Information Technology Liability
The Information Technology age is well and truly upon us and the technology sector is booming. Today’s businesses have an inherent reliance on the IT professionals they engage, however with this reliance comes far greater expectations and less hesitation to take action if these expectations are not met.
As an IT professional it is imperative both you and your business are aware of the potential risks and are protected in the event something goes amiss.
At McKenzie Ross we pride ourselves on our ability to partner with and provide sound advice to a diverse range of clients. In the IT space these clients include anyone from start-ups to multinationals operating in the following areas:
- Computer Consultants/Managed Services
- Hardware/Software Resellers Software Developers
- Hardware Manufacturers
- Internet Service Providers
- Web Hosting Internet Services
- Telecommunication Services
- Systems Integration
- Maintenance and Repair
- Data Processing
- Data Warehousing
We work hand in hand with our clients to ascertain their needs and recommend the most appropriate packaged or bespoke IT Liability insurance to protect their interest and afford such covers as:
- Civil Liability. Civil liability, as the name suggests, is liability that arises out of civil law, as opposed to criminal law
- Contractual Liability. An unintentional breach of contract with a third party arising from the provision of IT products/services.
- Technology-related Injury. Infringement of intellectual property, violation of a persons right of privacy, libel, slander or other forms of defamation and breach of confidentiality.
- General Liability. Bodily injury, property damage, personal injury, products hazard and pollution liability.
- Defence Costs. All reasonable costs, charges, fees (including legal counsels’ fees and experts’ fees) and expenses incurred in defending, investigating or monitoring a claim and costs of appeal.
- Mitigation Costs. Indemnity for costs and expenses incurred in respect of any action to mitigate or rectify an error or omission that otherwise would result in a claim under the policy.
- First Party Data Recovery Expenses. Reimbursement for data recovery expenses incurred as the result of an unauthorised security breach.
- Damage and Destruction of Data and Documents. Unintentional damage, loss, mislaying or destruction of documents and/or data.
- Public Relations. Payments incurred by for public relations, crisis management or legal services required to prevent or minimise adverse or negative publicity as a result of an insurance claim or inquiry.
- Defamation. Unintentional libel, slander or defamation in the normal course of Business.
- Cover for subcontractors – Vicarious Liability. Indemnity for claims made against you or your business for civil liability arising out of any actual or alleged conduct of any consultants, contractors, sub-contractors or agents for whose acts, errors or omissions you or your business are legally liable.
As insurance brokers our main aim is to protect your business and ensure appropriate cover is in place should a claim arise. Such as any of the following real life claim scenarios:
- Delay A software development company sign a technology services contract that requires the customised integration of software in five different countries, all within a one-year time frame. It takes over two years to fulfil the entire contract, and they are sued for breach of contract due to the delay.
- Interrupted Service and Lost Data. A critical piece of hardware fails at a private cloud service provider, temporarily suspending customer’s business operations and resulting in a loss of customer information.
- Copyright Infringement. An IT services company use a local company’s trademark in their advertisements on their website. A French company sue for trademark infringement.
- Property Damage. Software developed for a cold storage warehouse fails to maintain temperature levels inside the refrigeration units, resulting in defrosted food.
- Privacy. A software development company developed an electronic health records system for a medical centre. The software had a security ‘hole’ in it which is exploited by a hacker. Thousands of patient records are compromised and many of the affected consumers seek restitution.
At McKenzie Ross we have the relationships to partner with Insurers who know your business, both large and small, ensuring the right insurance fit for every organisation. Our robust understanding of Claims Made policies in particular insuring clauses and contractual liabilities means McKenzie Ross are the ideal partner for your Technology Business.