Internet of Things insurance

Tailored insurance cover and expert risk solutions for the IoT market across all verticals.

IoT verticals

Industrial IoT and logistics

Machine diagnosis, predictive analytics and maintenance, fleet tracking, temperature / speed / flow monitors / robots, sensors and monitors

Smart home and consumer technology

Wearable electronics, smart security systems, smoke alarms, smart thermostats

Smart cities and transport

Smart city, waste management, smart traffic and parking

Healthcare and life sciences

Wearable devices, diagnostic devices, elderly patient monitors and alarms

A range of covers to meet your needs

Professional indemnity insurance

Following the rapid increase in adoption of IoT technology and diverse amount of IoT applications there are a number of areas that are experiencing broad transformation that need bespoke protection.

It is vital that these products and industries run as they should. Digital Risks provides specialist cover for all of the areas listed above and can cover civil liability arising out of your professional and technology services, while also protecting you against a range of other risks faced by businesses at the cutting edge of technology.

Cyber insurance

Preserving IoT security is one of the greatest challenges faced by businesses in the sector.
Due to the sheer amount of data being shared between devices and the multitude of attack vectors available it is integral to supplement your cyber security regime with a specialist cyber product to protect yourself as much as possible. At Digital Risks, we fully understand the importance of safeguarding personal information / corporate data and ensuring that your systems are up and running. Our specialist cyber policy covers both first party and third party claims ensuring that you can stay protected from whatever gets thrown at you.

Products liability

If you manufacture or are responsible for a product, then you may be held responsible for the recall of any defective or otherwise malfunctioning products. These costs can quickly add up and hurt a company’s balance sheet that isn’t properly protected. With product recall insurance you can transfer the risk of a product recall off your balance sheet through our insurance policy; letting you focus on growing your business.

Product recall

If you manufacture or are responsible for a product, then you may be held responsible for the recall of any defective or otherwise malfunctioning products. These costs can quickly add up and hurt a company’s balance sheet that isn’t properly insured. With product recall insurance you can transfer the risk of a product recall off your balance sheet through our insurance policy; letting you focus on growing your business.

Intellectual property (IP) infringement

With the IoT market expected to reach $520 billion by 2021 it is very important to safeguard your yourself against any claims arising from IP infringement. Lawsuits can become very costly and derail businesses that are at an early stage, while stealing the patents that made your technology stand out in the first place. Our specialist cover protects you in a wide range of IP related circumstances; seeking legal advice, enforcement and defence costs, settling damages following legal action and legal costs validity.

Directors and officers

As a founder, it is very important to protect yourself from risk in an increasingly litigious society as you could be held personally liable for the operation of the company. Our directors and officers cover protects you against claims from shareholders and investors in the event of an allegation of wrongdoing. In an ever changing and competitive environment it isn’t worth the risk of going unprotected.

Other covers to consider

Employers liability insurance

Covers your liability to employees for bodily injury or work-related sickness.

Public liability insurance

Covers your liability to members of the public for bodily injury or damage to their property.

Commercial legal protection

Covers compensation awards, professional fees and legal costs associated with a range of legal disputes.

Contents and equipment insurance

Protects your property against theft, loss or damage.

Award-winning insurance

We're the British Insurance Awards 2018 Insurance Start-up Winner - recognised for our innovative range of covers, online customer experience and flexible subscription model, which make buying and managing insurance easy and accessible for businesses in the digital industries.

Internet of Things insurance FAQs

How much cover do I need?

You must have a minimum cover of £5 million for employer’s liability. Failure to have this can mean fines of £2,500 for every day that you’re not properly insured. Various factors influence the level of cover you need, including the size of your business, the type of work you do and the requirements of your clients. You may also find that your regulatory body specifies a certain level of cover, depending on the industry you operate in

Can I change my cover or add policies?

Of course. Please contact support@digitalrisks.co.uk or give us a call on 0333 772 0759 and we’ll be more than happy to adjust your policy.

What to do if I have multiple business activities?

No problem, give us a call and we’ll see what we can do.

How do I know what my policy covers?

You will receive a summary of your cover with your quote, as well as your policy documents which will be emailed to you within 24 hours of buying your policy.

How do I cancel my policy?

We know that business can be unpredictable, which is why we offer a monthly subscription, so you can change or cancel your cover at any time. Simply send an email to support@digitalrisks.co.uk providing at least 30 days’ notice and telling us the date you want the policy to end. Please bear in mind you may need to pay one final month’s premium depending on when your next payment is due.

How long is a quote valid for?

Your quote will be valid for 30 days unless stated otherwise.

Is business insurance tax deductible?

Business insurance is tax deductible and along with accountancy and legal fees, counts as allowable business expenses. Insurance is VAT exempt but subject to Insurance Premium Tax at a lower rate.

What do I do if my business type isn't on the list?

Not a problem – just send us a message or give us a call on 0333 772 0759 and we’ll let you know if we can cover your business activities.

Will I be covered straight away?

When you buy your policy, we’ll ask you when you want it to start. That can be the same day or at some point in the future. You are then covered from 00:00 on the day you choose.

Further reading

23 Jan 2019
4 minute read

Cyber security risk management framework

To effectively protect your business from cyber-attacks and data breaches, you must first identify the biggest threats and vulnerabilities you face.

6 Dec 2018
4 minute read

Fintech startups to watch in 2019

Here’re our top 6 hottest Fintech startups that Digital Risks are tipping to thrive in 2019. We’ve taken a look at Truelayer, Monese, PensionBee, Akoni, Tail and the Craft Gin Club.

24 Sep 2018
4 minute read

Going global: what to think about when expanding abroad

With UK customers happy to shop beyond our shores, it follows that UK businesses must also look further afield to expand their reach and growth potential. And in the digital age it’s easier than ever, with much lower barriers and overheads involved. So, where do you start?

We insure thousands of innovative businesses
Habit
Patch
Paddle
Ravelin
SafeToNet
GetAgent
Tech Nation
AppyParking
What our customers say

We had a breach and the insurance and legal support we got was invaluable. Digital Risks walked us through the whole thing including media and customer relations.

Founder, ID verification software

It was very quick and easy to claim. Our account manager replied within minutes, confirmed the details and we had the money in our account within 48 hours.

COO, HR technology platform
You're in safe hands
Authorised by the FCA

The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.

A-rated financial strength

Our insurance products are underwritten by Standard & Poor’s A-rated financial strength or higher. This means the underwriter has been independently assessed by the world’s leading credit rating provider and found to have a strong capacity to meet financial commitments (pay claims).

Protected by the FSCS

If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk