Information Technology Combined Professional Indemnity & Liability Insurance - Overview
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Read this guide to assist you in assessing your insurance requirements.
Information Technology (IT)Professionals today operate in an environment of increased responsibility and accountability for their actions. As individuals and corporations become more aware of their legal rights they are increasingly turning to litigation to recover loss. As a result, IT professionals have increasingly found themselves the target of litigation.
INCREASED LITIGATION
As a result of increased accountability, any professional person or consultant providing advice or service faces the prospect of having to defend themselves against claims of a "Professional Indemnity" nature. The cost of legal representative itself, irrespective of any liability to compensate a client, can be potentially crippling to a business and is seldom fully recovered even where the professional have been found to have no liability.
INCREASED EXPOSURE
The prospect of incurring legal liability and the resultant damage to reputation and financial standing highlights the need for professionals to review their exposures and to take measures to minimise the risks associated with conducting their business.
It would improper for us to provide you with advice on the suitability of this product to your specific needs. Once you have completed the proposal form and returned it to us we will be in a better position to assess your needs.
THE BENEFITS OF INFORMATION TECHNOLOGY COMBINED LIABILITY INSURANCE
PROFESSIONAL INDEMNITY INSURANCE
PROTECTION FOR ACTS, ERRORS and OMISSIONS
Professional Indemnity (PI) Insurance provides protection for professionals against legal liability arising from the conduct of their practice or business, these include acts , errors , omissions and breach of professional duties .
PI insurance provides cover for settlement, compensation and/or damages against professionals. In addition, PI insurance provides cover for the significant legal costs and other expenses associated with defending legal actions.
SPECIALISED LEGAL REPRESENTATION
Litigation involving professionals is invariably complex and can often involve professionals defending their personal reputation and integrity. It is imperative that professionals have access to specialised and highly qualified legal practitioners who will represent them and protect their interests.
In response to this growing need for protection Insurers have developed comprehensive Professional Indemnity Insurance products designed to meet the contemporary needs of clients.
Professional Indemnity Insurance affords cover for:
- Claims for compensation
- Legal costs and expenses
- Intellectual Property
- Trade Practices actions
- Libel and slander
- Fraud and dishonesty
- Previous business
- Outgoing principles
- Infringement of copyright
- Joint venture liability
Professional Indemnity Insurance also incorporates the following policy features:
- Unlimited retroactive cover
- Additional reporting period
- Severability and non-imputation
PRODUCT LIABILITY
IT professionals can also find that they provide systems that can be regarded at law as a physical product & as such individuals & corporations can seek to recover financial losses result of the product.
For this reason the Information Technology Combined Liability policy includes Product liability cover.
PUBLIC LIABILITY
Covers the cost of compensation in respect of Personal Injury or Property Damage and includes legal fees which may be incurred as a result of the business being held legally liable.
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