Information Technology Liability Insurance
IT Liability Insurance provides
specialist coverage for technology companies, IT consultants and contractors
What is Information Technology Liability Insurance?
IT liability insurance covers technology businesses and IT professionals and contractors against legal and financial liabilities arising from technology-related issues related to the IT products, services or advice they offer. Also known as Technology Errors and Omissions Insurance (Tech E&O Insurance), it can help pay for any errors or omissions in the services that technology businesses provide.
Information Technology Insurance combines cover for Professional Indemnity, Public & Products Liability and Cyber Crime as technology companies and IT professionals and contractors face risks associated with products and services, including advice. This combined policy ensures you avoid gaps in coverage that can arise if policies are placed separately.
What Tetris IT Liability Insurance Covers
Civil Liability arising from provision of
IT Services and IT Products
Faulty designs and inaccurate advice
Misleading and deceptive conduct
Breaches of intellectual
property rights
Contractual Liability
Slips and falls on your premises
Fraudulent and dishonest acts
Injury caused by you or one of your employee’s negligence
Defamation
Loss of documents and data
Fines and penalties
Damage to a third party’s property
Product Recall expenses
Why is Information Technology Insurance important?
Information Technology is a complex and ever-changing industry, with unique risks. As the reliance on technology continues to grow, risks and potential liabilities for technology businesses, IT consultants and IT contractors also increases. Some examples of possible risks include data breaches, cyber attacks, intellectual property infringement, and other IT-related risks.
Information Technology Insurance has been created to protect businesses from these unique risks which can result in potentially significant costs of legal fees, settlements, and damages.
Key Risks for IT Businesses
Professional negligence claims can be made against IT professionals associated with acts, errors or omissions over a range of IT services they provide. Any professional advice you give to clients can be used against you.
Damage or hacking of software or IT systems. This includes backup and disaster recovery, phone systems and storage. If there was a leak of data or breach of confidentiality after being hacked, you could suffer financial, legal and reputational costs.
Who Needs IT Liability Insurance?
Any IT business or IT consultant that develops, sells, manufactures, licenses, integrates or sells any form of information technology, product or service, including IT advice should strongly consider getting Information Technology Insurance coverage, and specifically the following:
- Information Technology Professionals
- IT Help Desk / Support Services
- Data Processing/Storage/Warehousing
- IT Consultants/IT Contractors
- Software Developers
- Electronic and Telco equipment manufacturers
- Telecommunications providers
- Internet service providers
- Web Hosting service providers
- Hardware/Software resellers
- IT Maintenance and Repair Technicians
IT Liability Insurance is particularly important for businesses that rely heavily on technology to store sensitive data or conduct transactions online.
Information Technology Liability Insurance that fits your needs
At Tetris Insurance we understand the unique risks associated with Information Technology. Our expert team of insurance brokers can provide you with the specialist IT Liability Insurance you need to protect your business at competitive prices.