The risks you face as an IT professional are complex and expanding. The simplest error or omission can lead to complete system failures and large losses in revenue.
IT Insurance, or professional liability insurance, provides financial protection for legal liability resulting from third-party claims, including allegations of defamation, programming errors, intellectual property infringement, breach of privacy and contractual liability.
Here are 5 reasons why your IT business needs IT insurance:
1. Copyright Infringement
You might unknowingly use software without the authorised permissions and get sued for copyright infringement. A lawsuit of this type could be very costly to your business.
2. Accidental Data Losses / Alteration
While changing websites or servers and migrating a customer database, you might accidentally lose or alter data.
3. Virus Protection
If your system is compromised by a virus and you need to restore it, this can be very costly.
4. Programming Errors
Human programmers are prone to mistakes no matter how skilled they may be. One simple error in programming could compromise a client website or system and expose you too a costly lawsuit.
5. Hacker Attacks
If your client has intellectual property or sensitive information worth stealing, it will be vulnerable to hacker attacks. Even a DDOS (Distributed Denial of Service) attack could take a site down for days, resulting in a large loss in revenue.
A tailored IT Insurance policy insures not only your mistakes, but also the mistakes of your staff. As a technology business owner, how much is it worth to save yourself from a bad reputation, a lost client, or embarrassment resulting from a mistake?
– Goggin Insurances deliver specific insurance solutions tailored to your IT organisation. Allow us to customize an affordable and effective policy for you.