In any business, liability essentially describes a situation in which you may be obligated financially, and in many cases, that obligation could put a serious dent in your company’s finances. For technology companies, the risk of many liabilities, including business litigation, is also common, though the particulars may be a bit different than in other fields of business. Fortunately, we can help you construct a business insurance policy, complete with professional liability and errors & omission coverage, to help protect your technology company against the financial liabilities of navigating a lawsuit.
Claims You May Face
Today, technology companies are perhaps more vulnerable to patent lawsuits than most other types of companies. Given the unique nature of today’s various technologies, you may not always see a patent lawsuit coming. When it comes to software, coding, web design, and the various other aspects of your technology company, protection against a patent lawsuit is perhaps more effective than trying to prevent one.
False advertising claims
Miscommunication and misunderstandings are very much a part of everyday business, even when you take painstaking steps to present everything clearly and concisely. When miscommunication occurs, your client may be unsatisfied with the result, and in some cases, may claim that you falsely advertised the service or product that you provided. A well drawn-out contract will help avoid such claims, but if you are faced with one, then the right professional liability insurance will protect you from related legal costs.
Damages resulting from product/services
If a client experiences a virus in their network, or technical issues following the work you or your employees perform, then you may be liable for damages, depending on the nature of the situation. If the damage is a direct result of your services or product, then your company might be responsible for repairs and replacement. If it isn’t your company’s fault, but the client decides to seek legal recourse, then proving that your company is not responsible could still prove costly without the right insurance.
ABOUT YOUR CARROLLTON INSURANCE COMPANY:
With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets and put your mind at ease. To learn more, or to get a free quote, call our Carrollton office today at 972-492-8500.