Technology Companies

Onyx Technology Division

Many technology company owners are unaware of the bespoke insurance products designed to address the specific risks technology companies face.

At Onyx, we pride ourselves on our deep expertise in the technology sector, standing out among the few specialists in London.

Whether you’re a start-up or a fully established multinational business, the following coverages are crucial for safeguarding your operations:

Technology Errors & Omissions (E&O)
Cyber Liability
First-Party Cyber Cover

The Importance of Technology E&O and Cyber Liability

Traditional professional indemnity insurance covers your professional advice, while technology E&O covers your products and services. Specialised technology E&O policies often include cyber liability cover due to the overlap in coverage when it comes to third-party claims against your business.

For instance, a network issue (covered by cyber insurance) causing a breach of contract (covered by professional indemnity insurance) can create friction and delays in claim payments if handled by two different insurers.

Additional Essential Coverages for Technology Companies

Other critical coverages to consider include, but are not limited to:

Directors and Officers (D&O)
Intellectual Property (IP)
Employers Liability / Public Liability / Contents Cover

Intellectual Property (IP): Crucial for Tech Companies

Intellectual property encompasses your intangible assets, including ideas, inventions, logos, brand names, code, patents, trademarks, and copyrights. By registering your IP, you secure exclusive legal rights to it.

IP coverage is often overlooked, yet it is vital for technology companies as IP can be a key asset. Defence costs for IP litigation can be substantial due to the complexity and expertise required, and this coverage helps defend your brand/product against infringement allegations.

Contract Reviews

At Onyx, one of our unique offerings is comprehensive contract reviews aligned with insurance requirements. Our experience shows that many technology companies inadvertently sign onerous contract conditions. We help navigate these conditions, advising on what to accept or push back on, thereby reducing your risk.

Tailored Solutions for Diverse Technology Companies

Insurers recognise the diversity within the technology sector, which is why they offer bespoke wordings, products, and clauses to ensure your company is properly covered. Whether you’re in SAAS, Fintech, AI, Medtech, Energy Tech, or another tech field, we have a solution for you.