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.