Information Technology

All-round Protection For IT Companies

Since its foundation in 1998, the SCHUNCK Competence Center for Information Technology has consistently dedicated itself to the IT industry. As the largest independent specialist broker for medium-sized and large companies in the IT industry, we combine the best insurance solutions and tailor them to the individual needs of the industry.

In times of Big Data and Industry 4.0, the role and importance of information technology (IT) has changed dramatically. Thus, IT is a fixed and indispensable component in the economic value chain, whether as the basis for an intact supply chain management, for controlling complex industrial plants or for the digitisation of all business processes.

As a consequence of this development and the increasing complexity of IT processes, the already high demands on the IT industry continue to grow, which leads to a similar increase in potential liability scenarios and risk situations.

What do typical risk situations in the IT industry look like?

The main risks in the IT sector relate to financial or consequential financial losses, which are often based on a liability from concluded contracts in addition to the “classic” legal regulations (§§ 823 BGB ff). The challenges are extremely diverse, particularly in the IT project Business.

Critical factors as an obstacle to successful project implementation:

  • Insufficient or unclear agreements with the client coupled with uncertain contractual situations
  • Own resource scarcity
  • Lack of detailed knowledge about IT processes at the client’s premises

Especially in view of the very dynamic environment of the IT industry, a modern IT policy should be just as dynamic and flexible. If the claim for damages then “drops into your letterbox “, the search often begins for the exact point in time at which the insured event occurred. Is it the point in time of the violation (violation principle) or the point in time when the damage actually occurred to the claimant (damage event principle)?

From D&O insurance, which has been established for decades, we already know the transparent solution to the problem: the “claims-made” principle, according to which only the time at which a claim is made is decisive.

For all the above-mentioned challenges, we use our own term, SCHUNCK NetRisk, which is established as a benchmark in the insurance market.

What protection does the SCHUNCK NetRisk offer?

Decades of damage experience from the support of numerous customers as well as the ongoing exchange with professional consultants in the IT industry has flowed into the development.

For the recent re-launch of SCHUNCK NetRisk, the IT Competence Center once again compared the best offers of various insurance providers on the market and bundled them in a completely new set of conditions.

The SCHUNCK NetRisk offers all-round protection with uniform wording throughout all modules, which can be modelled to meet the individual requirements of your company. Each module functions as an independent contract.

Your advantage: transparent, flexible insurance protection and exclusion of coverage gaps.

lity insurance module

This contract module includes insurance cover for all typical business risks of an IT company. In this module, the scope of coverage of SCHUNCK NetRisk goes far beyond other products available on the market. Here are some exemplary highlights:

  • New, unique definition of claims based on the “claims made” principle for IT liability insurance
  • Open asset loss cover
    • No exhaustive list of areas of activity
    • Digital trends automatically recorded without separate display
  • Co-insurance of contractual liability claims
  • Strict liability (e.g. in case of deviations from service level agreements)
  • Full co-insurance of lump-sum compensation
  • Cyber liability insurance within the scope of cover
  • Cyber-Haftpflichtversicherung im Rahmen des Deckungsumfanges
Property insurance module

In addition to the extensive coverage of possible liability risks, comprehensive protection of the main values of the fixed assets and the risk of loss of earnings is of decisive importance.

Whether buildings, items brought in as tenants, valuable contents (factory equipment, goods and inventories) or even the classic loss of earnings with additional costs, SCHUNCK NetRisk offers insurance protection far above the market average. Here are some exemplary highlights:

  • Genuine all-risk coverage across all parts of the company, national & international
  • Lump-sum insurance for all business premises in Germany, without naming the risk locations
  • Problem of underinsurance consistently excluded thanks to the creation of compensation limits
Technical insurance module

It is particularly important to protect electrical or electronic systems and devices, especially in the IT sector with a very high level of technology.

Of course, damages due to loss of earnings and additional costs are an integral part of this module, and there is also the possibility of insuring data (e.g. software licenses). Analogous to the property insurance module, SCHUNCK NetRisk offers the same advantages:

  • Genuine all-risk coverage across all parts of the company, national & international
  • Lump-sum insurance for all business premises in Germany, without naming the risk locations
  • Problem of underinsurance consistently excluded thanks to the creation of compensation limits

SCHUNCK NetRisk as an international insurance solution

As an international insurance broker, the SCHUNCK GROUP supports its customers worldwide. The SCHUNCK NetRisk coverage concept is available at favourable terms and conditions in all EU countries. In addition, the SCHUNCK GROUP offers its customers worldwide comprehensive solutions via international insurance programmes that meet tax licensing and compliance requirements.

Your contact

Robert Drexler

+ 49 (0) 89 38177-459