What is Technology Insurance?
This specific insurance is designed for IT and technology businesses including self-employed individuals and IT consultants, any business that creates technology and generates revenue through the sale of technology may be eligible for Technology Insurance.
Why do you need Technology Insurance?
As companies rely more on information technology solutions to keep up with market competition, the pressures and stress of accountability and delivery of products and services are also increasing. In many business relationships, companies are involving their technology partners and shifting, or at the very least sharing, the burden of accountability. Today, technology firms whose products either run the applications or whose services are relied upon, are held at higher standards than ever before. When a technology product fails to perform, or if intellectual property information becomes compromised and results in a financial loss to a client, the client may seek legal remedy. Traditional insurance policies may not respond appropriately to changing risk and modern day technology-related problems.
What does Technology Insurance Cover?
Business insurance policy forms for technology firms vary widely, one of the most important component of a technology firm’s business insurance program is having a comprehensive Technology Errors & Omissions Liability policy which is specifically tailored for today’s high-tech companies. It protects your bottom line against damages that you must pay because of economic loss arising out of your products or your work that is caused by an error, omission or negligent act. Claims and suits for such damages — not covered under a commercial general liability policy — could be catastrophic.
Technology Insurance Specialists
SciTech Insurance Pros is a specialized Technology Insurance Agency located in San Antonio, Texas. We provide tailored insurance solutions to each and every one of our clients since we are an independent agency.
We serve San Antonio, Austin, and Dallas areas as well as throughout Texas, California, Washington, and many other states nationwide.
We provide specialized coverages such as Professional Liability Insurance, PCI Compliance Insurance, Product Liability Insurance, Technology Insurance, Clinical Trials Insurance, Cyber Insurance, and many more.
SciTech Insurance Pros is more than an insurance policy, we are your gateway for securing and protecting your Business. Call us at 210-545-5100
A proud member of Trusted Choice
Technology Claim Scenario:
You develop enterprise labor force software to integrate with a client’s HR and payroll systems. You fall behind in delivering the work, resulting in missed milestones and nonfunctioning project modules. You contend that the client repeatedly changed the size and scope of the project. Ultimately, the client fires you and files a lawsuit, seeking to recover lost profits due to the disruption.