Insurance for Enterprise Software & SaaS

A competitor alleges that features within a SaaS platform infringe their intellectual property rights. Legal action is commenced, claiming unauthorised use of protected concepts and seeking damages.

Claims alleging intellectual property infringement may be covered under Information Technology Liability Insurance, with broader cover available under standalone Intellectual Property Insurance.

A cyber attacker exploits a system vulnerability and gains unauthorised access to client data stored on the platform. Affected customers allege failure to protect confidential information and regulatory enquiries follow.

Claims arising from unauthorised access to data, privacy breaches and related regulatory actions may be covered under Cyber (Network Security & Privacy Liability), where the insured is legally liable

A SaaS provider delivers analytics software used for financial forecasting. The client later claims the data outputs were inaccurate, leading them to make poor business decisions and suffer financial loss and seeks compensation.

Claims arising from inaccurate outputs, misstatements or errors in software services may be covered under Professional Indemnity (Fintech Professional Liability) where the insured is legally liable for the resulting loss

A software update deployed to an enterprise client contains a coding error that causes system downtime for several hours. The client is unable to process transactions and alleges the outage caused lost revenue and additional operational costs.

Claims arising from errors or omissions in software services may be covered under Professional Indemnity Insurance where the insured is legally liable for the loss