By industry
Insurance for IT and online businesses.
Cyber incidents, professional errors and directors’ liability — for software companies, platforms and e-commerce.
An IT company’s assets are code, data and contracts. The biggest risks are systems going down, a data breach and a client claiming that the software caused it a loss. Property is rarely the main concern.
Risks
What usually matters.
CyberIncident response, data restoration, extortion and interruption of online operations.
Professional indemnityErrors, omissions and delays in development or maintenance that cause a client a loss.
Directors (D&O)Directors’ decisions on investment, share deals and regulatory inspections.
Trade creditDeferred payments from corporate clients on long-term contracts.
PropertyOffice and equipment — including laptops outside the office.
Business interruptionLost revenue if the office or a key supplier goes down.
Where the gaps usually are
Not in the policy you don’t have, but in the terms of the one you already do.
- Professional indemnity excludes cyber incidents, and the cyber policy excludes professional errors. A gap is left between them.
- Client contracts require higher limits than the policy provides.
- Cyber cover is a clause on another policy, with a low sublimit.
- Work for US clients without territorial cover.
Tools
Do the maths yourself.
Questions and answers
What is the difference between cyber and professional indemnity?
A cyber policy covers the consequences of an incident affecting systems and data — yours and your clients’. Professional indemnity covers claims that your service or software caused a loss. The two complement each other.
Do clients require insurance by contract?
Increasingly — especially corporate and foreign clients. They usually ask for professional indemnity with a set limit and a certificate of insurance.
Does a cyber policy cover a ransomware payment?
It depends on the policy and on the applicable law. Response, restoration and interruption costs are usually covered; the ransom itself only if it is expressly included and lawful.
Next step
Request a quote
Briefly describe your business. We will review what you have and seek quotes from several insurers with an identical brief.
- Phone
- 0883 990 906 · Viber
- info@inscenter.bg
- Address
- 46 Akad. Stefan Mladenov St., office 13A, floor 6, section A, Sofia
- Opening hours
- Mon – Fri, 9:00 – 17:00
