After a spectacular increase in the volume of IT professional liability insurance sold in 2023,

 Leader Team Broker keeps IT insurance package prices unchanged in 2024 for both existing and new customers 

• With more than 10 years of experience in the IT Professional Liability and Cyber insurance industry, Leader Team Broker creates comprehensive custom packages containing IT Professional Indemnity policy as well as a Cyber Risk clause and a General Liability policy.
  

• Leader Team Broker offers customised insurance packages for companies and IT professionals in 24 EU countries
  

• Tips & tricks from Leader Team Broker – How to analyse IT and Cyber professional liability policy offers and choose the best cover.

Bucharest, May 13, 2024. Leader Team Broker, an integrator of offers specialising in complex IT and Cyber Risk professional liability insurance packages on the European market, is keeping the price of these policies unchanged in 2024 (if the risk profile is not different), as the insurance market records increases of up to 10% per year. Leader Team Broker’s customised insurance products are aimed both at IT specialists working as freelancers and at large European corporations, as the Romanian broker has partnered with three of the largest European insurers to offer comprehensive insurance packages with worldwide coverage.

Depending on the clients’ needs, Leader Team Broker creates innovative customised products, which contain, in addition to the IT Professional Indemnity policy, a Cyber Risk clause (necessary in case of data theft/loss or cyber-attacks), as well as a General Liability policy (covering damages caused to the clients of the client for whom the insured IT specialist worked). For this policy, the price starts at €550 per year and clients can choose from a wide range of insurance, with liability limits ranging from €100,000 to €5 million, depending on the degree of risk and exposure.

Last year, the volume of IT professional liability insurance sold by Leader Team Broker increased by 200% compared to 2021, as a result of the increasing risks in the field, but also of the customised offer with which the brokerage company came to support its clients.

“At the European level, we are among the few brokers specialising in this kind of complex and comprehensive IT professional liability policy packages, having built up more than 10 years’ experience in the IT insurance area, and we are currently the only integrator of offers in the whole of Europe. What differentiates us from other companies is that we have in our portfolio all insurers licensed to sell in Romania and we have partnerships with Lloyd’s/MGAs, partners specialized in IT and Cyber insurance at European level. Based on these partnerships, we can create innovative policies for our clients, tailored to their individual needs. At the same time, the rich offer we have in our portfolio allows us to create complete packages, comprising the three major insurance components – Professional Indemnity, Cyber Security and General Liability – thus offering our clients in Romania and abroad dedicated products with coverage anywhere in the world, including the US and Canada. In terms of speed, Leader Team is once again doing something unique in Romania and Europe, namely, in our relationship with one of Lloyd’s sindicate, we have become, for standard risks, a kind of insurer ourselves, i.e. we discuss with the client, calculate the risk and the price, without having to send the documents to London, which simplifies and shortens the procedure tremendously. In this way, a client who is in a hurry can have the policy concluded within an hour of contacting us. Leader Team Broker therefore offers the best IT insurance option on the local and European market, both in terms of coverage, price and waiting time“, explained Alexandra Elena Durbacă, CEO of Leader Team Broker and International Cyber Specialist.

Leader Team Broker was a pioneer in Romania with the IT professional liability policy, being the first brokerage company to launch this product more than ten years ago, anticipating the need for such insurance in the context of the explosion of technological development in recent years. Three years ago, the broker was also licensed for the European market, where it sells customised insurance packages for companies and IT specialists in 24 EU countries. Leader Team currently insures over 5,000 clients, both freelancers and large IT companies, most of them from Romania, Estonia, Lithuania, Spain, Portugal, the Netherlands and Bulgaria.

“The number of our clients is constantly growing and the demand for complex and customized IT insurance packages is increasing, directly proportional to the unprecedented technological development. That’s why, at Leader Team Broker, we partner with the world’s largest insurers in this area and ensure we create the highest quality products for our clients. With more than 50% more coverage than other similar products on the market, our packages are designed to fully meet the protection needs of companies and industry professionals. We offer global coverage, so our clients also benefit from protection in their business dealings with companies in the US and around the world. At the same time, our advanced claims resolution service makes it possible for our specialists to respond quickly within 30 minutes of receiving a claim. Therefore, our constant care for our customers and our concern to constantly come up with new, complex and useful products for IT industry specialists makes us unique in Europe and guarantees us credibility and trust, both from our customers and from the international partners we work with“, said Răzvan Rusu, founder of Leader Team Broker.

Tips & tricks for choosing the most suitable IT insurance

 In Romania, where a variety of IT insurance policies are sold, sometimes at prices lower than the market average, Leader Team Broker points out that these low prices often hide incomplete insurance packages that do not cover all the risks, or clauses according to which, in case of damage, the insured is liable to pay. So, when looking for an IT liability policy, industry specialists have some recommendations for customers to make sure they buy the best insurance:

• To have as broad a coverage as possible. A complete IT insurance package should contain all three components – Professional Indemnity, Cyber Security and General Liability – with additional coverages added depending on each client’s needs.

• Be aware of the deductible. Some contracts have hidden clauses that require the customer to pay out of pocket for part of the amount in the event of damage. In Leader Team Broker contracts, the standard deductible is zero or less than what exists on the market.

• The price for each cover. In some cases, the insurer gives the customer a low price without explaining that this is the cost for one cover, and in the event of a claim, the customer finds out that, although he/she is paying for insurance, he/she does not have all the covers and cannot be compensated. Thus, for the other coverages he/she needs, the customer will have to pay extra, sometimes not inconsiderable amounts. Leader Team Broker’s specialist advice is to buy integrated insurance from a single broker, which contains all the cover the customer needs, and thus getting a lower price.

• To pay attention to territorial coverage. Because the US and Canada are litigious insurance territories, many companies prefer not to offer cover in these countries. As many IT specialists from Romania or other European countries often work for subcontractors overseas, their IT professional liability insurance package is bound to have cover on the American continent. The IT policies offered by Leader Team have worldwide cover, but also limits on different regions for those who do not need worldwide cover.

About Leader Team Insurance Broker:

Leader Team Insurance Broker is an insurance brokerage company with a European presence and over 18 years of experience in risk management and insurance. The company is recognized as one of the most innovative insurance brokerage players with unique products in liability, health, cyber security, IT industry products, marine, aviation, energy, marketing and HR.

For three consecutive years – 2021, 2022 and 2023 – Leader Team Broker has been awarded ‘Insurance Broker of the Year’ at the Corporate LiveWire UK Awards for the degree of creativity and innovation of its insurance products, designed for new and developing industries and covering new challenges in the business environment.  The judges praised the way Leader Team Broker breaks the mould and comes up with creative products for fast-growing industries and a wide range of risks.

In 2020, the company’s performance was rewarded by the publication Piața Financiară with the title of “Insurance Broker of the Year” and by Financial Intelligence with the award of “Cybersecurity Insurance of the Year 2020”.

London-based cyber security news publication Treat Technologies included Leader Team Broker in its top 20 global companies offering the best cyber insurance solutions and insurance products. In 2017, the company received the “Most Creative Insurance Broker in Romania” award from Media Xprimm, and in 2019 it received the “Innovation and Digitalization” award, being the only brokerage company that used RPA technology for repetitive financial operations. The company was awarded in 2020 by the publication Piața Financiară at the e-finance Gala with the “e-Risk” award for the best product aimed at preventing and hedging the risk of cyber-attacks.

More details can be found at: https://leaderteam.ro/en/