What You Need To Know About Technology Insurance
If you are not sure what technology insurance is, it is a professional liability cover meant for designers, developers, distributors, and professionals working in the technology world either as providers of technology services or technology products. Technology products and services can be distinguished using a case of software and web developers and IT support and computer manufacturers whereby, the IT support firms and web developers are providers of technology services while software developers and computer manufacturers are providers of technology products. Liability exposures can arise from various areas such as network security breaches, loss of property, media content, technology products malfunction, and technology services hitch a these are the main focus areas of technology insurance. As a technology services and products provider, you are exposed to various forms of liabilities even in areas you may not be aware of. The most common reasons that lead to it professional liabilities and lawsuits includes but not limited to security flaws in software sot hardware sold to clients, failure to communicate clearly implying that you were trying to withhold critical information, frivolous lawsuits, recommending unqualified and bad employees and experts to clients leading to losses, underperforming below the agreed threshold, failure to deliver as per the contract with the client, trademark and copyright battles concerning various technology features in software and hardware, lost business to adverse media and performance of a service or product, website flaws lawsuits, and network security and data confidentiality issues. Below is a discussion of various technology insurance services you can access to help you in times of need.
As a web designer, the top most crucial technology cover available for you is the website designers IT professional liability cover. Clients contracting you as a website designer may not be satisfied with the delivered product or services and this may result in a lawsuit. The basic understanding that sometimes you may deliver as per the contract but the client is not satisfied should inform your decision to obtain a liability insurance cover. Another technology insurance service you should obtain encompasses hosting client’s websites. Today, cybercrime and hacking, data confidentiality are among the top priorities for a website developer and hosting companies as well as ensuring that any music, pictures, and videos used are owned by the developer.
Computer programming insurance cover is another form of technology insurance that you can get. Developing applications and games, writing computer algorithms and modifying others, as well as testing and providing support. These tasks are difficult and can easily result into a lawsuit if a system not developed, tested or supported properly.
Computer stores insurance cover is another kind of insurance offered b IT professional liability covers. As a computer store, you can be sued for selling faulty products and offering deficient repair services. Finally, IT consultants are also covered under technology insurance as they teach the clients on how to use various systems.