IT Liability FAQ

Professional Liability insurance for IT professionals,

Sometimes called errors and omissions or E&O insurance, is available from a wide range of specialty lines insurers. Coverage and pricing varies greatly depending upon the type of organization, size, location and the specific services provided.

Because this coverage is a new and evolving it continues to change rapidly. Specific coverage provisions are important for IT professionals. One example of this is an IT professional's need for liability coverage for unauthorized access and virus protection. This coverage would protect the IT professional if its action caused a virus to be introduced to a client.

Limits and deductibles vary with the size and type of insured. Standard limits for most small to medium sized organizations start at $1million. Policy forms vary significantly, but the majority are claims made forms with defense costs included within the limit and deductibles.

Public Liability insurance for IT professionals,

Internet-related professional exposures for Information Technology (Internet) Professionals arise from services provided to clients such as web site development, but can also arise from damage a professional can cause to a client's systems resources. This latter exposure includes virus transmission and loss of data. In addition, professional exposures can extend beyond traditional economic loss to contingent bodily injury or property damage for some professionals.

Media exposures arise from intellectual property, defamation and invasion of privacy claims. The intellectual property exposures, such as copyright or trademark infringement, are an unpredictable and rapidly evolving area because the law as it applies to the Internet is not clearly defined. For example, no clear definition has been established for standards of copyright infringement. Does a link from another site to your content infringe on your copyrights? The litigation involving Internet-based music sharing is delving into this new territory.

Security breaches are another area of significant exposure for companies involved with the Internet. The introduction of viruses and unauthorized access are well known examples. Theft of data and extortion are less publicized but equally important exposure areas. Recently, privacy issues related to e-commerce initiatives have gained national prominence, and employee actions have become a significant source of security breaches. 

Latest News

Will you lose the value of a Broker?

If you listen to the Podcast on this link you will here Robert Cooper explain to his Accountant why Small Business stands to lose if Insurance Brokers are not there to advise start up businesses and established businesses about the risks their occupation carries and how they can deal with them. Simply because they will not want to pay the fees that would be charged. Currently instead, Insurance Companies pay the Broker after the Insurance has been placed with them. Perhaps the premiums will appear a bit cheaper in the first year? Then they will question the fees an Insurance Broker puts on top and finds they can go to the Internet and obtain the same cover at the same price. However, they will not have the constant advice and claims advocacy that comes with an Insurance Broker. The big loser is definitely the Consumer as direct insurers give absolutely no advice, only price.

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Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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