Technology Property and Professional Liability
Tech firms often have enormous hardware investments humming in physical locations. Damage from severe weather, electrical outages or brownouts, and criminal break-ins could threaten the very survival of your business.
Given the complexities of technology solutions, products, and services, it’s often the exception when a new product works perfectly right out of the box. Many performance issues or software crashes can be mitigated with more advanced tech applied through updates. But if enterprise-wide promises are not fulfilled, or your technology fails to meet contractually-required specifications, customers may seek legal remedies against your company.
Get insurance. At a minimum, it is prudent for any small business to have a Business Owner’s Policy. However, because there are unique risks that come with running a data-driven business, tech professionals would be wise to consider additional coverages. For example, Management and Professional Liability Insurance, which often includes professional Errors & Omissions coverage, is designed to protect companies and individuals against loss (both damages and defense costs) resulting from acts, errors or omissions during the performance of professional duties. This Coverage Identifier can help you learn about the types of insurance tech professionals typically use to protect their businesses.