Weave a web of safety with a professional liability insurance policy.
You, as an IT professional, are an expert in the field of technology. That’s your thing, and it’s a unique skill to have; in an era where we depend on technology for so many things, you’d expect people to have a basic understanding of it; however, many people don’t fully understand technology. We are human after all, and people are great at making mistakes: it’s what we do. If you make a mistake on the job, you can be held responsible for any harm you cause to a person or business. Here is some information on how professional liability insurance could protect IT professionals if you are to commit an error.
What’s Covered? (And What Isn’t?)
There are two types of professional liability insurance: Claims-made and occurrence.
- Claims-made: Most professional liability policies are claims-made, meaning that the policy must be in effect when the claim is made against you AND when the event took place.
- Occurrence: In the event that a lawsuit happened in the past, AND you’ve changed careers or retired. Even if you no longer carry the policy, this kind of insurance will cover you.
Professional liability insurance will cover the costs associated with legal defense against claims and payment of judgments against you. It does not cover non-financial losses caused by intentional or dishonest acts committed. Policies will typically have a deductible ranging from $1,000 to $25,000, and the amount you will need depends on the size of your business and level of risk that you pose.
Professional liability insurance may be something you think you don’t need because you “don’t commit mistakes”, but accidents do happen. Contact Purves & Associates Insurance Services. Serving Sacramento, Davis, and surrounding California areas, we will help you find the best commercial insurance coverage to meet your specific needs, all at the right price.