Resilience, a company specializing in cyber risk solutions, has launched a new coverage option for technology errors and omissions (tech E&O) in the UK and Europe. This new offering is made possible through a partnership with Accredited Insurances.
The tech E&O coverage is available for businesses in the UK with annual revenues over £50 million and in Europe for those with revenues exceeding €25 million. This coverage is designed to protect companies involved in hardware, software, telecommunications, and web services. Clients can access coverage limits of up to £10 million in both regions for primary and excess placements.
A recent survey by Resilience, conducted in partnership with YouGov, highlighted the growing concerns around business interruption among UK companies with revenues above £100 million. According to the survey, 72% of enterprises ranked business interruption as their top concern, with 38% having filed claims related to this issue. The new tech E&O coverage aims to help technology companies manage their liability in these situations.
Resilience emphasizes that their tech E&O coverage is essential for building cyber resilience. They provide clients with proven risk models, data-driven action plans, and support from experienced underwriting and claims teams, which positions them well to handle the risks associated with tech E&O.
In addition to tech E&O, Resilience is also increasing its capacity for clients with revenues over £10 billion. This expansion offers brokers more options to address the complex cyber risks faced by large enterprises. The 2024 survey indicated that larger companies are more aware of cyber risks, with many recognizing vendor due diligence as an effective strategy to mitigate these risks.
Both the tech E&O coverage and the expanded capacity for large enterprises are now available. Jack Jenner, managing director of International Insurance at Resilience, noted that technology is integral to every business, and companies need a partner who understands their unique challenges and helps them stay ahead of threats. He added that the new tech E&O coverage, combined with their existing cyber insurance and risk quantification services, offers a comprehensive approach to risk management.
Resilience, based in San Francisco, also has offices in major cities across North America and Europe. They provide insurance coverage through licensed agents and offer security services through their expert team. Their solutions are accessible to clients in the United States, the UK, Canada, and Europe.