See us in action below!
Boundary has been making home security smarter since 2018. Offering sophisticated systems that combine sensors and sirens with a mobile app and smart home integrations, Boundary delivers cutting-edge protection that’s intuitive and easy to use.
Industry changing ideas can come from anywhere – just ask Boundary founders and long-time business partners Robin Knox and Paul Walton.
Talking through some renovations that Robin was doing to his home in 2018, the pair shared their pain over the lack of an alarm system that could integrate with the growing wave of smart-home tech. So, rather than waiting for someone else to solve their problem, the two serial entrepreneurs decided to step up to the plate themselves.
Three years on, and despite the impact of a global pandemic – Boundary is in full swing reshaping the home security market. The company has already manufactured over 10,000 home security devices, closed its fourth round of capital funding, and has grown from just Robin and Paul to a team of 22.
One of the people making up that greatly expanded roster is Ross Findlay, Chief Operating Officer. Responsible for building the company’s manufacturing processes and setting its commercial strategy, as well as his operational responsibilities, Ross is all too aware of the need for Boundary to have the right cover in place.
“Insurance can be complex for any new business,” he says, “but for Boundary, where we have a physical product, software, manufacturing, and a range of other factors to think about, it was even more so.”
Seeking to cut through that complexity, the Boundary team enlisted the help of Marsh Commercial – in what Ross describes as a “partnership from the very beginning.”
“When you’re setting things up,” he notes, “it’s very difficult to know what types of insurance and what levels of cover are going to be required. And when you’re at the R&D or pre-launch stage, your insurance needs can be very different to when you’re actively selling the product.”
As well as helping Boundary to unravel some of the complexities surrounding their cover, Ross also believes that the Marsh Commercial's team’s input has helped the business think more strategically about risk and insurance more generally.
“The difference with Boundary compared to many businesses is that we’re providing a physical product that goes into people’s homes and plugs into their mains power,” he continues.
The importance of insurance to Boundary as a business enabler – rather than just a tick in the box – is clear; “it’s a key part of our risk framework, something that gives us the reassurance we need as we continue to expand” says Ross. At the same time, as could be expected of any start-up, that doesn’t mean that Boundary was looking to spend unnecessarily.
“One of the great things about Marsh Commercial is that they’ve taken a really long-term view of our company,” he continues. “They’ve never tried to sell us products for the sake of it, and we’ve always been able to have open commercial discussions with the team there.”
“When our customer base was still fairly limited, for instance, they knew that insurance that covered us for product recalls would probably end up costing more than it would be
worth, More importantly, they were very happy to tell us that. It’s that kind of openness that gives you confidence in what they’re saying.”
Crucially, that trust came into play when Marsh Commercial advised Boundary to consider cyber insurance as part of its long-term strategy. As well as the hardware element of the Boundary systems, many of its devices also connect to customer wi-fi networks and other smart devices.
“We take the security aspect of our products incredibly seriously, as you’d expect,” says Ross. “At the same time, any device that connects to a wider network is going to be a potential target for hackers, and so – while we have every confidence in the protections we’ve put in place – it’s still good to know that we’re covered against external threats, whatever form they might take.”
Keeping in touch
Much of Boundary’s existence, has been set against the backdrop of Covid-19. While that prevented some early issues in terms of manufacturing – “our team in China went home for the New Year and then the entire country went into lockdown,” explains Ross – the company pushed on through. Marsh Commercial, he says, were with them throughout that journey.
“It would have been really easy, particularly now, for an insurance broker to show up just before our renewal was due and find out how things have been going,” he says. “That’s not the case with Marsh Commercial. We have a meeting at least once a quarter to talk about where we’re headed and how our cover needs might have changed. And I know that my contacts there are just at the end of a video or phone call if I need them too.”