In any business where you work with clients and customers and provide a service or a product, there is always the possibility that someone will come back to claim damages. Maybe they are claiming that you sold them a faulty product, that something you created is designed poorly, or that the service you provided was sub-par.
There are a lot of people involved in the process of development, and each and every one of them can be at risk of liability. People can make claims against you and take legal action at any stage, no matter what role you have in the development of the product. Regardless of the fact that you’re a tester, a product manager, or anything in between, you can be at risk.
What risk factors are involved in IT work?
- Breach of intellectual property
- Failure of the IT infrastructure provided to clients
- Late delivery of services
- Software issues or functionality issues
- Negligence in rendering services
Essentially, if a bug appears or you fail to provide the service in the way you said, this can motivate someone to make a claim against you. What you need is Professional Indemnity Insurance, which secures your financial future, as an IT professional, in the case of omissions, errors, losses, etc.
Professional Indemnity Insurance
This kind of insurance is set in place to protect you in the event of financial loss incurred as a result of your design, advice, etc. If you provide a service that is not up to standards, and you are up for liability, Professional Indemnity Insurance acts as a financial protection.
Public Liability and Product Liability Insurance
Public Liability Insurance and Product Liability Insurance, on the other hand, is there to cover the costs resulted from property damage or personal injury that may have been caused by an IT professional. More specifically, Public and Product Liability Insurance is related to the visible result of failing services. Almost all professionals can get this kind of insurance, but in many fields, one must have at least a minimum Professional Indemnity Insurance.
The level of risk you are taking depends on your line of work, what you are actually doing, what kind of services or products you provide, whether or not you work directly with clients and customers, etc. Different types of jobs will require various types of insurance at different price points. Bluewell Insurance Brokers can help you find the right coverage for you.
Call us on 1300669664 to receive a quote and find out more information on IT Professionals Insurance.