IT Insurance – How to Choose the Best IT Insurance?
Posted by My Tech Elite on September 30th, 2019
Professionals in the IT industry face potential liabilities from clients and third parties every day. As an IT professional, clients often depend on you for good advice and quality products so their systems can work well and efficiently. The problem is good advice and service doesn’t always protect IT professionals from liability. Because unfortunately sometimes things can go wrong and systems may break down. The last thing you would want is for your disappointed clients to seek blame on you and make a claim for compensation which can turn into a considerable time and money commitments for you to solve. The good news is you can protect yourself with a good public liability insurance for IT consultant. Here I will share with you the benefit of getting the best IT insurance 2019 for your business.
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Table of Contents
What is IT Insurance?
Do I need IT Insurance?
What you should look for when choosing the best IT liability insurance?
1. Who is covered under an IT Liability Policy?
IT Liability insurance policy normally covers:
2. What do IT Liability policies provide cover for?
3. Is there any Additional Cover available?
4. Does it include Professional Indemnity and Public Liability?
Companies that offer IT insurance
1. CGU
AON
Auzi
Conclusion
What is IT Insurance?
IT Insurance gives you and your business protection against legal liability arises due to the failure of your IT devices, products, or services. The policy normally combines with Professional Indemnity, Public Liability, and Product Liability into one insurance solution to give you as much protection as possible.
Do I need IT Insurance?
If you are a professional or work in a company that performs any of the following services:
Computer consultants
Hardware/software developers, resellers & manufacturers
Internet service providers
Web hosting
Internet services
Telecommunication services
IT recruitment and placement services
What you should look for when choosing the best IT liability insurance?
1. Who is covered under an IT Liability Policy?
IT Liability insurance policy normally covers:
The entity, which includes any subsidiaries
All partners, directors and executives (past, present, and future)
All employees (past, present, and future)
Contractors, Sub-contractors, and the work performed on behalf of the entity.
It is important for you to check if your chosen IT Liability insurance policy provides cover to all persons who give IT services, including the ones who might not be directly providing the services but might be named in the claim due to their position in the entity.
2. What do IT Liability policies provide cover for?
IT Liability insurance policy typically provides cover for a breach of professional duty to a client in the information technology industry including advices, products, or services.
It is important to note that depending on the which insurance company, IT liability insurance policy can cover many different things. Therefore it is very important to compare their policy schedules before you choose the one which suits you the most.
3. Are there any Additional Cover available?
Additionally, IT insurance policy sometimes will cover the following:
Misleading conduct of the work to be performed
Breach of Intellectual Property and CopyRights: of a client or third party
Loss of documents or data
Defence costs in association with the covered claims.
4. Does it include Professional Idemnity and Public Liability?
Many insurance company also provide products and public liability (as part of IT insurance policy) to give you the maximum protection for your services
The good thing about having professional indemnity, products liability and public liability combined in the same IT insurance policy is no claim more likely can slip through.
Companies that offer IT insurance
1. CGU
Pro:
CGU’s IT professionals insurance provides protection tailored to your needs and requirements
Provides flexible cover for your business.
Include professional indemnity, public and product liability insurance.
AON
Pro:
Aon offer competitively-priced, tailored insurance.
Some overseas activities may be covered including USA & Canada
May provided “run off covers” for your past activities after you have ceased business or retired
Auzi
Pro:
Buy online in minutes
A choice of cover limits and ways to pay
Australian owned and operated
30+ years Insurance experience
Conclusion
Hope this article helps you understand about the advantage of getting a IT liability insurance. Please note that i am not affiliated with any of the companies mentioned above, i am just here to share my insights and hope that it is useful to others. If you have any suggestions please contact me.
