Insurance Solutions by Industry
Insurance Solutions for Technology Companies & Startups in Cyprus
Early-stage companies grow faster than their risk management. We help founders in Cyprus review the exposures that come with building products for other businesses.
The nature of the sector
Technology businesses depend on software, data and the people who build and support them. A service outage, security breach or product error can affect many users at once. Client contracts may set clear duties for performance and delivery, while intellectual property and confidential information are central to the business's value. Risks change as the company grows, hires staff, attracts investment or expands into new markets.
6 Insurance Areas Worth Considering
Every business is different. These are six insurance areas commonly worth considering in this industry, depending on the activities and how the business operates.
Professional Indemnity
Relates to claims where software, technology services, implementation or professional advice causes a client loss.
Cyber Insurance
Relates to cyberattacks, service outages and loss or exposure of customer, employee and user data.
Directors & Officers Liability (D&O)
Relates to claims against founders, directors or senior managers for decisions, disclosures and duties to investors or the company.
Key Person Insurance
Relates to the financial effect of losing a founder or specialist whose knowledge is critical to the product or customers.
Employers’ Liability
Relates to workplace accidents where the company employs office-based, remote or travelling staff.
Property / Building & Contents Insurance
Relates to the building, if the business owns it, and to the equipment, furniture and other contents used every day in rented or owned premises.
Realistic examples
What could disrupt your business?
Cyberattack and business interruption
A cyberattack blocks access to the company's systems or services and interrupts its operations.
App or platform goes down
The company's app or online platform stops working and customers cannot use the service.
Defect in software or platform
A defect in software or a digital product disrupts how it works and may cause a customer a loss.
Personal data breach
An unauthorised person gains access to personal or confidential data of customers or users.
Error in a service delivered to a client
A mistake in a technology service the company provides disrupts the client's operations and may cause financial loss.
Fire and office equipment damage
A fire damages office equipment and may temporarily interrupt the company's operations.
These are illustrative examples to help explain risk. They are not statements about what any policy would or would not respond to — that always depends on the wording and the circumstances.
Our approach
Insurance starts with understanding your business.
We read the commitments you have actually made — to clients, to investors and to the people who use your product — and look at the data and systems behind them. That is where the meaningful conversation starts, not with a startup package.
This page is general information about the sector. It does not describe policy terms, conditions or exclusions, and it is not a recommendation.
- What the business does
- How it operates day to day
- Premises and equipment
- Employees and the people you rely on
- Customers, clients and visitors
- Professional responsibilities
- Operational dependencies
- Risks that could materially affect you
Vesta Needs Review
Not sure what your business needs?
Start with the Vesta Needs Review. Answer a few simple questions about your business and we will help identify the areas that may be worth reviewing.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you. No lengthy forms at this stage.
Insights
