Markel, the insurance operations within the Markel Group Inc., has launched an enhanced insurance proposition tailored to meet the evolving needs of the UK’s growing tech sector.
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.
The UK tech industry has reached a combined market value that exceeded US$1 trillion as of 2022 – growth that is driven by rapid advancements and substantial investment in AI, making it Europe’s leading tech ecosystem, Markel noted.
MarkelTech provides value-added services aimed at fueling growth and reducing operational risks. These services 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. (Editor’s note: IR35 is tax legislation designed to identify if a contractor is genuinely self-employed or is working as a disguised employee and therefore avoiding tax.)
As the UK tech sector continues to grow, particularly in AI and other cutting-edge fields, Markel said 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 said it offers a tailored approach by providing 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.”
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