Chubb has announced the launch of an expanded MasterPackage solution for technology companies domiciled in the UK and Ireland.
The company described it as a comprehensive first and third party policy catering specifically “for the unique insurance needs of technology developers, producers and distributors operating in the middle market either domestically or on a multinational basis.”
This latest iteration of the company’s existing technology provision now includes improved cyber cover and services and follows on from a series of enhancements made in 2016, Chubb said in a statement.
MasterPackage for technology companies has been developed in response to the exponential growth of the technology industry in recent years. UK digital tech investment reached £6.8 billion ($8.8 billion) in 2016, which is 50 percent higher than any other European country, Chubb said, quoting the latest Tech Nation 2017 Annual Report.
Chubb said the Tech Nation Report revealed that turnover of UK digital tech businesses was an estimated £170 billion ($219.9 billion) in 2015, an increase of £30 billion ($38.8 billion) in just five years.
MasterPackage for technology companies includes in one policy all of the technology company’s property, business interruption, employers’ liability, public liability, product liability, professional indemnity and cyber covers, Chubb said.
The product allows “seamless claims handling because all products are purchased from a single carrier,” which makes it easier to report a loss. Customers also do not have to wait on two (or more) insurers reaching a decision, the company continued.
The covers available within the MasterPackage for technology companies policy are:
- Professional indemnity
- Employers’ liability
- Public/products liability
- Environmental liability
- Marine cargo
- Employee theft
- Business interruption
- Property damage
“As this industry continues to grow and becomes increasingly specialized, we want to better enable businesses operating in this sector to withstand some of the many and varied challenges – both tangible and intangible – they may face,” said Karen Strong, head of Industry Practices UKI, Chubb.
“Chubb’s new MasterPackage solution for technology companies has been designed to make life simpler for business in terms of coverage and ease of use. By packaging in this way, we are able to offer extensive provision and coverage for our customers,” she added.
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