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IndustrialTech

Customized risk management for innovative technologies

Comprehensive insurance solutions for your company

What is IndustrialTech?

IndustrialTech transforms traditional industrial production and manufacturing through the use of modern technologies. This can increase efficiency and flexibility and maintain and expand international competitiveness. In addition, innovation in industry can also reduce waste, CO² and costs. 
 
The technologies include: 
  • IoT: networking machines and systems to collect data and control production in real time. In addition, early analysis of when which components need to be replaced or serviced.
  • Use of AI and machine learning: analysis of large amounts of data, optimization of production processes and increasing efficiency in production.
  • Robotics and automation: Flexible automation to react quickly to changing production requirements. Use of robots and automation to efficiently perform repetitive tasks.
  • Engineering software: Software for process planning, operation and control in all industrial processes.
  • Measuring and sensor technology: For monitoring hot or very fast-running systems during operation and thus significantly increasing both efficiency and product quality.
  • Mobility & Logistics: Innovative solutions for mobility and logistics planning achieve unimagined increases in efficiency, especially for export nations, and enable global industrial business models.
 
This includes many other technologies and solutions for the transformation of traditional industry. 

What risks do IndustrialTech companies face?

Liability

  • Liability for financial losses
  • Product liability
  • Liability for property damage and personal injury
  • Liability for damage during installation or maintenance

Cyber

  • Hacker attacks
  • Cyber liability
  • Data protection violations
  • Ransomware
  • Hacking of IoT infrastructure and damage to machines and systems by third parties

Management

  • Civil proceedings brought by the company against the managers due to breaches of duty that have led to a financial loss in the company
  • Criminal proceedings against managers for alleged violations of criminal law (e.g. criminal tax law or social security fraud)
  • Personal liability of advisory board members for errors in management control

Machines

  • Machine breakage
  • Operating error
  • Theft, fire, storm, etc.
  • Installation errors and resulting damage

IP

  • Infringement of own IP rights by other companies (especially well-capitalized companies can "bleed" small competitors)
  • Infringement of the IP rights of third parties and thus alleged claim for damages

Transportation / business interruption

  • Transportation at home and abroad and all associated damage
  • Interruption of the supply chain and therefore business interruption in your company
In addition, there are further risks depending on the specific orientation of the company. The list can be extended considerably and is intended to provide an initial insight into the wide range of risks to which companies in this sector are exposed. Other risks include material assets or specific professional liability risks, damage to prototypes, betrayal of business secrets by trusted third parties and many more. Please contact us for a joint analysis of your risks and insurance options.

What insurance do IndustrialTech companies need?

  1. Critical: Tech E&O & product liability, cyber, management insurance(D&O / E&O insurance).
  2. Important: Insurance of tangible assets (property insurance, machinery insurance, electronics insurance), IP liability/legal protection, transport insurance, business interruption.
  3. Optional: company legal protection, travel insurance.

The divisions are primarily intended to provide a rough overview. 

Let us advise you, your IndustrialTech specialists

As a specialized and independent insurance broker, we will be happy to advise you on your individual insurance strategy. The right sums insured, deductibles and the scope of the desired cover also play a role here.

IndustrialTech in vogue? Seizing opportunities through proper risk management

Innovation and digitalization are driving forces of our German SMEs and companies are working hard to maintain and develop our competitiveness. Through proper risk management, companies in this sector can ensure that risks that threaten their existence and cannot be calculated in the business plan are properly outsourced to insurers. This is essential so that management and organization can concentrate on their core business.

Unfortunately, it is not always easy to find the right insurance that comprehensively covers the scope of your activity, as some business models are new to insurers and therefore difficult to calculate. Exclusions in the terms and conditions or incomprehensible clauses in the policies can jeopardize and undermine the supposedly good insurance cover. As a specialist broker for tech companies, we are happy to help you analyze your risks and advise you on suitable insurance cover. We often develop this individually with the appropriate insurers and tailor the cover to your company so that you always know what is insured and what is not.

Specialized risk management with Risk Partners Technology

Our approach:

  1. RISK ANALYSIS:
    Together we analyze your insurable risks by coordinating your products, supply chains, transport routes, contracts with customers, travel routes of your employees, international locations and much more, and classify the risks for you according to criticality.
  2. RISK ASSESSMENT:
    Consultation with you to assess your individual risk appetite, on the basis of which we can develop insurance programs.
  3. EXISTING INSURANCE SITUATION:
    If you already have insurance, we check it carefully for its insurance cover and present our analysis to you transparently.
  4. TENDERING AND NEGOTIATION:
    We negotiate offers for your insurance cover with various suitable insurers and compile the results for you in a transparent overview of offers. This also allows you to see how insurers who have not previously offered cover assess your risk.
  5. IMPLEMENTATION:
    We set up the insurance strategy and implement the insurance program for you so that you can contact us at any time with any questions about your insurance. We proactively provide you with policies and insurance overviews as well as insurance confirmations so that you can offer your customers and investors the security they need.

How high should the sums insured be?

Sums insured should always be selected individually and depending on the insurance class. Here are some points you should consider when choosing the sum insured:

  • Liability/TechE&O:
    This sum insured is often specified by customers - individually higher sums insured for projects can also be realized in project insurance policies. We recommend thinking about the worst-case scenario and choosing the sum insured accordingly. Various instruments can then be used to adjust the insurance cover for several potential claims in one year.
  • D&O:
    The D&O sum insured should be selected according to different parameters. Our customers often choose the following sums:
    • < 3 Mio. € Umsatz – min. 1.000.000 €
    • 3-5 million € turnover - min. 2,000,000 €
    • 5-25 million € turnover - min. 5,000,000 €
    • 25-100 million € turnover - min. 10,000,000 €
    • > €100 million turnover - Individually tailored, often €15,000,000 - €25,000,000
  • The D&O insurance sum should be higher if VC/PE investors are involved, as the collateral required to preserve capital is often more important here. Other influencing factors can be the sector, internationality and security requirements of the managing directors.
  • Cyber
    95% of the cyber insurance sum is used for business interruption in the event of a claim. Therefore, check the worst-case scenario in your company and the required recovery times, ideally combined with real testing of the recovery. We then determine the individual cyber insurance sum on this basis. In addition, there are legal fees, PR advice, incident response and many other smaller cost factors that we determine for you when calculating the appropriate sum insured.

Tech E&O for IndistrialTechs: What to look out for in 2025!

In the EU in particular, regulation is an important influencing factor for tech companies. However, non-compliance with these regulations can also entail considerable risks for companies and, above all, lead to high liability sums.

Important current developments in the EU:

  •  Revision of the EU Product Liability Directive:
    The revised directive modernizes and strengthens the rules on compensation for personal injury, damage to property or loss of data caused by unsafe products, in particular for digital products and high-tech. It also takes into account the growing number of products on the internal market that are manufactured outside the Union. For example, it stipulates that manufacturers must always designate an economic operator in the EU from whom injured parties can claim compensation. This also applies to products sold online. The change also increases the potential for damage in the area of product liability for tech companies, meaning that higher sums insured are recommended.
  • International trade relations:
    The USA is one of the most relevant markets for many German tech companies and is also the origin of relevant investors. The uncertain political situation in particular can jeopardize German companies that are not 100% compliant with US regulations. This includes, for example, the partial ban on insurance from abroad if you have US branches.
  • NIS2 and DORA:
    Significantly increased requirements for cyber security in companies and possible subsequent claims against management in the event of non-compliance affect several risk spheres at once. 

How we support IndustrialTechs

We are an insurance broker specializing in tech companies with a quality-first approach. Our team of experienced industry experts will be happy to advise you on your individual risk coverage options - nationally or internationally.

Do you have a current project that we can support you with? Please book an appointment! 

Our approach

Next steps

1.

Analysis of your current risks.

2.

Let our experts advise you.

3.

Implement a customized insurance solution.

 

Feel free to contact our experts for a non-binding consultation!

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