Services Offered by a Technology Insurance Company
Technology insurance is an arm of professional insurance designed and sold to provide liability cover to providers of technology products and services to the clients. Technology products and services can be distinguished using a case of software and web developers and IT support and computer manufacturers whereby, the IT support firms and web developers are providers of technology services while software developers and computer manufacturers are providers of technology products. Technology insurance takes care of both property loss exposures and liabilities resulting from media content, technology products malfunction, network security breaches, and technology services. Technology liabilities arise from several directions that as a technology services or products provider may not foresee and take precautions. The most common reasons that lead to it professional liabilities and lawsuits includes but not limited to security flaws in software sot hardware sold to clients, failure to communicate clearly implying that you were trying to withhold critical information, frivolous lawsuits, recommending unqualified and bad employees and experts to clients leading to losses, underperforming below the agreed threshold, failure to deliver as per the contract with the client, trademark and copyright battles concerning various technology features in software and hardware, lost business to adverse media and performance of a service or product, website flaws lawsuits, and network security and data confidentiality issues. IT professional liabilities may not be avoidable and here below is a summary of various IT professional insurance services you can obtain from a technology insurance company.
The first and foremost crucial service a technology insurance company gives you is a cover for website designers. Clients contracting you as a website designer may not be satisfied with the delivered product or services and this may result in a lawsuit. Unhappy clients can sometimes sue you not because you did not deliver as per the contract but simply because they are not happy with the end product and hence you need insurance cover to keep your business protected. The other technology insurance service under website designers is a cover for you as a business if you host clients’ websites. You need to ensure that your clients websites are well protected from cybercrime, hacking, and leakage or theft of confidential client information and you observe copyrights and trademarks in usage of videos, pictures, and music.
If you are a computer programmer, you can also get an insurance cover. Computer programmers are often involved in difficult tasks such as writing new codes, modifying existing ones, developing applications, testing and providing support. A lawsuit can easily arise from computer programming services and hence need for a technology liability cover.
Computer stores are also covered by technology insurance in their usual duties of distributing hardware, software, monitors, and navigation devices. As a computer store, you can be sued for selling faulty products and offering deficient repair services. Clients often face challenges in implementing new technology and hence IT consultants to help, and this may result in a lawsuit and hence need for IT consultant insurance cover.