Markel has introduced an enhanced insurance offering, MarkelTech, tailored to the needs of the UK’s expanding technology sector.
The move comes as the UK tech industry surpasses a valuation of $1 trillion, driven by advancements in artificial intelligence (AI) and significant investment, making it Europe’s leading tech ecosystem.
The firm highlighted MarkelTech as designed for startups, small and medium-sized enterprises (SMEs), mid-market, and high-growth companies involved in the innovation, design, and support of technology products and services.
MarkelTech provides a comprehensive range of coverages, including professional indemnity, cyber insurance, property, business interruption, and liability cover. The product is aimed at mitigating the risks associated with rapid growth and technological innovation, both domestically and internationally.
In addition to these core coverages, MarkelTech offers value-added services to support business growth and manage operational risks. These services include research and development advisory support to help companies secure funding, human resources and legal support to address challenges associated with growth, and specialist advice on managing contractors, particularly regarding IR35 regulations.
As AI and other advanced technologies continue to fuel the UK tech sector’s growth, Markel said that the new offering bundles insurance solutions that address the overlapping risks of professional indemnity and cyber liabilities. The enhanced offering also includes cyber support services designed to help tech companies scale globally.
Jo Sykes (pictured above), divisional director of broker UK at Markel, noted that the continued investment in the UK’s tech sector presents significant opportunities for brokers.
“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 Sykes.
He added that MarkelTech has been shaped by discussions with both brokers and tech companies and is designed to protect against insurable risks while supporting the growth ambitions of companies within the dynamic tech landscape.
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