Companies, particularly those on the “cutting edge of technology”, can never fully escape the possibility that their service and advice may fail to meet their clients’ expectations. No matter how much care companies and professionals take. They may still be vulnerable to claims alleging breach of duty. If disputes arise, they can be disruptive and expensive to deal with.

However, not many people are aware of IT Consultants Professional Liability Insurance, which can effectively manage and mitigate the emerging risks as examples below:

• Software suppliers cannot meet delivery dates
• Financial information supplied to a database published in a national newspaper was distorted
• A stock control system failed adequately to perform
• An organization ordered a list of potential clients from a computer company and later found that it had sent its existing members details of a deal for new members that induced them to leave and rejoin at lower subscriptions
• Wage payments were delayed due to the insured’s alleged failure to input data in the client’s payroll system. Some employees went overdrawn and claimed for their bank charges
• A computer system designed and installed by the insured was faulty and unable to cope with the requisite number of users.

Professional liability insurance is a complicated product, you may contact us for professional advice.