Combined PL + E&O + Cyber cover for loss from technology defects, service outages or advisory negligence by IT, software, hardware and platform businesses. A standard package for technology businesses — SI, SaaS, AI, blockchain, semiconductors (Chubb PremierTech).
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
Technology liability insurance provides, under a single wording, combined cover for bodily injury, property damage, professional negligence, cyber incidents and media liability that can arise as technology businesses — IT, software, hardware, platforms, AI, semiconductors, blockchain — deliver their products and services.
Chubb's PremierTech package is designed in three tiers — ① Tier 1: PL (technology-product liability), ② Tier 2: E&O (technology-service and advisory liability), ③ Tier 3: Cyber/Privacy — with media liability and IP infringement available as options.
Tier 1 PL + Tier 2 E&O + Tier 3 Cyber/Privacy.
Covers advisory, build and operations negligence in SI, consulting and SaaS.
Combine defamation, copyright and trademark infringement in online content.
Extend the business territory to Korea plus the USA, EU, Japan and beyond.
B2B/B2C SaaS and platform operators.
System integrators and IT consultancies.
AI-model, blockchain and financial-IT startups.
Semiconductor, electronics and embedded-product makers.
| Limit | USD 2M per occurrence / USD 10M annual aggregate |
|---|---|
| Key endorsements | PremierTech 3-tier + media + IP combined |
| Limit | USD 1M per occurrence |
|---|---|
| Key endorsements | PL + E&O + Cyber |
| Limit | USD 3M per occurrence |
|---|---|
| Key endorsements | PL-led, extended to autonomous vehicles / mobility |
※ The above are general design examples; actual premium and limits may differ according to the risk profile of the business, past claims history and the insurer's assessment.
| Policy period | 1 year, renewable |
|---|---|
| Payment | Single or instalment payment |
| Insurers | Chubb (PremierTech) · AIG · DB |
| Channel | Individual consultation with our broker |
| Turnaround | 5–10 business days after risk assessment |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Common risk patterns in technology businesses — a five-scenario self-check
An outage or defect in a SaaS or platform service can interrupt many customers' operations and cause loss.
Defects in system-build or advisory deliverables, or schedule delays, can cause the client loss and lead to a claim.
AI models, blockchain and financial IT can, by their nature, give rise to new kinds of loss and liability.
A defect in a technology product can lead to third-party bodily injury or property damage (PL).
Risk expands through defamation or copyright infringement in online content and differing laws in overseas business.
Technology-business risk does not fit a single policy well. Defects in hardware and technology products fall under product liability (PL), which addresses third-party bodily injury and property damage; negligence in technology services and advice such as SI, SaaS and consulting falls under professional liability (E&O), which addresses economic loss to clients; and hacking and data breaches fall under Cyber/Privacy. Technology liability insurance is characterised by combining these three strands under a single wording, with media liability and IP infringement for online content available as options. The starting point is to see where in products, services and data your risk is concentrated.
Source: (standard insurance-textbook scenario)
The wording and structure points decision-makers most often overlook
A product defect is PL, service/advisory negligence is E&O, hacking and breaches are Cyber/Privacy. Check that the combined wording captures the whole distribution of your business's risk.
The E&O area covering technology advisory and build negligence is often written on a claims-made basis, so check the Retroactive Date and Reporting Period.
Defamation and copyright infringement in online content (media/IP) and overseas territory are often combined as options rather than base cover. Check inclusion against your actual scope of business.
The questions asked most when considering technology liability insurance
It is combined cover, under a single wording, for bodily injury and property damage (PL), professional negligence (E&O) and cyber incidents (Cyber/Privacy) that can arise as technology businesses — IT, software, hardware, platforms, AI, semiconductors, blockchain — deliver products and services.
You can, but in a technology business product, service and data risks are mixed within one operation, so a combined wording reduces gaps and overlaps. Choose to match the distribution of your business's risk.
Advisory, build and operations negligence in system integration, IT consulting and SaaS operation is covered under professional liability (E&O). This area is often written on a claims-made basis, so check the Retroactive Date and Reporting Period.
Media and IP liability — defamation, copyright and trademark infringement in online content — is often combined as an option rather than base cover. Check inclusion against your actual business.
Overseas business involves different laws and claims environments by country. Consider the global-territory option to capture business territories beyond Korea such as the USA, EU and Japan.
The insurer calculates it based on business type (product, service, platform) and technology risk, revenue, the cover structure (PL, E&O, Cyber) and limit, overseas territory, and past claims history. The exact premium and terms are confirmed after underwriting by insurers such as AIG, Chubb, DB, Hyundai, KB and Meritz.
