The pace and complexity of new technology continues to grow at a rapid rate, such that most businesses depend on IT and their online systems to work efficiently and effectively all of the time.
However, when things go wrong, IT professionals can be held to account and face liabilities that could result in significant negative financial and reputational consequences.
If you are a consultant or work in an organisation that develops, manufactures, sells, licenses or integrates information technology or related services, IT Liability Insurance is definitely something you should consider. This includes:
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 below.
A typical IT Liability policy will provide cover for: