We know information technology insurance
We’ve developed strong relationships with top A+ rated carriers that specifically target the technology sector and we have committed to fully immersing ourselves in the technology industry to truly understand the unique needs of this ever-changing industry.
We have done so through our involvement in different associations, community initiatives and simply by working closely with tech companies just like yours. Our lead technology insurance broker is a member of the Technology Association of Georgia.
Here is the thing: You have worked hard at building up your information technology business and spent years of schooling and in the trenches to become specialist. You are rightly concerned about protecting yourself from liability because, after all, your clients rely on your advice. That is why information technology providers can be sued for fraud and negligence in performance of duties.
Here are the 10 most common reasons for IT professional liability lawsuits in the United States
- Under performance/ missing projections
- Frivolous suit
- Clients fail to execute your plan
- Recommending bad employees and contractors for clients
- Website designer lawsuits
- Security flaws
- Failure to deliver part of a project
- Trademark or copyright infringement
- Lost profits
- Not communicating clearly
What would you do if you were hit with a liability suit for more than your current insurance covered?
Thankfully, here at InsuranceHub, we have experience helping:
- Website designers: We understand that your goal is to design a site that meets the look and function that your client is expecting. We also know that some clients will never be satisfied. That is why you need liability insurance. If you host client websites then you need to make sure that you protect your clients website from being hacked and customer confidential information being stolen. Be careful to only put pictures, video and music that you own and have the authority to use.
- Computer programming: We understand that computer programmers write, modify, test, and supporting software, apps and games for their clients. We understand that one of your biggest concerns are security flaws.
- Computer stores: We understand that you sell new and used computer systems, modems, monitors, navigation devices, printers, and software products. We also know that you may offer repair services. Some of you also provide technical support. We understand that you are concerned about your customers slipping and falling in your store.
- IT consultants: We understand that an IT consultant advises their clients on how to use information technology in order to meet their business objectives or overcome problems. They work to improve the structure and efficiency of IT systems in various organizations. We understand that their biggest liabilities come from security flaws that open their networks to hackers. We also understand that you need to keep all of the employee computers working and connected to the network.
Types of exposure that information technology service providers need protection from:
Property exposure: Do you have a store or office? Your biggest liability may come from risk of fire. Ensure that all wiring is up to code. Make sure that all electronic equipment is cooled so that it doesn't overheat and cause a fire. Keep chemically based fire extinguishers on hand remembering that water and electronics do not mix!
Crime exposure: If you have a store we encourage you to install video cameras to prevent shop lifting. You also have liability from employee dishonesty and computer fraud. Take the time to do background checks on all employees!
Inland marine exposure: Your biggest liabilities arise from accounts receivable, computers, and valuable papers and records. The best way to protect yourself is with a A computer or EDP policy.
Website developers and IT consultants should be sure to take the time to backup and store data offsite at least once daily. Do you have a backup mirror version of the website in case it goes off line or is hacked? Computer repair stores be sure to keep all equipment repaired locked up and secure.
Premises liability exposure: Do you have clients visiting daily? protect the public by cleaning up spills immediately. Keep all aisles open and clear. Keep all sidewalks and parking lots clean of ice and snow. Repair cracks and potholes immediately. Cover yourself with video cameras to prevent people from faking slips and falls.
Products liability exposure: Do you sell used or repaired computers? Talk to your agent for suggestions.
Professional liability and errors and omissions exposures: You must meet the expectations of the client. Make sure all of your work, responsibilities and client expectations are outlined in your written contract . Keep written records of all conversations of the clients. If not you will be open to a possible lawsuit. Beware of using copyrighted music, pictures and videos on your clients website.
Automobile exposure: Make sure you do driving record checks before hiring and authorizing your employees to drive company vehicles. Provide driver training.
Workers compensation exposure: Biggest concerns are regarding eyestrain and carpal tunnel injuries for those that work behind a computer. For those that stock computer shelves, teach them how to lift and unload safely and ergonomically to avoid back strains.
Common components of a technology insurance package should include:
- Business Income with Extra Expense
- Equipment Breakdown
- Business Personal Property
- Employee Dishonesty
- Accounts Receivable
- Computer Fraud
- Valuable Papers and Records
- General Liability
- Employee Benefits Liability
- Professional Liability
- Errors and omissions
- Commercial Umbrella Liability
- Hired and Nonownership Auto Liability
- Workers Compensation
- Cyber insurance
Other information technology insurance coverages to consider:
- Stop Gap Liability
- Directors and Officers Liability
- Leasehold Interest
- Real Property Legal Liability
- Bailees Customers Floater
- Money and Securities
- Special Floater
- Employment Practices Liability
- Business Auto Liability and Physical Damage
Have you had an agent explain to why you need these coverages? Without understanding the value, it can be very difficult to make an informed decision on where to place your insurance.
That’s where we come in. We’ve learned over the years that many agents simply sell insurance, but we don’t feel like that is enough. InsuranceHub risk advisors are here to do just that, advise you and make you feel like you are getting the best value for the dollars you spend on your business insurance.
We do this by:
- Understanding the in’s and out’s specific to your business
- Performing a Coverage Audit
- Gathering pertinent information used by our top A+ rated carriers when quoting policies
- Designing a custom tailored policy fit for your specific business needs
- Explaining how the policy endorsements will help you in the event of a disaster
From products to claims, InsuranceHub’s risk advisors are here to help
With access to top markets around Georgia and the country – including Hanover, Travelers, The Hartford, CNA and more – we have the resources to find you the coverage you need at the right price. Interested in learning more about how InsuranceHub can help your technology business with the right commercial insurance package products?