The emergence of insurance companies and policies has helped save a lot of businesses and corporations from the harsh effects of law suits and damage claims. Insurance has evolved over the years, and different policies have been formulated to cater for different scenarios and situations. Virtually, every profession or scenario has an insurance policy to suit it; this should certainly be taken advantage of.
For the technology professional, a good option is the technology errors and omissions’ insurance policy, which can also be referred to as the technology professional liability insurance policy. This policy covers all types of technology professionals in cases of alleged negligence or failure to meet contract obligations. It is, in fact, the basic insurance policy available for all technology professionals; it can also be customised to meet specific needs.
Technological matters are often very complex and delicate, and typically involve so many areas. The slightest appearance of negligence in conducting one’s duty in such matters can, in fact, result in catastrophic losses. Sometimes, software crashes or network failures could occur during a job due to human oversight or technological failure. This makes it even more important to take out a technology errors and omission’s insurance policy. Furthermore, throughout doing one’s job, one may need to hire independent contractors or other professionals, and mistakes could also come from their end. The technology errors & omissions’ insurance policy would provide coverage not only for your mistakes, but also those of the people under your employ.
The errors and omissions’ policy also covers the legal costs involved in resulting law suits, and settles whatever claims you might incur at the end of the day. It also protects you from threats emanating from new laws and legislations.