businesses in the Technology segment on insurance services. The risk exposure differs depending on the business. We define a Technology company as a non-manufacturing company that typically sells services, including software.  Therefore, typically, there is no need of a Product Liability insurance. More important is to hold a Professional Liability. Please read further down.  

We assist a number of clients with international business. During the years we have built a network of partners in most of the countries where Swedish companies have operations. We have the tools to create international insurance programs giving clear control, insight and cost efficiency.

Below you can read about the typical insurance coverage for companies conducting a business in Technology.   

Professional Liability 


A Professional Liability insurance covers claims for damages as a result of wrongful advise or professional services ("errors & omissions"). The protection is limited to stand alone financial damages.   

To handle a claim by yourself for damages is difficult, cost and time burdening. An insurance does not only cover protection against claims for damages but the insurer assists as well with: 
  • investigating whether or not liability is at hand 
  • negotiating with the counterparty 
  • representing the insured at trial and pay trial costs 
  • paying the damages that the insured may be liable for  

General Liability

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In addition to Professional Liability, it is strongly recommended to hold a General Liability insurance that covers claims based on property damage and bodily damage. 

It is important to point out that a General Liability insurance does not cover "stand alone financial damages" meaning that damages and losses of a financial nature which are not a result of property or bodily damages are not covered. 

Business interruption 


What is a Business Interruption insurance?

If your premises are for instance subject to fire it may take time to restart the business due to the need to clear and restore the premises. During the interruption the insurance covers costs incurred due to the move to temporary premises. Another example can be longer interruption of supply of electricity, water and the like. The insurance may cover reasonable costs necessary to continue the business despite the interruption.   
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The insurance period is normally 12 months but can be prolonged.  

Directors & Officers 


The main reason for this insurance is the protection for Directors' & Officers' potential liability to be personally liable for damages. The demands and requirements on Directors & Officers tend to increase over time. 

This group of people can be held liable under Swedish and foreign law as well as based on inadequate and false reporting, breach of public orders, bancruptcy and insolvency situations and wrongful handling of personal data. Claims can be raised by the company itself, shareholders, debt owners and employees.  

The damages can be very high and are are normally not covered by the General Liability insurance. A D&O insurance covers as well costs incurred due to trial proceedings. 

Crime

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The insurance protects the company from financial losses as a result of crime, internally and externally. The insurance covers costs for investigation, representation and negotiation. Damages to a third party due to employee's acts may be covered.  
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Depending on the terms, the insurance may cover costs for reconstruction of data and contractual liquidated damages.   

Travel


A travel insurance runs on a yearly basis normally for all employees and can as well include Board Members. The insurance protects employees while travelling.​​​ The insurance covers costs for property and bodily damages, such as illness, accidents, invalidity, death, travel interruption, loss of bagage, delay, liability and elimination of retention concerning home and car insurance. The insurance can be added with right of cancellation of travel. With the insurance follows access to medical support at all times.

Contact us


AssuransSelector AB
Järnvägsgatan 9
252 24 Helsingborg
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info@assuransselector.se
+46 (42) 12 07 60

Are you in need of insurance for your business in Technology?

  • Du you have operations abroad?
  • Du you require high quality and quick services?
We offer companies based in Scandinavia insurance services concerning non-life insurance and we are able through our global network to assist your subsidiaries with local service irrespective of where in the world you operate!

+46 (42) 12 07 60