IT contractors insurance – how it may help your business
As a professional person, you are at risk in terms of the services you supply. IT contractors insurance could be one way of protecting you from those risks.
Professional liability
Although we may not always like it, the reality is that we live in a litigious world.
Your clients today may be very keen to demand that you pay for your mistakes that resulted in them suffering financial loss – ‘forgive and forget’ is now frequently an attitude of the past.
Equally, as modern technology has increased our communication capabilities, it has also arguably increased the risk of your statements and comments getting into the public domain. This may easily lead to demands that you accept accountability for erroneous or libellous statements, the accidental release of confidential information or defamation.
As an IT contractor, there is also a fair chance that you’ll have heavy exposure to your client’s data – lose it or accidentally release it to an unauthorised person and you may find yourself going through the legal compensation process very quickly indeed.
IT contractors insurance
Professional indemnity insurance (PII) may be a way of reducing your financial risks should you be on the receiving end of a large court award for one of these (or other) circumstances.
A summary of some of the circumstances covered typically may or may not include:
• accidental breach of confidentiality;
• loss of confidential information;
• product liability;
• libel and slander;
• defamation;
• dishonesty;
• unintentional infringement of intellectual property rights.
It may be worth remembering that the point is not whether you believed you slandered someone or behaved dishonesty – but only what a court believes and awards.
The awards can also be high – well into 6 or even 7 figures depending upon the circumstances and severity of the problem.
Our services
We offer IT contractors insurance that typically covers a wide range of situations and circumstances. It can also provide public liability insurance in case you are unfortunate enough to be sued for injury or damages sustained by a member of the public while you were providing your services. Finding out more from reading further on our site may be a good idea.