SENIOR MARKET UNDERWRITER, TECHMEDIA, ZURICH INSURANCE
THE technology sector is under continual pressure to adapt, develop and deliver innovation. This evolving business environment makes it hard for companies to benefit from the lessons learnt by more established industries and many companies have learned it is key for them to protect their assets, especially during their embryonic early years.
The UK economy thrives in the technology arena, as we have a rich vein of creativity and entrepreneurialism, especially emanating from universities and other further education facilities. Arguably, the greatest invention of the last 35 years was invented by a Brit – Sir Timothy Berners-Lee’s World Wide Web. But recent stories surrounding Sony and others show what a target technology has become.
Most technology companies set up with an innovative idea, offering or service. The revolutionary ideas that capture the imagination gain momentum at an increasing rate. At this stage, the company’s business acumen is first tested; expansion plans, return on investment and key partnership affiliations are fundamental to continual growth. Partners, potential customers and suppliers all want to engage with you and it is important to ensure close attention is paid to any contractual terms and conditions agreed. It is vital to employ appropriate legal counsel to draw up contractual terms and also ensure that expectations of delivery are firmly established and agreed before you start work. Any changes should be documented within the contract and written approval from the customer, to ensure they are happy, should always be sought. And then there’s attention from overseas.
It is critical that technology firms seek expert advice to ensure appropriate cover is in place to protect them on a worldwide basis to ensure any potential claim brought against them is covered. And, of course, to protect their intellectual property.
So many issues for tech firms to consider, and as an insurer, you’d expect us to have solutions to protect the sector. Cover looking after the potential implications of a legal suit brought against them for their actions where exposures vary from breach of contractual duty, transmission of virus, privacy infringement, libel and slander and infringement of intellectual property rights to name a few. If you are in technology, can you hand-on-heart say you’re covered for all those eventualities?
For more visit: www.zurich.co.uk/expertise or speak to your insurance broker.