Markel expands the offer of specialist technical insurance in the UK

Markel, the insurance operations of Markel Group Inc., has launched an enhanced insurance proposition tailored to meet the evolving needs of the UK’s growing technology sector.

The enhanced product, MarkelTech, is aimed at start-ups, small and medium enterprises, mid-sized and high-growth companies involved in the innovation, design and support of technology products and services.

Recognizing the potential and challenges of the sector, MarkelTech offers a comprehensive suite of covers, 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.

The UK tech industry has reached a combined market value exceeding US$1 trillion by 2022 – growth that is driven by rapid advances and substantial investment in AI, making it Europe’s most important tech ecosystem, a said Markel.

MarkelTech provides value-added services designed to drive growth and reduce operational risk. These services include R&D consultancy to secure crucial funding, HR and legal support to manage growth challenges and specialist contractor management advice, particularly in navigating the complexities of IR35 regulations. (Editor’s note: IR35 is tax legislation designed to identify whether a contractor is truly self-employed or working as a disguised employee and therefore avoiding tax.)

As the UK tech sector continues to grow, particularly in AI and other cutting-edge areas, Markel said MarkelTech also stands out by offering combined insurance solutions that address the interconnected liabilities of professional indemnity and cyber risks, such as and a robust set of cyber support services. , ensuring businesses can confidently scale globally.

Markel said it offers a customized approach, providing solutions that meet the specific needs of technology companies at each stage of their growth journey.

“With the UK tech sector continuing to attract significant investment and Tech Nation finding that 84% of UK start-up and scaleup founders are positive about the future of UK tech, there is significant opportunity for brokers,” said Jo Sykes, division director, broker. Great Britain to Markel. “MarkelTech has helped to be shaped by in-depth discussions with both brokers and technology companies and is therefore designed to both protect against insurable risks and support the growth ambitions of technology companies in this dynamic landscape .”

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InsurTech Tech