CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, today unveils its revamped policies for tech and media companies which deliver comprehensive cover for the exposures these companies face today and remove the need for multiple policies.
“Technology has changed the way we communicate, how we share and consume information, how we work, how we entertain ourselves, even how we meet other people,” says CFC’s Head of Tech, Media and IP, Michael Brunero. “Tech and media companies themselves have changed and a host of new businesses are emerging from online influencers and vloggers to digital content creators. The exposures they face aren’t as clear cut as they were even a decade ago, and yet our industry often continues to provide cover based on policies created over 20 years ago. These companies have a combination of exposures and are in need of one policy that can meet their varied needs.”
CFC’s revised wordings cover the full range of exposures for the intersection of technology and business that these media companies now face. Developments include:
· Products and services liability: modern tech companies may provide software and hardware products, advice and consulting services as well as manual work such as installation so our new cover protects them from claims of financial loss to bodily injury or property damage that arise from the provision of such wide ranging products and services
· IP infringement and defamation: the tech industry is an area of fast growth and innovation while the media and entertainment sector is driven by content creation meaning IP infringement is an incredibly common risk. CFC’s new policies provide protection against a whole host of IP infringement allegations as well as allegations of defamatory material
· Comprehensive cyber cover: tech, media and entertainment companies are often responsible for large amounts of important data and so cybercrime is a very real risk. These new policies provide cover from CFC’s market leading cyber team and includes free access to its award-winning app Response, which gives policyholders access to a range of proactive cybersecurity threat alerts, tools and services
· Sub-contractors’ vicarious liability: given the extensive use of freelancers within media businesses, we now include this cover as standard to ensure media businesses are protected if they are held liable for another’s mistake
“We’ve used our 20 years of experience and our expertise in emerging risk to design policies that cover the entire exposure spectrum for the modern tech and media companies of today and are proud to be at the forefront of changing the way the insurance industry provide cover that works for the digital world,” adds Brunero. “The range of scale of these businesses is huge, they reach into every part of day to day life and they’re only going to increase their reach as the world becomes increasingly digitalised. Our new wordings provide simple and sophisticated cover that allows for these businesses’ insurance needs to be seamlessly catered for under one policy that they can understand.”