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The Hartford has been a leader in providing innovative insurance programs for the technology industry. Just as quickly as the technology industry evolves, insurance needs for someone in the tech services and/or manufacturing business also changes. The following is an explanation of some of the tech insurance programs offered by The Hartford.
These days, any business could be sued. But technology companies are especially prone to lawsuits - and those lawsuits can be particularly costly. Consider what would happen if your technology firm was found legally liable for a financial loss because:
- A bug in a software program you produced cause a client's server to crash.
- The equipment you installed for you biggest customer didn't work.
- The web site you designed for one customer too closely resembled its key competitor's site.
In situations like these, you'd want to know you were protected by a sound insurance program.
At The Hartford, we believe that a complete insurance program for technology businesses includes professional liability coverage. That's why we developed the FailSafe suite of professional liability policies designed especially for virtually any sized technology company. Better yet, these coverages complement the standard insurance packages The Hartford offers your business.
Coverage that Can Grow with You
Because no two technology companies are alike, The Hartford addresses varying degrees of insurance needs with three increasingly robust FailSafe products. This suite of products is designed to evolve with your company's changing needs. So as your firm grows, you can migrate from one FailSafe product to another.
FailSafe MEGA
FailSafe MEGA is ideal for small technology companies with less than $5 million in revenues. It is designed for the following types of services:
- Development, sales, installation, integration and/or maintenance of: Hardware, Packaged software, Custom software
- Consulting Services
- Web site design
- Systems outsourcing/systems facilities management/administration
- Application services/leasing (ASP,MSP,etc.)
- E-commerce application development
FailSafe MEGA provides Errors & Omissions (E&O) coverage in case someone claims:
- You were negligent in fulfilling you duties because of something you allegedly did wrong or failed to do.
- Your technology services did not perform as intended.
FailSafe GIGA
FailSafe GIGA is a monoline E&O policy including breach of warranty coverage. It is designed for the following types of services:
- Development, sales, installation, integration and/or maintenance of: Hardware, packaged software, custom software
- Consulting Services
- Internet access
- Web site design / hosting
- Systems outsourcing/Systems facilities management/administration
- Application services/leasing (ASP,MSP,etc.)
- E-commerce application development
FailSafe TERA
FailSafe TERA is a robust technology liability policy that includes specified E&O, as well as:
- Specified content, which covers copyright, trademark infringement, and plagiarism.
- Specified security, which encompasses failure to prevent unauthorized access, and denial of service.
- Specified personal injury, which protects you against claims of libel, slander, and invasion of privacy.
FailSafe TERA is designed for the following types of services:
- Development, sales, installation, integration and/or maintenance of: Hardware, packaged software, custom software
- Consulting Services
- Internet access
- Web site design / hosting
- Systems outsourcing/Systems facilities management/administration
- Application services/leasing (ASP,MSP,etc.)
- E-commerce application development
Additional FailSafe Benefits
What also makes FailSafe particularly appealing for technology companies is that it:
- Provides protection based on when claims were first made and reported.
- Includes subsidiaries in the definition of "insured".
- Specifies coverage for independent contractors and clients.
- Provides universal coverage.
- Offers insurance limits of up to $10 million (GIGA and TERA only).
If you feel that you may be paying for coverage that really doesn't cover your unique exposures, contact an agent at Advance Insurance. We will review your current policy and suggest what coverage is available for your unique exposures. In the event of a claim, to find out that your policy may not cover you, what then have you been paying premium for?
Remember, when one buys insurance they are usually most concerned with the amount of premium cost required. When a one experiences a claim, they are usually concerned with the coverage they purchased.
