The point of business insurance is to protect your company against accidents, unsatisfied clients, injuries, or damages that stem from you, your employees, or the products/services you provide. On paper, the concept may seem pretty cut-and-dried, but empirically, the potential circumstances that could threaten your business are unique and often-changing, especially as your company grows. Therefore, no generalized, one-size-fits-all policy will provide you with the customized coverage that you need. Today, we answer some of the more common questions regarding technology insurance, and why every independent programmer/designer/systems integrator should make it a priority to properly secure their business.
What’s the difference between professional liability and general liability?
Regardless of the nature of your business, general liability insurance will provide coverage in case of injury or property damage caused to a client or other bystander. It also includes coverage for accidents that aren’t your fault, but occur at your place of business, such as a slip and fall accident at your doorstep. By contrast, professional liability (also referred to as Errors & Omissions) is necessary in cases where a client claims you made a mistake, or didn’t provide the quality of service that was expected. Professional liability insurance may also cover legal expenses related to litigation resulting from such claims.
How likely is it that I’ll need protection against litigation?
You may never have to face a dissatisfied client, or at least not in court, but the fact that it’s possible means you’re always at some risk. Even false claims can drag on in court, causing you to rack up legal expenses until your case is dismissed. In many cases, you might not regain those costs, even if you win, and having adequate professional liability insurance will help you get through the process without breaking the bank.
ABOUT YOUR DALLAS 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, visit us online, or call our Carrollton office today at 972-492-8500.