IT Professional Liability Insurance
Quote and buy professional liability insurance online in minutes.
What is IT professional liability insurance?
If you’re an IT contractor or employee working in the technology industry, clients could accuse you of providing negligent service or advice when the technology fails and take legal action against you.
Many businesses have cyber liability insurance and commercial general liability insurance, but these won’t cover you should you be accused of providing faulty professional service or advice causing financial loss
Fortunately, EasyCover offers IT professional liability insurance (also called errors and omissions insurance). This unique form of coverage can protect you when the unexpected happens with your clients’ IT hardware and software.
Interested in purchasing your professional liability online in minutes?
Acera Insurance offers EasyCover where you can get a quote, bind your policy and pay online in only a few short minutes. Get comprehensive coverage and affordable rates quickly and easily.
Here are some of the benefits of EasyCover:
- Get free online quotes 24/7
- No long, confusing applications to fill out
- Purchase and manage your policy online
- Support by phone, email or chat
- Option to bundle with other coverages
Why do you need IT professional liability insurance?
Avoid financial turmoil
Complexity can result from technology-based products and services. A small oversight or error can have huge financial consequences.
Your firm can be financially protected if a client is unhappy by having professional liability insurance. Your company could be held responsible for professional mistakes or omissions if it doesn’t have the right insurance. Your business could be hit hard by lawsuits, settlements, or other costs.
Gain clients trust
Professional liability insurance can be a sign to clients that you provide a guarantee about the quality of your services. With insurance, you have financial protection that will reimburse customers if there is an error or omission. This can help customers feel assured.
If you do not invest in IT professional liability insurance, your business would be responsible for all costs related to a defective product or service, as well as legal fees incurred to defend against potential lawsuits from clients. Small businesses can be at risk of bankruptcy due to costly lawsuits or settlements.
Protection from the unexpected
It is easy to believe that the worst won’t happen, but small businesses can be easily shut down by one catastrophic event. Protecting your business from potential risks, such as human error, accident or illness, data breach or property damage, is crucial for keeping your company healthy.
Your company’s financial protection is provided by business insurance. You can protect your capital and time investments by purchasing insurance. Gain greater peace of mind knowing you have insurance that covers you for any adverse events and ensures your business’ continued operation.
With EasyCover by Acera Insurance, we can help you assess the risks and recommend the best plans.
Who needs IT professional liability insurance?
Many types of businesses require IT professional liability insurance due to the products and services that they offer.
- Information technology and software specialists, such as website designers, computer consultants, system integrators, federal government IT contractors, manufacturers of hardware and electronic components.
- Companies providing electronics, such as consumer electronics, computers, communications equipment
- Providers of telecommunications services and integrated communications services, such as carriers of local exchange, long distance telecom carriers, and providers of Internet/application services.
Affordable E&O insurance for IT professions
With EasyCover by Acera Insurance, we offer IT professional liability insurance to a wide range of information technology roles, including:
Examples of IT professional liability insurance
Typical scenarios for claims include:
Professional indemnity insurance
Indemnity insurance for professionals is available to protect you from any legal action or claims that may be made against your company. It is important to be covered in case of an unexpected. Professional indemnity insurance covers legal fees to defend or settle a claim or correct a professional error.
Intellectual property infringement
After creating a website for a client, a third party claims you’ve violated their intellectual property rights by using their tagline.
Breach of confidentiality
You unintentionally email a file containing confidential information related to your client while working on their IT infrastructure.
Software failure
A software product you develop or install fails to perform properly, causing direct financial losses for your client when they have to wait for the product to be re-installed or fixed.
Data breach insurance
Data breach insurance can help you protect your business from data breaches. It is also useful for small business owners. Cyber liability insurance is generally for larger businesses. This policy provides greater coverage to help prepare for and respond to cyberattacks.
How much does IT professional liability insurance cost?
Tech E&O is a popular option for most tech entrepreneurs. The median cost is anywhere between $59/month or $708/year. Depending on your risk, you may pay more or less.
IT professional liability insurance is a cost-intensive service that depends on the following factors:
- Location
- Risk level
- Your coverage limits and deductible
- Number of employees
- Insurance history
Get the best professional liability insurance prices with EasyCover expert brokers. Apply for a free IT professional liability insurance quote now.
Other commercial coverages for IT contractors
If you require additional insurance for your information technology business, besides professional liability insurance, review your options below.
Commercial General Liability Insurance
The first policy an IT company requires is general liability insurance. Your clients are entrusting you with their technology. If it is damaged, they may hold you responsible. General liability insurance protects clients’ property and prevents third-party injuries. This insurance is required often when you sign commercial leases. General liability insurance offers coverage for client injuries, client property damage and advertising injuries, such as slander. Learn more about what your policy can include when you reach out to our expert insurance brokers.
Cyber Liability Insurance
As an IT professional, you’re likely familiar with the serious risks posed by cyberattacks. Cyber liability insurance is designed to help mitigate the financial fallout of both actual and suspected hacking incidents or privacy breaches. This type of coverage can assist with a variety of potential costs, including business interruption losses, legal defence expenses, extortion payments, data restoration, and regulatory penalties. Additionally, our policy extends to include both network security liability and privacy liability, offering a comprehensive layer of protection for your organization.
Why should IT contractors trust EasyCover by Acera Insurance?
There are many risks involved in working in the IT industry, whether you are a software developer or a consultant. Public liability insurance is required if you work with the public as part of your business. This will ensure that you are covered in case of a claim.
However, it’s professional liability insurance that protects against claims made against clients for negligence or mistakes you made in your work. For example, your IT E&O policy covers cases such as a client losing a month of billing data because of your software, or if your installed equipment prevents your customer from ordering online, or even if your cloud-based data service failed to back up critical data.
If you are looking for IT professional liability, EasyCover has spent years specializing in this vital commercial insurance product. In fact, our mission has been making this critical coverage competitive, comprehensive and convenient for our clients. To this end, we’ve built a quote tool that allows you to create your ideal policy in real-time. Select your coverages an limits and immediately see your policy premium update as you make edits or changes. Like the price you see? No need to wait to chat with someone; we offer the ability to easily purchase your coverage online without needing to interact with a broker.
Get your free IT professional liability insurance quote with EasyCover by Acera Insurance now with just a click of a button.
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