We know information technology insurance.
We’ve developed strong relationships with top A+ rated carriers that specifically target the technology sector. We've committed to fully immersing ourselves in the technology industry to truly understand the unique needs of this ever-changing industry.
We've done so through our involvement in different associations and 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.
You've worked hard at building up your information technology business. You've spent years of schooling and even more years in the trenches to become a specialist. You are rightly concerned about protecting yourself from liability because, after all, your clients rely on your advice. That's why information technology providers can be sued for fraud and negligence in the performance of their duties.
Here are the 10 most common reasons for IT professional liability lawsuits in the United States.
- Underperformance/missing projections
- Frivolous suits
- Clients failing to execute your plan
- Recommending bad employees and contractors for clients
- Website designer lawsuits
- Security flaws
- Failing 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's 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 their confidential customer information from being stolen. Be careful to only use pictures, video, and music that you own and have the authority to use.
- Computer programming: We understand that computer programmers write, modify, test, and support 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. You might also provide technical support. We understand that you are concerned about your customers slipping and falling in your store, along with all of the other risks you face every day.
- 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 employees' 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 the 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, and remember 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 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 offline or is hacked? If you have a computer repair store, be sure to keep all equipment to be 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. Have 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 with the client. If you don't, you'll be open to a possible lawsuit. Beware of using copyrighted music, pictures, and videos on your client's 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: Your biggest concerns are 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 of these coverages, it can be very difficult to make an informed decision on what kind of insurance to get.
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's enough. InsuranceHub risk advisors are here to do just that - advise you and make sure that you get the best value for the dollars you spend on your business insurance.
We do this by:
- Understanding the ins and outs specific to your business
- Performing a coverage audit
- Gathering pertinent information used by our top A+ rated carriers when quoting policies
- Designing a customized 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?