Information Technology Insurance

Be Advised! Be Protected!

Traditional General Liability and Professional Liability policies do not fully respond to the needs of the information technology industry. However there are insurance companies that we have partnered with who have developed an insurance policy for companies in this sector offering broad protection for the various liabilities they specifically face.

Such companies face a wide variety of exposures including:

  • Product Liability (for financial loss arising from product design error or product failure and for physical injury)
  • Liability arising from delay in delivery or other contractual obligations
  • Errors and Omissions
  • Directors and Officers Liability
  • Employment Practices Liability
  • Copyright Infringement
  • Libel and Slander
  • Computer viruses
  • Hackers
  • Theft and fraudulent use of intellectual property

Hubbard Insurance Group has the skill and expertise to review your risk exposures and provide you the best insurance solution to manage those risks.

Insurance Policy Highlights:

  • Limits up to $15 million
  • Coverage for financial loss arising from product failure or deficiency
  • Coverage for financial loss arising from provision of services
  • Full worldwide coverage
  • Optional Copyright/Trademark Infringement Coverage
  • Libel and Slander Coverage
  • Internet Related Liability Coverage

Another benefit of this type of programme can be the availability of COMMERCIAL GENERAL LIABILITY (CGL) coverage on a standard Occurrence Form, providing the ability to place the CGL and the specialised liability coverage with the same insurer.

This can go a long way in helping to eliminate potential gaps in coverage and claims disputes amongst other problems.

Use the Get A Quote form for a no obligation quote. We will get working for you right away. Or even better, pick up the phone and give us a call! 905-696-9090 or Toll Free 1-800-900-2009

To qualify for such a programme, you typically will need to meet the following criteria:

  • Be an Information Technology Company
  • Gross sales/revenues up to $200,000
  • 100% of operations in Canada
  • Be claims free

Typical Coverage Highlights:

  • Errors and Omissions Limit $100,000
  • Commercial General Liability Limit $1,000,000 or $2,000,000
  • Property Limit $100,000 (with standard extensions)

When the business grows and higher limits are required, we would then apply for the corresponding 'regular' programme, likely through the same insurer.

If you have further questions about Information Technology Errors and Omissions insurance, please e-mail us, give us a call, or fill up the Get A Quote form and one of our insurance experts will get back to you shortly!

Be Aware! Hacker and Cyber Terrorists are out there!

Lenovo hit by cyber attack - Insurance Business Magazine FEB 2015

Chinese tech firm Lenovo isn’t having a good month. Following revelations about software that it included in some laptops that targeted users with adverts but was then found to make systems vulnerable , and at least one lawsuit being launched as a result; now it’s own website has been hacked.

The hackers group Lizard Squad, which also claimed responsibility for hacking Sony Pictures, says it launched the attack. Among the impact of the breach was the redirection of traffic to Lenovo’s website. Experts say that the hackers managed to gain access to the site’s DNS servers which convert a web address into the IP address, the series of numbers that the internet uses. The vulnerability appears to have been with Lenovo’s domain name registrar Webnic. There have also been the released of confidential Lenovo emails.

“The reality is that small businesses get hacked far more often than big ones,” Insureon CEO Ted Devine said in a news release. “But you’re not going to turn on the evening news and hear about the florist on the corner getting breached.”

From the recent attacks on Target, Home Depot and others, then most recently, the US Army itself being hacked, all underline the importance of this cyber liability exposure drum our office has been beating for our clients over the past 18-24 months.

No, simply buying insurance is not the solution, it is only there to help clean up AFTER something happens. Prevention is the first step, speak to your IT professionals, get them to 'crash test' your business's data storage and use procedures. A small error in this regard may only cost the corporation money, a more serious incident could land squarely at the door step of the shareholders personal assets..........topic to be taken seriously? For sure!

A recent IT Claim Scenario one of our clients experienced

The Insured is operating an independent business for over a decade as a specialist in networking services, support and maintenance.

Due to internal modifications by the customer, a second database was created by the customer unknown to the Insured. Upon installation of a replacement server, the Insured failed to discover the new database and therefore the data was not migrated and was destroyed when the old server was recycled.

The database contained detailed billing information and the customer sued the Insured for damages exceeding $250,000.

Litigation is ongoing and legal fees paid to date are in excess of $20,000.

This is for a claim that the Insured did not even know about, can you imagine the damages if it was something they did in error? Could this happen to you? Pick up the phone and give us a call! 905-696-9090 or Toll Free 1-800-900-2009 and we will tell you if it could!

Small Firm Programmes

There are insurance policies designed specifically for small start-up companies or one/two person firms that do not necessarily need high limits for Errors and Omissions (E&O) coverage , but do require some form of E&O coverage. These types of programmes are typically designed to provide full package coverage, including a minimum $100,000 E&O Limit.

Annual premiums for these basic policies are usually under $2,000.00!

We're pleased to help regardless of where your insurance is currently placed. Contact a Hubbard Commercial Insurance Advisor better@hubbardinsurance.com or call 905-696.9090 where you’ll be “Well Advised. Well ProtectedTM.” ™

Insurance Industry Coverage to Consider

COMMERCIAL PROPERTY INSURANCE

Protect your physical assets such as your building, stock, and equipment against loss.

CYBER LIABILITY INSURANCE

Cyber crime is the fastest growing crime in the world. Most attacks are not covered by standard insurance policies.

COMMERCIAL DRONE INSURANCE

Drones are a popular way to commercially transport goods. Be sure you understand your insurance needs with us!

 

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