Property, General Liability and Automobile Policies
Technology service professionals and IT and computer consultants need Property, General Liability and Automobile Liability policies similar to all other businesses. Why? These policies protect your technology business in much the same way your Homeowners or Personal Auto policies protect your home and personal possessions. These three basic insurance coverage parts essential to every small are essential protections for every business and represent the foundation of and commercial insurance program, working to safeguard what you’ve worked hard to build.
Professional Liability Insurance (E&O)
In the technology field, small errors and omissions can have big consequences. Consider the impact if a flawed program installation keeps a client from receiving orders or an upgrade you recommended and installed crashes your client’s systems and shuts down their production operations.
You can be sued for damages resulting from the performance of your services or the failure to deliver your professional services as agreed. Professional Liability insurance provides coverage for third party claims of financial or data loss, breach of warranty, network security breach, and more. In the event of a lawsuit, Technology Errors & Omissions coverage helps cover the cost of your defense.
Data Breach Coverage
Technology businesses often store sensitive employee and customer information, including social security and debit/credit card numbers. Data Breach Coverage helps pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and more if personal information is lost or stolen from your technology business.
Employee Dishonesty Insurance Coverage
Many technology businesses send employees to a clients’ business location or home to perform services. Employee Dishonesty coverage helps cover the loss of money, securities and other covered property resulting from dishonest or fraudulent acts of a business’ employees, including while the employee is on the premises of a customer or client.
Professional technology services companies often do business outside the U.S. You may think that because you have no permanent employees or physical properties overseas, any losses that may occur and the resulting claims made in foreign countries, are covered by your U.S. general liability, workers’ compensation or business auto insurance policies. This is often not the case. The Hartford’s Multinational Choice coverage can help reduce coverage gaps and protect your technology, computer, or IT services company when you do business overseas
Contact Keller Stonebraker to learn more about Technology coverage.