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MarkelTech supports the UK's tech sector with a suite of coverages and services.
Published on 23 September, 2024
Markel has launched an enhanced insurance proposition tailored to meet the evolving needs of the UK's growing tech sector. This development comes as the UK tech industry reaches a milestone valuation exceeding US$1 trillion*, driven by rapid advancements and substantial investment in AI, making it Europe’s leading tech ecosystem.
The enhanced product, MarkelTech, is aimed at start-ups, small and medium sized businesses, mid-market and high-growth companies engaged in the innovation, design and support of technology products and services. Recognising the sector's potential and challenges, MarkelTech offers a comprehensive suite of coverages, including professional indemnity, cyber, property, business interruption and liability covers, designed to mitigate the risks associated with rapid growth and innovation, both in the UK and abroad.
Adding to an already-strong suite of covers, MarkelTech now provides value-added services aimed at fuelling growth and reducing operational risks. These include research and development advisory services to secure crucial funding, human resources and legal support to manage growth-related challenges, and specialist advice on contractor management, particularly in navigating the complexities of IR35 regulations.
As the UK tech sector continues to grow, particularly in AI and other cutting-edge fields, MarkelTech also stands out by offering bundled insurance solutions that address the intertwined liabilities of professional indemnity and cyber risks, and a robust set of cyber support services, ensuring businesses can confidently scale globally. Markel’s commitment to the sector is underpinned by its tailored approach, offering solutions that meet the specific needs of tech companies at every stage of their growth journey.
“With the UK’s tech sector continuing to attract significant investment and Tech Nation finding that 84% of UK startup and scaleup founders are positive about the future of UK tech, there is a significant opportunity for brokers,” said Jo Sykes, divisional director, broker UK at Markel. “MarkelTech has helped been shaped by in-depth discussions with both brokers and tech companies and is therefore designed to both protect against insurable risks and support the growth ambitions of tech companies in this dynamic landscape.”
Innovative companies need an innovative insurance solution to match. Learn more about how MarkelTech’s insurance proposition can support you and your clients.
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