Information technology companies have unique Professional Liability (Errors and Omissions Liability) needs.
Technology insurance is needed when a failure of hardware or software products or services results in critical mistakes being made, but in lost income and litigation, and ultimately can result in the failure of your business. Professional liability insurance, also known in this case as computer consultant insurance, can protect software and hardware products and services that often control key business functions such as office automation, database management, word processing, intranets, accounting and billing, e-commerce, websites, production equipment, etc.
Information technology companies also face unique lawsuit exposures for intellectual property violations such as copyright and trademark infringement. Technology insurance, such as software developer insurance or computer consultant insurance, can protect from special personal injury issues involving privacy issues and computer virus attacks. Many of the miscellaneous policy forms may not be suitable to protect against these unique exposures to lawsuits. As a result, the better insurance carriers offer customized policy forms to provide for these specialized Professional Liability (Errors and Omissions Liability) insurance exposures.
Due to the litigation risks cited above, the Professional Liability (Errors and Omissions Liability) policy offers the most important protection for information technology professionals as their biggest risk exposure is the resulting economic damages from their negligent acts, errors, and omissions arising from the sale of their technology products and services.
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