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Information & Communication Technology Liability Insurance
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How to lose hundreds of thousands by doing nothing…
Million dollar verdicts and costly legal fees can easily destroy a firm’s bottom line if it’s not properly protected. Don’t become complacent. Many Australian IT&T companies have been caught out by not having the right Insurance protection for their business.
Information Technology and Telecommunications (IT&T) companies are facing increasing liability challenges and threats. Even the best managed IT&T companies can find themselves embroiled in legal action from ever demanding customers as the reliance on the products and services provided by IT&T company’s increases.
Are you ready for the unexpected?
People don't usually believe they need coverage, until it's too late. Look at these loss scenarios and then ask whether you have proper insurance protection.
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: $750,000 : Defence Costs Paid: $150,000
Software fails to maintain employee hours
A company provides timekeeping hardware and software to its customer. 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: $440,000
Breach of security
A telecommunications firm is sued by customers claiming they were sold a defective system with inadequate security protections. The customers claim the faulty system allowed individuals to access their phone system and, as a result, they incurred fraudulent overseas charges.
Indemnity Paid: $345,000
Defending software that performed as promised
A software company was sued by a customer after he used the company’s cost estimating software. The software itself was found to have functioned perfectly. The error was on the part of the user who later underbid a work project. The customer eventually dropped the case, but only after considerable legal expenses were incurred by he software company.
Indemnity paid: $0 : Defence Costs Paid: $175,000
Inability to deliver on marketing “promises”
A personal computer assembler is sued by a group of consumers in a class action suit. The suit alleges that the company’s equipment did not live up to advertised specifications. Citing issues such as lack of speed and poor upgrade capability, the consumers demand full refunds.
Indemnity paid: $1,600,000
Jury award for compensatory damages
When a software solutions provider fails to live up to the performance commitments made via a contract for a new software system, a local jury awards the plaintiff in excess of $2 million in compensatory damages
Indemnity Paid: $2,400,000 : Defence costs Paid: $350,000
Missed deadlines cause a breach of contract
A firm outsources to an information technology and management services company for the replacement of hardware, software and infrastructure as well as telecommunications and related services in order to upgrade its ability to serve customers and address any problems. The information technology and management services firm fails to meet deadlines due to a high turnover of staff and a breakdown of project management.
Indemnity Reserve: $2,000,000 : Expense paid: $500,000
CIA can provide an insurance coverage that will close all the gaps. After being in the industry for 25 years, we have put our top team to work in providing a cover that will make sure you don’t become a statistic. Don’t be fooled by the simple insurance policies that appear to cover the basics. Your business could collapse from one event.
How much cover can I purchase?
We can provide up to $20 million coverage for Professional Indemnity (Errors and Omissions cover) any one claim and $40 million in the aggregate during any one year. For Personal Injury and Property damage we can provide up to $20 million any one occurrence.
Don’t take the chance!
We are offering to do a complimentary independent review of your current insurance policy and check through your current coverage, establish your risk profile and identify where you may be exposed. There is no obligation on your part, we are simply offering to do an independent review of your current situation. This complimentary review could save you hundreds of thousands of dollars.
To obtain a no obligation quotation, all you need to do is simply complete the on-line questionnaire and we will provide you with a quotation normally within 48 hours or contact one of our Specialists NOW on 03 9557 2976 and ask for either Geoff, Nathan or Permi. www.ciainsurance.com.au
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