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Is Professional Indemnity Coverage Available to Software Companies in Hong Kong?


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Q:

I'm a limited company established in HK in 2013. I'm living in South Korea (I'm French). My customer a French company ask me for a Professional Liability insurance for our next project (Europe + China). I'm working as an "Information Technology and other IT Professions" as a developer for a Software company. I'm not working on operational system. Could you offer me a quotation ? My turnover is in average of 150000 Eur(~1.3M $HK).

A:

Software companies in Hong Kong are able to receive a wide range of Professional Indemnity and Liability options from both Hong Kong and international insurance providers.

A Software professional indemnity policy will cover you against the risk of providing faulty advice or services to your customers – ensuring that you are protected against your legal liability for any claims stemming from a monetary loss in relation to the services you offer.

Additionally, you may wish to consider the purchase of a Software Product Liability policy, which will cover your liability against final software products failing customers, leading to financial losses on the part of your end users.

Another type of product which could also be highly useful, even if it is not a contractual obligation for this project, is a Cyber Insurance package. Cyber Insurance will ensure that you are protected against a range of cyber events, including:

  • Data Loss
  • Hacking Events
  • Network Restoration
  • Ransomware and Malware events
  • Forensic Explorations following a cyber claim event
  • And More.

Providing your annual turnover is very much appreciated, as Professional Indemnity and Software Liability products are generally priced dependent on the annual revenue of the company receiving protection.

Unfortunately CCW Global is unable to provide quotations via our ASK CCW platform. If you would like to receive a software professional indemnity quotation, or if you would like to learn more about this type of insurance, please Contact Us Today

Answered on: 18 April, 2017 15:03


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