Technology Insurance Coverage

Arranging for information technology insurance coverage should be part of your business plan if you are or employ the following types of workers:

Call your agent or broker to get coverage.

• Computer Programmers
• Web Site Designers
• Computer Consultants
• Software Designers

For a person working in one of these roles, it is important to have insurance coverage which protects them if either hardware or software sold to a client fails. If one of these products does not work as represented, it can lead to lost revenue for the client. The possibility of the client going out of business also exists.

Another reason why you need to arrange for this type of insurance coverage is for issues surrounding intellectual property. (Intellectual property refers to trademarks, copyrights, and patents. Owning one of these items gives the person or company exclusive rights to use it.) These issues include privacy and exclusivity of use, as well as damages caused by computer viruses.

The purpose of errors and omissions insurance is to provide coverage for situations where a customer or client has suffered a loss due to a mistake (error) or something being overlooked or not anticipated (omission) on the part of a professional. Society's business climate has changed over the years, and individuals and corporations are more likely than ever to sue for damages if they don't get the outcome they were expecting when they deal with services providers of all kinds.

If you don't have the appropriate coverage in place, you could find yourself having to defend the cost of a legal action, and pay any damages awarded against you, out of your own pocket.

If you already have a relationship with an insurance agent or broker for your business, it makes sense to ask them whether they can provide you with information technology insurance coverage as well. If not, don't hesitate to ask for a referral to someone else who can help you arrange for coverage. The listings in your local Yellow Pages can also provide you with companies that provide this coverage, or you can search for an insurance provider online.

Before you sign policy documents, you will want to make sure that the following terms and conditions are covered by the policy:

• You have coverage for the "acts, errors, and omissions" undertaken by yourself and your employees. If you employ the services of subcontractors in your business, then you will want to make sure that they are covered under your policy as well.
• The name of the "first named insured" is your company name if you are incorporated. Company shareholders and their spouses should also be named. In the case of a partnership, all partners in the company (and their spouses) should be insured under the policy.
• Be sure you understand what events are excluded under your policy coverage.
• Some policies will allow you to arrange for coverage for earlier projects (at a higher rate), along with events which occur after the policy takes effect. Ask your insurance agent or broker whether this is available and what the cost would be.

The language of some insurance policies can be difficult to understand. If you have questions or are not clear about exactly what coverage you are buying, make sure you get your questions answered before you buy the policy. You don't want to find that you don't have the appropriate coverage after an incident has occurred.

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