Pictured: (l-r) Nick Coe and David Harrison, directors at Franklands; Brett Critchley, managing director of Orchid IT

The UK technology sector is the largest and fastest growing sector in Europe and now accounts for a massive 10% of the nation's Gross Domestic Product (GDP). Derby has been leading the field for more than two decades and with 11.8%, now employs four times the national average in the high technology sector.

With this in mind, Franklands Insurance and Risk Management, one of the Midlands' leading firms of independent commercial insurance brokers, has developed a dedicated policy designed to meet the specific needs of companies across the technology sector.

Over the past 25 years, the Derby-based company has established itself as a specialist technology broker and has expanded its service offering to meet the needs of a significant number of technology companies, both locally and across the UK and Europe.

Franklands' in-depth knowledge of the sector and the risk exposures associated with it, coupled with its unrivalled access to specialist insurers who write risks in the sector, has enabled it to provide bespoke policy cover for the unique risk exposures that the sector presents.

The new policy covers all aspects of technology sector operations, including breach of contract, failure to perform, supplied hardware, software and cabling and international market cover, which will give businesses the peace of mind that they are protected should the unexpected happen.

Commenting on the launch of its new dedicated technology policy, Nick Coe, director at Franklands, said:

"In our experience, most companies operating in the technology sector do not have adequate insurance cover, which can leave their balance sheets severely exposed.

"Typically, most companies will have a standard commercial policy in place, covering assets, business interruption and liabilities, which will cater for the majority of trade sectors. 

"However, this leaves them without cover for the specialist risk exposures that the technology industry presents, such as breach of contract and failure to perform with consequential interruption to customers' businesses. 

"Often, products and services will also be used in international markets, where cover is excluded.

"As a society, expectation of performance and service continues to increase, as does the litigious 'blame' culture - it is becoming increasingly important, therefore, that companies operating in the technology sector have specific insurance cover," added Nick.

Brett Critchley, managing director of Derby-based Orchid IT, one of the Midlands' leading suppliers of IT support and services, has given his support to the new technology insurance policy:

"Businesses operating in the technology sector are exposed to a whole host of risks and it is essential that that they have the correct level of cover in place.

"I hope that the launch of this new policy from Franklands will prompt all businesses in our sector to check their own policies closely and to seek expert advice if they are uncertain about their cover," added Brett.

Franklands is one of the Midlands' leading firms of independent commercial insurance brokers. Its services include corporate insurance, risk management, disaster recovery and professional risks insurance.

The company also offers a disaster recover planning service, health and safety audits and a formal building valuation service.