Cowbell UK launches Prime One tech for SMEs

Cowbell, a pioneering provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, announced the UK launch of Prime One Tech; professional indemnity and cyber coverage for technology companies with up to £1 billion in annual turnover, providing limits of up to £5 million.

Prime One Tech combines Cowbell’s flagship Prime One cyber programme with specialised PI technology coverage. It is enhanced by Cowbell Co-Pilot, a Generative AI-powered tool that streamlines underwriting workflows, reducing contract review time by up to 40%.

UK’s cyberspace

UK boasts the third-largest technology ecosystem, valued at a landmark £902 billion this year

The UK boasts the third-largest technology ecosystem globally, valued at a landmark £902 billion this year, and leads Europe in tech market valuation and investment.

However, the UK’s cyberspace has also seen hostile activity rise in frequency, sophistication, and intensity recently; up 16% in 2024 compared to the previous year.

Risks faced by technology businesses

Prime One Tech is designed to meet the specific needs of this segment as well as demands from the broker community to provide tailored solutions that address the broader risks faced by technology businesses.

Additionally, Cowbell offers robust in-house claims capabilities, ensuring fast, expert-driven response and support tailored to the unique needs of policyholders in the UK.

Key features

With no exclusions for proofs, consequential damages, or breach of warranties and no restrictions tied

Key features include: coverage for professional indemnity, cyber crime, loss of data or documents, breach of contract, intellectual property infringement, subcontractors, cyber first and third party, media liability, mitigation costs, and unpaid invoices.

With no exclusions for guarantees, consequential damages, or breach of warranties and no restrictions tied to business descriptions, it offers unparalleled flexibility and robust risk transfer.

Cyber threats and operational challenges

Marking the company’s first move beyond standalone cyber insurance in the UK, Claud Bilbao, RVP, Underwriting & Distribution at Cowbell UK, comments on the new launch: “The UK has a robust technology sector that faces an increasingly complex array of both cyber threats and operational challenges.These companies - whether software, hardware, communication, or technology service businesses - need more than just general PI insurance."

"They need tailored, innovative solutions that keep pace with the industry’s rapid evolution. With Prime One Tech, we’re delivering exactly that: a comprehensive, adaptive solution covering risks like data breaches, software failures, cyber loss and liability, empowering technology companies to thrive with confidence.” 

Access to Cowbell’s patented platform

Prime One Tech policyholders also get access to Cowbell’s patented platform, which includes:

• Cowbell Factors™: Enabling competitive pricing and optimised premiums for businesses with stronger risk profiles, Cowbell’s proprietary risk rating factors assess an organisation’s cyber risk across eight categories, based on data from over 47 million businesses in the UK, US, and Japan. 
• Cowbell Insights™: Provides real-time recommendations to help policyholders address cybersecurity weaknesses and improve their risk ratings. The platform also sends alerts about emerging cyber threats and offers guidance on protective measures. 
• Cybersecurity training: Includes phishing simulations and awareness courses at no extra cost for the first 12 months after policy inception.

Further developing of digital distribution capabilities

Following its UK market entry in 2023 and the launch of its standalone cyber programme, Cowbell Prime One in September, this latest move is supported by partnerships with A+ rated (re)insurers and Cowbell’s recent $60 million investment from Zurich.

Bilbao adds: “Looking ahead, our experienced team of underwriters is looking forward to deepening relationships with brokers who specialise in technology accounts and further developing our digital distribution capabilities to better serve the UK market.”