IT Liability insurers need a clear description of the technology products and services provided by the business. A broad label such as “IT consultant” is rarely enough for accurate underwriting.

What business information is required? #

Prepare details of:

• Business activities and annual turnover.
• Years operating and employee numbers.
• Required Professional Indemnity and Public Liability limits.
• Client locations and overseas work.
• Current insurance and retroactive date.

Which services should be disclosed? #

Provide a revenue breakdown for activities such as software development, IT consulting, managed services, cloud services, cybersecurity, systems integration, hardware supply, software licensing, data services and technical support.

Explain whether the business hosts data, processes payments, supplies its own products or relies on subcontractors.

What client and contract information may be needed? #

Insurers can ask about the largest clients and contracts, industries serviced and work for government, healthcare, financial institutions or overseas organisations.

They may also review standard agreements, liability caps, indemnities, warranties, service-level commitments and performance guarantees. Large or unusual contracts may require additional assessment.

What else should I provide? #

Depending on the insurer, this can include:

• Subcontractor and outsourcing arrangements.
• Cybersecurity and data-backup controls.
• Claims, complaints and known circumstances.
• The current policy schedule.
• Details of products or services that are business-critical to clients.

Webber Insurance can provide a high-level review of insurance requirements and arrange referral for a detailed contractual insurance review where needed.