IT Professionals Insurance Coverage Explained
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Who qualifies as IT professionals?
- Computer Programmers
- Database Managers
- IT Analysts
- IT Managers
- Software Consultants
IT Professionals Insurance covers you should you be accused of providing a faulty professional service or advice. Here are a couple of examples to consider.
Data Backup: You backed up all your client’s records on an external hard drive and then it fails causing all the data to be lost. Your client could make a claim against you for using improper backup procedures.
Client gets Hacked: A client hires you to review their network security and implement new procedures where needed. A few months after you’ve completed your work, the client’s network gets hacked and they lose revenue from the site being down. Your client can make a claim against you for faulty work.
These policies are usually issued on a “claims-made” basis. This means that coverage is triggered when a claim is filed and you report it to the insurance company, since it is often hard to identify when the alleged error or omission originally occurred. Your work will be covered dating back to the earliest date of the continuous professional liability coverage. Policies typically have a one-year term, with an annual premium and deductibles on a per-claim basis.
IT professionals should also be looking into commercial general liability policies to ensure bodily injury and property damage exposures are covered as well.
Need IT Professionals Insurance Coverage Explained? Contact an ALIGNED Advocate today at 1-866-964-7186 today to obtain a quotation for your IT professionals insurance.
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