The new Tech E&O product, supported through a strategic partnership with Accredited Insurances, is designed to meet the needs of hardware, software, telecommunications providers, and web services companies. Coverage includes limits of up to £10 million or €10 million for both primary and excess placements, depending on the market.
The introduction comes at a critical time for UK businesses. According to a Q4 2024 survey conducted by Resilience in partnership with YouGov, 72% of IT and security leaders at UK firms with over £100 million in annual revenue cited business interruption as their top concern. Additionally, 38% of companies reported business interruption as the leading cause of insurance claims.
“Technology is embedded in every company’s operations and technology companies deserve a partner that understands their complex needs and can help them stay ahead of evolving threats,” said Jack Jenner, Managing Director, International Insurance at Resilience. “Our new Tech E&O coverage, alongside our existing cyber insurance and cyber risk quantification software offerings, provides a more holistic and integrated risk management solution to our clients.”
The Tech E&O policy helps companies mitigate and cover liability arising from their technology products and services. It forms a key part of Resilience’s mission to support clients in building true cyber resilience, leveraging data-driven action plans, financially-proven risk models, and expert underwriting and claims support.
In addition to the Tech E&O launch, Resilience is expanding its capacity to serve businesses with annual revenues of more than £10 billion or €10 billion. This move provides broker partners with greater flexibility and options to address the increasingly complex cyber risk profiles of large enterprises.
Findings from Resilience’s 2024 UK survey show that larger firms are more attuned to cyber threats, with twice as many viewing vendor due diligence as effective compared to smaller companies. Vendor-related outages were also a significant concern, contributing to nearly a quarter of Resilience’s material claims in 2024.
Both the new Tech E&O coverage and the expanded enterprise capacity are available immediately through Resilience and its broker partners.
