Qbe International Insurance is muscling in on the technology liability insurance market, dominated by US giants Chubb and AIG, with the launch of a new product.
Combined Technology is designed to insure a wide variety of technology firms, such as software houses, telecommunication companies and internet providers.
The policy includes cover for product liability and professional indemnity, with an add-on for general liability.
QBE has appointed a new technology underwriter, Edward Rawnsley, who has relocated from QBE Australia.
Rawnsley said: "This policy protects the policyholders if they are held liable for their technology failing.
"It differs from other policies of this type because it also covers for general liability. This removes gaps because the customer does not need to buy the two covers separately."
Rawnsley added QBE was offering the cover because of an increase in litigation against technology providers.
"Traditionally, technology companies have not bought liability insurance, but they are increasingly recognising the need to be protected against potential lawsuits," he said.
Combined Technology is being piloted in the UK, but there are plans to roll out the product in France, Ireland, Italy, Hungary and Germany in the near future.
