Source: Markel Corporation — Technology Insurance
Markel Corporation: Technology Companies Insurance Appetite
Markel fills the gap for tech companies that don't fit neatly into admitted tech E&O programs. Hardware manufacturers, IoT companies, and firms with complex SaaS revenue models can often find coverage here. For standard IT consultants and MSPs, Coalition or Hiscox may be more cost-effective.
Available Lines
| Line of Business |
|---|
| General Liability |
| Professional Liability (Tech E&O) |
| Commercial Property |
| Umbrella/Excess |
| Products Liability |
Premium Range
$2,500-$20,000
Typical annual premium
Target States
All 50 states (E&S and admitted programs vary by state)
Key Features
- Technology E&O for software companies, SaaS, and IT service providers
- Can write tech firms with revenue models standard carriers struggle with
- Products liability for hardware and IoT device manufacturers
- Umbrella/excess available over tech E&O
- Flexible underwriting for startups and emerging tech companies
Limitations
- Cyber liability may need to be placed separately for best terms
- Pricing may be above admitted market for clean, standard tech risks
- Cryptocurrency and blockchain companies are selectively written
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