We have access to a suite of products for financial institutions specifically designed to cover the risks faced by organisations operating in the financial technology space, combining a wide range of essential insurance lines that fintech companies need into a single package.
Why do I need fintech insurance?
The last decade has seen more progress in finance technology than the past hundred years. The proliferation of mobile technology and cutting-edge innovations like artificial intelligence are ushering in new ways of doing business in the financial industry, and a host of exciting new companies have emerged – all looking to revolutionise the financial world.
But with any revolution comes new risk. Traditional financial institutions insurance products will not necessarily provide cover for technology related exposures. Likewise, policies for technology companies will often overlook or specifically exclude exposures relating to financial services or advice.
Features of our fintech insurance
Cover can include professional indemnity for errors & omissions, both aspects of financial and tech liability, management liability including. directors’ and officers’ and employment practice liability, crime, cyber and intellectual property (IP) infringement.
Policy response can be tailored to the definition of professional services as this new breed of companies expand and converge traditional financial services and cover claims made anywhere in the world as standard.
Sub-contractor liability cover
Fintech businesses often need to engage the services of third-party sub-contractors. We can provide protection against a claim brought as a result of any error or admission by a sub-contractor they engage.
Directors' and officers' liability insurance for fintech businesses
Additional directors' and officers' liability (D&O) limits are available to cover non-executive directors from personal liability arising from the operations of the organisation. This can help attract talent to the company, providing peace of mind to an individual that they’ll have cover should the initial D&O limit be eroded by a claim.
Equally important given the nature of a fintech’s operations, cyber cover helps protect against the financial impact caused by privacy and cyber events and provides crucial access to an experienced incident response team should crisis strike.
Cyber and data insurance
Cyber and data insurance offers specialist coverage for your computer systems and the important records they hold. As a fintech, insuring your business against cybercrime and fraud is essential, for you and your clients. If you suffer a data breach or attack and your systems are compromised, cyber and data will cover you for any loss of income if your computers become unavailable, as well as the costs of recovering data.
Tailored business insurance for fintech companies
The fintech sector is booming and attracting billions in investment globally, but up until now the emerging businesses involved have struggled to find comprehensive cover.
Fintech businesses will need a dedicated policy to manage their evolving risks. A fintech policy should offer coverage for both liability arising from financial services and technology services, as well as management liability, theft of funds and cyber coverage.
Fintech insurance from Towergate
We can provide that specific solution to offer your business protection that is fit for purpose not just for today, but for tomorrow and beyond. Coverage can be found spread across multiple policies, but a single, comprehensive policy is more cost efficient and will prevent gaps in coverage and complications in the event of a claim.
Fintech insurance FAQs
Can my policy be adapted as my business grows?
Yes. The nature of running a innovative fintech business means you're going to need a lot of flexibility from your policy. We understand that rapid change and development is inevitable and will support and advise you along the way.
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