Topic

E&O / Professional liability insurance

IT / Tech professionals

Learn how to protect your IT consulting business by understanding the liability risks and taking steps to safeguard your assets.

Small business insurance

Typically, you need to contact your insurance carrier directly when you want to file a commercial insurance claim. But the steps you take may differ based on whether you're filing a property claim or a liability claim.

Insurance terms

Prior acts coverage, also known as nose coverage, offers protection from events that occurred before your existing policy was purchased, up to a particular retroactive date.

Insurance terms

Professional indemnity insurance provides coverage when a client sues you over errors, oversights, or alleges negligence in your work even if you did nothing wrong.

Insurance terms

The retroactive date is the earliest point in time that your insurance policy will cover an incident or dispute. It's sometimes called the retro date or retroactive date of inception.

Insurance terms

Want your insurer in your corner? A duty to defend policy makes it an insurer's obligation to provide legal defense for a lawsuit, instead of just compensating you for the claim.

Insurance terms

An expiration date is the day your insurance policy lapses. Your insurance coverage will typically end at midnight on your policy's expiration date.

Insurance terms

An insurance renewal is the end of the term of your policy, at which point, you'll need to determine if you'd like to continue under the same policy with the same insurance carrier.

Insurance terms

Clients could accuse your tech company of professional negligence if you fail to provide a service or meet their expectations.

Insurance terms

When you have vicarious liability for something, it means you could be held legally responsible for any resulting harm even though you didn't directly cause it. For example, a tech company could be held accountable for the actions of an employee.

Insurance terms

A tortfeasor is a business or individual accused of a tort, which is an act that harms another entity. Torts are often unintentional, but the tortfeasor can still be held liable for damages.

Insurance terms

A rider is an insurance modification that adds extra protection to a policy and enables businesses to customize it to their specific needs.

Insurance terms

A tort is defined as a wrongful act or omission that harms a business or an individual. They often lead to lawsuits.

Insurance terms

A claimant is a person or business entity that files a claim to receive payment for a specific loss under the terms of an insurance policy.

Insurance terms

A claims-made policy is a type of insurance that only covers claims while it's active. If a client lets their claims-made policy lapse before reporting an incident, the insurer won't recognize the claim.

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