Risk to emerging ICT business
Chubb Insurance has over 20 years experience in the technology industry. We therefore understand the unique risks these companies face.
As a start up operation you may be unaware of some of the risks of doing business. Here are some hazards that technology companies may confront:
You have presented your prototype to your leading supplier, who loves it and wants to buy it. However, until you can give them proof of insurance that protects you and them from future loss, they won’t sign the contract.
Where can you get insurance?
Now you have the capital behind you to develop your idea further, you’ll need an extra pair of hands and a larger workspace. However, the lease of the new premises requires you to have proof of insurance should an employee, customer or other tenant have an accident on your property.
How long does it take to get a policy?
A torrential rainstorm has caused water damage in your premises, damaging your computer equipment and wiping out your data. Unfortunately, you can’t recreate the data in time for the upcoming trade show where you planned to unveil a demo of your product.
How could your business recover from this disaster?
Whilst at a tradeshow your prototype develops a hidden fault. After hours of constant use, it suddenly overheats and injures an interested party who was visiting your stand.
What would happen if that person sues you?
Your software is now in mass production and installed on thousands of machines the world over; you are reaping the rewards. After a year, however, the software malfunctions and affects other systems the owner has installed, causing huge financial loss.