Technology Insurance | Axis Insurance

Innovative Insurance Solutions

At Axis Insurance, our dedicated technology team combines over 60 years of expertise with a passion for innovation and a deep understanding of the tech industry’s unique challenges and opportunities. We are committed to supporting the growth and success of technology companies by providing customized insurance solutions that meet their specific needs. Our team’s profound knowledge and enthusiastic embrace of technological advancements enable us to offer not only protection but also strategic advice to our clients. Whether you are at the cutting edge of blockchain technology, a pioneer in artificial intelligence, or leading developments in clean tech, Axis Insurance is your trusted partner in navigating the complexities of risk and insurance in the technology sector.

Leading our Technology Practice

We pride ourselves on maintaining direct and open communication with our clients, staying engaged with their business and ensuring that they are involved and informed throughout every step of the insurance and risk review process.

Kevin McLean
Senior Vice President, Technology

Cryptocurrency Miners & Blockchain Developers

In the rapidly evolving world of cryptocurrency and blockchain technology, mitigating risk is paramount. Axis Insurance specializes in providing robust insurance solutions tailored to the unique needs of crypto miners and blockchain service providers. Our team understands the complexities of blockchain technology and the risks involved, from equipment failure to cyber threats. We offer comprehensive coverage that ensures your operations are protected against the unexpected, allowing you to focus on driving innovation in the blockchain space.

Hardware Breakdown
Coverage for the repair or replacement of mining equipment damaged by mechanical or electrical issues.

Energy Consumption Risks
Protection against potential losses due to fluctuating energy costs and interruptions in supply.

Theft and Fraud
Insurance against theft of digital assets, including cryptocurrencies, and protection from fraudulent activities.

Regulatory Compliance 
Coverage that helps navigate the complex regulatory environment surrounding cryptocurrencies and blockchain technologies.

Data Security and Cyber Liability 
Safeguards against cyber attacks, including ransomware and data breaches, which are particularly relevant given the digital nature of blockchain and cryptocurrencies.

Manufacturing Technology

Manufacturing technology is transforming industries with innovations that require new levels of risk management. At Axis Insurance, we cater to businesses that integrate cutting-edge manufacturing technologies, providing bespoke insurance solutions that address the specific risks of automation, robotics, and advanced machinery. Our seasoned team, with decades of experience, ensures that your assets and intellectual property are safeguarded, allowing your operations to proceed with confidence and efficiency. Coverage to consider include:

Equipment Breakdown and Interruption
Product Liability Coverage
Trade Credit Risk Insurance

A.I. Consultants

As artificial intelligence continues to redefine business landscapes, A.I. consultants face unique professional risks. Axis Insurance offers specialized insurance solutions that protect against the specific liabilities associated with providing A.I. consulting services. Our specialized brokers understand the intricacies of A.I. technologies and the potential legal, ethical, and operational risks involved. We provide coverage that supports your consultancy’s growth while managing the complex challenges of this dynamic field.

Software As A Service

For SaaS providers, the digital realm presents both enhanced opportunities and increased vulnerabilities. Axis Insurance delivers tailored insurance solutions that address the distinct needs of software as a service companies, from data breach risks to business interruption and intellectual property. Leveraging our extensive industry experience, we ensure that your SaaS operations are equipped with the necessary protections against cyber threats, contractual liabilities, and more, enabling you to deliver your services reliably and securely.

Clean Tech

In the rapidly evolving clean technology sector, innovation drives progress but also introduces new risks. At Axis Insurance, we are committed to supporting the growth and sustainability of clean tech companies with tailored insurance solutions that address the unique challenges of this industry. Our coverage includes protection against technology performance risks, intellectual property disputes, and the financial impacts of regulatory changes. Our team understands the intricacies of the clean tech landscape—from renewable energy projects to waste management technologies. We ensure that your venture is safeguarded, allowing you to focus on innovating and transforming the future of environmental technology.

Essential Coverage

Technology heavy businesses require unique and purpose-built insurance. Coverage is tailored to your business and pursuits.

Cyber Liability Insurance

Cyber Liability Insurance is essential for technology companies facing the threat of data breaches and cyber attacks. This coverage safeguards against the legal and remedial costs associated with these digital threats.

Cyber attacks can disrupt operations and expose sensitive customer information, leading to significant financial and reputational damage. Our Cyber Liability Insurance is designed to cover not only the immediate response costs, including customer notification and forensic analysis, but also the longer-term repercussions such as legal fees and settlements.

Errors & Omissions (E&O) Insurance

Errors & Omissions (E&O) Insurance protects technology professionals against claims of negligence or inadequate work. It’s an indispensable safeguard for maintaining the integrity and financial stability of tech-based services.

This coverage steps in to handle the legal costs and any damages awarded, should your company face allegations of a professional oversight or failure to deliver services as promised. It’s particularly crucial for tech companies whose work heavily depends on meeting client expectations for system functionality and project outcomes.

Directors & Officers (D&O) Insurance

Directors & Officers (D&O) Insurance covers the personal liability of company directors and officers making critical business decisions. It is vital protection that supports personal financial security and corporate governance.

The policy provides defense and indemnity coverage against claims that may arise from decisions and actions taken within the scope of their regular duties. This can include issues from financial reporting errors to failing to comply with workplace laws, ensuring leaders can make bold decisions without fearing personal losses.

Intellectual Property (IP) Insurance

Intellectual Property (IP) Insurance is critical for protecting innovations and the creative assets of technology companies. It helps manage the risk of costly litigation associated with IP rights infringement claims.

As tech companies frequently operate in competitive spaces where intellectual property is a significant asset, this insurance is designed to cover legal expenses and any damages for alleged infringement. It also supports the cost of enforcing IP rights against infringers, an essential factor for maintaining a company’s competitive edge.

Product Liability Insurance

Product Liability Insurance is crucial for any technology company that manufactures or distributes products. It protects against claims of product-related damage or injuries.

This coverage is particularly important in the tech industry, where products can have complex functions and significant risks if they malfunction. The insurance helps cover the cost of defending these claims and any associated compensation required, ensuring that one faulty product doesn’t destabilize your business.

Property and Business Interruption Insurance

Property and Business Interruption Insurance covers the physical assets of a technology company and the economic impact of any operational downtime caused by asset damage. It’s fundamental for safeguarding your operational continuity.

This insurance not only helps to repair or replace physical assets but also covers the loss of income during periods when your business is unable to operate normally. This is crucial for technology companies whose operations and production heavily rely on physical infrastructure.

Equipment Breakdown Insurance

Equipment Breakdown Insurance is designed to address the sudden and accidental breakdowns of machinery essential to business operations. It is especially critical for tech companies dependent on specialized equipment.

This coverage ensures that the costs of repairing or replacing damaged equipment are handled swiftly, minimizing downtime and maintaining productivity. It also often includes business interruption coverage, which compensates for the income lost during equipment downtime.

Trade Credit Insurance

Trade Credit Insurance protects companies from the financial risks of non-payment of commercial debts. It’s essential for maintaining cash flow and financial stability in credit-heavy industries.

This type of insurance is particularly important for tech companies entering new markets or dealing with a high volume of transactions. It ensures that your business is not adversely affected by the default of a significant customer, helping to manage credit risk effectively.

Supply Chain Disruption Insurance

Supply Chain Disruption Insurance provides coverage for losses stemming from interruptions in the supply chain. It’s crucial for tech companies reliant on just-in-time delivery and global sourcing.

Whether it’s due to natural disasters, political unrest, or supplier insolvency, this insurance helps mitigate the risks associated with supply chain vulnerabilities. It supports the financial stability of the company by covering increased costs of working and lost revenue.

Workers Compensation Insurance

Workers Compensation Insurance is mandatory in many regions and covers injuries or illnesses employees sustain while on the job. It is a fundamental requirement for all businesses, including those in the technology sector.

This insurance not only provides medical care and compensation for affected employees but also protects the company from lawsuits related to workplace accidents. For technology companies, this can also include ergonomic-related injuries or other occupational hazards unique to the industry.

Partnerships & Associations

Insurance Brokers For Technology-Related Risks. Worldwide.

Life Sciences BC supports entrepreneurs and start-ups, to larger multinational organizations with commercialization, training, mentoring, and connections to strategic partners.