The technology industry is growing rapidly, and typically evolves faster than legislation and regulation can keep up. This means that an errors and omissions case against your technology firm could involve uncharted legal territory, making a defense lawyer an absolute necessity if and when you face E and O charges.
Our technology professional liability is a good fit for technology companies offering the following services:
- Cloud providers
- Application service providers
- Software as a service
- Consulting/training/project management
- Data or record storage
- Database administration
- Hardware evaluation/selection/maintenance
- Help Desk
- Internet service provider/search engine or online publishing/sales
- Network or computer security
- Software development/installation/sales
- Web design/development/hosting or search engine optimization
In truth, there are many reasons every technology specialist and company should purchase this type of insurance. Here are some of the most important:
It serves as personal protection. Even as a careful independent contractor, you could be named in an E&O suit brought by a large corporate client related to a project you did minimal work on. Even if your involvement in the project was small, the cost of your legal defense could be enormous.
It helps win new clients. E and O is not only used to protect your business against client claims; in fact, it can also help you land more clients. Carrying a robust Errors & Omissions policy demonstrates to clients that you have the resources necessary to serve it no matter what happens.
Mistakes happen. Many IT experts think that they will not make a mistake, probably because they have been in the business for numerous years without a single unhappy client. But the time will come that a person or group produces imperfect results. Before this happens, it is essential that the company has the resources necessary to protect itself.
United States Liability Insurance Group specializes in writing insurance for technology companies with comprehensive coverage at a competitive price. Their MicroTek Pak product provides a broad array of coverage for technology companies: errors & omissions coverage including unauthorized access, malicious code, personal injury and an option for intellectual property. This is combined with a business owners package in order to provide coverage for your company’s property and general liability insurance needs. With their dedicated underwriting and claims teams they are committed to providing the best coverage and service in the industry.
- First-dollar coverage for both Errors & Omissions and General Liability on defense and indemnity with a $0 deductible
- Broad definition of “Computer Technology Services “ using “including but not limited to “ wording
- Coverage is provided for unintentional failure to prevent unauthorized access to or use of any electronic system or program of a third party
- Coverage is included for an unauthorized, corrupting or harmful piece of code, including, but not limited to, computer viruses, worms and Trojan horses that may infect their customers’ software or hardware systems
- Personal injury coverage is automatically included for a claim alleging wrongful entry, wrongful eviction, wrongful detention, false arrest, false imprisonment, libel, slander or defamation, advertising injury or violation of any right of privacy.
- Intellectual Property coverage available at a competitive price
- A consent-to-settle clause that will cover up to 50% of the additional costs (defense and indemnity) if you do not agree to the recommended settlement (also known as a 50/50 Hammer Clause)
- Full prior acts coverage available, even for first time buyers
- Errors & Omissions limits available up to $5,000,000
- Business personal property limit includes coverage for electronic data processing (EDP) equipment, property of others in your care, custody or control, tenant’s improvements and betterments and leased personal property.
- Policyholders receive FREE access to eRisk Hub—a comprehensive online portal containing news and tools for risk management and best practices as well as an incident roadmap should the need arise
United States Liability Insurance Group specializes in underwriting low premium, low hazard specialty insurance products. They are committed to making a difference to their Customers through well-designed products that are delivered with unparalleled speed, service and support.
A member of the Berkshire Hathaway family of companies, United States Liability Insurance Group is an A++ rated company that supports its products with financial strength and stability. In addition to innovative products, they provide a broad range of tools to our Customers to help ensure long-term success.