The insurer’s new product also includes first party and thid party cyber cover as standard
Commercial insurer CNA Hardy has today (3 January 2023) announced the launch of an additional suite of cyber protection products specifically tailored to technology businesses.
The new products build on the insurer’s current Technology Pacakge product with flexible cyber cover suited to businesses ranging in size from startups to large multinationals.
Launched for the beginning of the year, the policy offers a broad risk appetite and capacity for up to £10m in professional liability cover for software, hardware, services, telecommunications and smaller segments such as fintech, medtech and insurtech businesses.
Mark Armstrong, the firm’s UK technology segment leader, said: “With more than one million technology professionals in the UK alone, CNA Hardy has created a insurance policy that is responsive, relevant and up to date.
“We have to provide clients with risk transfer mechanisms and peace of mind - our enhanced solution offers a clearly-worded, unambiguous policy with a bigger focus on cyber coverage, which will allow our technology customers to continue to do what they do best, innovate and grow.”
While many professional indemnity policies include third party cyber cover CNA Hardy’s new product provides comprehensive cyber coverage as a stand-alone feature.
Also included as standard is cover for professional indemnity, property, commercial liability, first party cyber and third party cyber.
Armstrong added: ”We are an underwriting company and believe that our products should provide up to date and responsive coverage.
“We should not be hiding behind exclusionary language, but instead be offering a product that gives our clients everything they need in one place. That’s what insurance is all about.”