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Certificate of Liability insurance
Even if you're careful in all your work, have great relationships with your clients, and have never been sued in the past, it's still a wise idea to invest in an E and O policy.
Why? Imagine this scenario: you're an independent contractor and you're working on a project for a larger IT company. One of this company's clients is a multi-billion-dollar retailer. The project you're helping with involves updating
the company's email system – pretty straightforward stuff. You do your work, the project ends, and everything's good.
But three months later, the company's email is invaded by a virus that compromises almost all the customer data the company holds. The company looks terrible and shoulders massive liability – and it's looking for someone to blame. Its
team of corporate lawyers decides the best strategy is to sue everyone who was involved in any capacity with the email update – including you.
Even though you likely had nothing to do with the virus (and in fact, it was probably the fault of a poorly trained employee of the mega-corporation), you're now on the hook for presenting a legal defense for yourself. If you don't have an
Errors & Omissions policy in place, the cash for lawyers' bills will have to come out of your pocket.
Next: Should Every IT Firm Have Errors & Omissions Insurance?