SaaS Founder Needing PI + Cyber
Outage, breach, breach-of-contract — the two policies that protect a NZ tech company.
You run a SaaS / B2B software company. PI covers service failures (outage, data loss, breach of contract on deliverables); cyber covers incident response when you're hacked (forensic, notification, ransom, BI). NZ wordings differ on consequential loss, ransomware payment, territory (NZ + worldwide excl. USA/Canada is standard), and how PI and cyber overlap on a data breach.
Cover types most relevant
- Professional indemnity
Professional indemnity covers your civil liability for claims arising from professional services. Every NZ retail PI wording is claims-made — the retroactive date and run-off availability decide whether old work is covered when you change insurers or close the business.
- Cyber liability
Cyber liability covers both first-party costs (incident response, forensic, notification, business interruption, ransom) and third-party liability (privacy claims, regulator fines). NZ wordings differ on whether ransomware extortion payments are insurable and how Privacy Commissioner penalties interact with statutory liability.
Refining for your situation
- Do you have US-based paying customers? — affects how we weight matching clauses
Watch out for
- USA: Standard NZ wordings exclude claims brought in US courts. If your contract names US jurisdiction, you may need a US-domiciled supplementary policy.
- OFAC: Ransomware payments may be blocked by NZ/US sanctions screening (OFAC). Some wordings exclude paying sanctioned actors entirely.
Related topics
This scenario is built from FCIB-panel wordings (NZI · QBE · AIG · Zurich · Delta · Dual) plus Vero as an off-panel market comparator. Clause-level cover matches require the wording corpus to be populated for each product — where it isn't yet, the page shows "Not on file — request latest wording from insurer via FCIB" rather than fabricating an answer.
For a tailored quote on the cover types listed above, contact First Commercial Insurance Brokers Ltd (FSP748591): 0800 437 699 · stewart@fcib.co.nz