“Professional liability is one of the most significant risks for technology companies today,” said Joe Coray, vice president of The Hartford’s Technology & Life Science Practice. “An alleged failure of a product or service that causes economic loss to a client’s business can result in a costly lawsuit and reputational damage.”
According to The Hartford's data, professional liability claims against technology companies average more than $200,000. 1 Most of these claims include allegations of breach of contract, failure to perform or negligence, and can often also involve issues of liability for loss or corruption of client data.
The Hartford’s FailSafe product suite offers professional liability coverage for technology companies of all sizes. Available enhancements to The Hartford’s FailSafe suite include:
- Broader coverage for data loss, security and damage caused by rogue employees;
- Extended liability coverage for a technology company’s activities on its own computer system and networks; and
- ‘Claims made’ policy forms that ease reporting requirements.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts