The information and technology industry is rapidly evolving, with businesses increasingly relying on online systems for critical operations. As IT professionals work to support these systems, they face a range of potential liabilities from clients and third parties. These risks can have significant financial and reputational impacts, especially if something goes wrong.
As technology continues to advance, the need for protection against these risks becomes even more important to help ensure your business is not left exposed to financial or reputational damage should an incident occur.
What is IT Liability Insurance?
IT Liability Insurance protects you and your business against legal liability occurring due to the failure of your IT products, services or advice. This type of policy combines professional indemnity, public liability and product liability into one insurance solution.
IT Liability Insurance provides protection for instances where an IT product fails, someone hacks into your IT systems or software and destroys or steals sensitive information, and when something goes wrong based on advice you have provided on an IT product or service.
If you are a consultant or work in an organisation that develops, manufactures, sells, licenses, or integrates any form of information technology or related services you should consider IT Liability insurance.
This includes occupations and organisations such as:
- Software Developers
- Electronic and Telco Equipment Manufacturers
- Telecommunication Providers
- Internet Service Providers
- Hardware Manufacturers
- IT/Computer Consultants
- Web Hosting Service Providers
- Systems Integration
- Hardware/Software Resellers
- Maintenance and Repair
- Data Processing and Warehousing
- Education and Training
- IT Maintenance and Repair Technicians
- Facilities Management and Outsourcing
Should I consider an IT Liability policy over separate Indemnity and Liability policies?
Due to the nature of IT, where you’re providing both a service and product simultaneously, it’s sometimes unclear where a claim should fall. The uncertainty is whether it should be placed under a product or public liability policy (third party claims for property damage or personal injury) or a professional indemnity policy (third party claims for financial loss).
This means that your claims could slip through the cracks between the two policies, particularly when they are placed with separate insurers. It’s best to get cover under the one IT Insurance policy, which will include all of the above.
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How Coverforce can help
At Coverforce, our expert team of insurance brokers will take the time to assess your individual requirements and exposures and deliver a comprehensive insurance solution that is tailored to your specific needs and budget.
For more information or to speak to one of our brokers about arranging cover, please contact us.
Alternatively, you can simply fill out a IT Liability Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
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