Services Offered by a Technology Insurance Company
If you are a technology company offering various technology products and services, technology insurance is designed to cover you against liabilities and lawsuits that may arise due to various reasons. For instance, web designers, IT support firms, and data storage companies provide what is known as technology services while on the other hand, computer and technology devices manufacturers and software developers offer technology products. No provider of technology services or products is immune to technology liabilities, and they can arise from diverse areas such as network security breaches, loss of business due technical hitch of a technology product, failure of technology services, etc. and hence need to obtain technology insurance to cover you in the event that you are sued or fined. 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. In times of need, you can get all the help you need to cover all your IT professional liabilities as explained here bellow.
The first and foremost crucial service a technology insurance company gives you is a cover for website designers. If you designed a website for a client and they did not like it, or it did not meet their expectations 100%, it is highly likely that it could result into a legal battle exposing you financially. Sometimes it is possible to meet all the specifications of the contract and still find that the client is not happy with the end product and this should hint to you that you need insurance as a website developer. Also, if you host clients’ websites, you need insurance. 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.
Computer programming insurance cover is another form of technology insurance that you can get. The tasks performed by a computer programmer often involves tasks such as writing codes, modification of algorithms, applications development, and developing games for clients. Computer programming can easily land you into a lawsuit and cost you significantly.
The other type of insurance covers offered by technology insurance companies encompasses computer stores selling hardware, monitors, computer systems, software products, and modems. Clients often sue computer stores if the devices they purchase are not genuine or are faulty. Finally, IT consultants are also covered under technology insurance as they teach the clients on how to use various systems.