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Markel Insurances

10 Jun 2019

Markel sets out ambitions for the technology sector with pioneering sector proposition

Markel, the SME-focused insurance provider, has launched its MarkelTech proposition for the rapidly expanding technology sector, putting the focus firmly on supporting the growth of the UK’s technology businesses, and stating a significant aspiration to increase its market share in this sector.

MarkelTech is a bespoke sector proposition that has been specifically designed for companies that innovate, design, develop, manufacture, supply, or support technology products or services. This specialist insurance package is aimed at start-ups, emerging and established SME companies in the technology, IT and communications and medical technology space.

“The UK’s technology sector is worth £184 billion, and generates an annual GWP of £150m for the insurance industry,” said UK sales and marketing director, Nic Brown. “Markel is already a significant player in this market, but we’re setting out substantial growth ambitions with this product launch.  There are thousands of businesses in this sector who require insurance coverage that is relevant to their unique circumstances and many are not getting the cover they need.”

MarkelTech features a commercial combined insurance solution that’s specific to this industry sector, including products liability, pure financial loss, contractual liability, and appropriate Intellectual Property liability cover.  Continuing with the company’s Expect More ethos, policyholders can also access:

  • An award-winning debt recovery service – that can provide full legal support in the event of a dispute with a client

  • A contract review service – that can ensure a technology company’s T&Cs are fit for purpose, or that any client or supplier contracts ensure appropriate protection

  • R&D grant funding and tax relief advice and support – that can uncover funding and tax relief opportunities for technology companies, and has already secured over £40 million of funding for UK SMEs

  • 24-hour Legal Support  – that are available to assist business owners with everyday management challenges, and handle over 250,000 such queries each year already

“We were delighted to celebrate the official launch of our MarkelTech platform, with over 200 brokers and industry practitioners attending at our Fenchurch Street offices,” continued Brown. “We will continue to push the boundaries of normal insurance offerings, enabling customers to have access to critical business support services as well as relevant and reliable insurance coverage.” 

Tagged Technology & Communications
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