High-Tech/Bio-Tech
Insurance for Technology Companies & Knowledge Based Businesses
There are several new and emerging vulnerabilities faced by technology firms. This is why technology companies require specialty coverage. Our extensive experience and knowledge of the IT industry enables us to assess risk and provide insurance solutions. We work with several of the leading insurance companies who specialize in creating insurance products for technology companies.
We at Mitchell Sandham will evaluate your current exposures and potential risks to create the optimal insurance program for your business. Whether you are a computer consultant, website designer, hardware or software manufacturer we have insurance solutions for you.
Just some of the coverages in our insurance offering for technology firms include:
- Errors & Omissions Liability
- Commercial General Liability
- Crime Insurance
- Business Interruption
- Cyber Liability
- Multi-Media & Advertising Liability
- Network Security
- Goods In Transit
- Computer Equipment Coverage and Mobile Devices
- Employers Liability
- Tenants Legal Liability
Claims Examples for Information Technology (IT) Firms
Corrupted Data
A communications company sues for lost revenue and expenses to recover billing files for wireless customers that were deleted by their software vendor who was updating the system. Indemnity paid was $750,000 with $150,000 paid for defence costs.
Software Fails to Maintain Employee Hours
A company provides timekeeping hardware and software to its customers. The software doesn’t function correctly; it fails to maintain employee hours worked and correctly apply the hourly and overtime rate of pay. The failure results in over/underpaying employees and the need to replace the timekeeping clocks. The customer sues the provider of the hardware and software. Indemnity paid was $440,000.
Integration Problem
A computer consultant and systems integrator was contracted to consult on hardware and software system design. It was alleged that the software was deficient and that it was installed in a negligent manner. It was also alleged that it incurred further damages in order to keep its system operating due the integration problem. The amount claimed was $300,000 in damages.