Cowbell launches PI and cyber cover for UK tech firms

By Rebecca Delaney

April 24 - (The Insurer) - Cyber insurtech Cowbell has launched professional indemnity and cyber coverage for UK technology companies with up to 1 billion pounds ($1.33 billion) in annual turnover.

The cover, which provides limits of up to 5 million pounds, is Cowbell's first move beyond standalone cyber insurance in the UK since entering the market in 2023. The company launched its UK standalone cyber programme in September.

Cowbell said in a statement that the UK's technology sector was valued at a record 902 billion pounds this year. However, it has also seen an increasing frequency of hostile cyber activity, alongside rising sophistication and intensity of cyberattacks.

Its new cover, Prime One Tech, is designed to meet the specific needs of this segment following demands from the broker community to provide tailored solutions, Cowbell said.

It includes coverage for professional indemnity, cyber crime, loss of data or documents, breach of contract, intellectual property infringement, subcontractors, cyber first and third party, media liability, mitigation costs and unpaid invoices.

There are no exclusions for guarantees, consequential damages, or breach of warranties, and no restrictions tied to business descriptions.