Insurer Hiscox has added new extensions to its technology insurance offering. UK-based companies with a turnover of under £2m can now get coverage for unlimited business interruption, with the technology insurance product offering to cover loss of income and loss of gross profit and increased cost of working.
Tom Dixon, head of technology at Hiscox UK, said: “The UK technology sector is thriving. Growth here outpaces the rest of the economy by some way, but with sizable opportunity comes increased risk.
“Technology businesses are unique; they evolve and scale quickly and face risks that other businesses are shielded from, so it’s important that their insurance reflects this.”
Another extension within the enhanced policy is for intellectual property infringement for both non-US and Canada. The insurer said it will now pay claims arising from infringement of patent or misappropriation of a trade secret. In addition, pre-claims assistance has been made available and this inclusion will cover fees, costs, and expenses related to investigating or monitoring a potential claim.
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