PROFESSIONAL INDEMNITY OR PROFESSIONAL LIABILITIES INSURANCE (PI / PLI)
The business of services, design, consultancy or efficiency products are exposed to financial risk from suits relating to breach of contract. An IT company’s failure to develop an intended application, a Building design gone wrong for an Architect, a Doctor’s failure to save a patient or an erroneous Investment advice can all lead to claims. Professional indemnity or Errors and Omissions (E&O) Cover is specifically designed to address such possibilities of a claim. They provide a wide coverage beyond a contract breach.
Breach of Confidentiality
All contracts require protecting a client information and non-disclosure norms. When client information or plans are accidently revealed by you or your employees unintentionally, the policy can protect you from subsequent claims.
Loss of Data and documents
Losing important client documents and data entrusted to you or Technology firms committing mistakes leading to data loss can all lead to financial losses. It may require expenses to reconstitute data or compensate client losses.
Intellectual Property Infringement
This protects when claims for violation of Intellectual property rights (IPR) are made but not for patent and trade secret violation. It may arise due to a software you bought from a vendor or an employee using designs from his ex-company.
Libel and Slander
When contracts do not go as expected, allegations and counter allegations are common. A spoken word or a contention written to counter falsified or inaccurate allegations can all lead to a claim by a client which needs protection.
Employee Fraud and Dishonesty
While insurance does not cover you for a claim arising from a fraud or dishonesty, you may be unaware of an dishonest act committed by an employee leading to a claim. Edify can help secure a cover from all such claim possibilities.
Delay or Failure to Deliver
Despite best intentions and competencies, services and products can be delayed due to manpower loss or system failures. When a failure leads to delay or failure in delivery of your product or services, your cover should protect you.
The fast paced and transient technology environment is ever exposed to professional claims due to contract breach or delivery failures. On many occasions Tech firms are a victim of change of project specifications by clients leading to fictitious claims. Whatever the nature of claim the same needs a defense and every firm needs to be prepared for financial contingencies. Most disputes end in thousands of dollars spent on defense cost. It is always not the best strategy to be exposed to a client’s demands, if illogical, by having your protection shield ready. Technology Errors & Omissions Insurance apart from general professional indemnity covers, detailed above, can also cover the risk of.
Unauthorised Access Cover
The vulnerability of the internet and its use to deliver services and products exposes Technology Clients to unauthorized access, malicious ware or virus attack. When you are made liable to such losses your liability insurance should cover.
Breach of Privacy
When you undertake to handle personal Health or financial data or operate Payment gateways the risk exposure is significantly high owing to strict regulatory and privacy laws. A
While errors cannot be always prevented, one can always initiate measures to minimise its effect and subsequent losses. Your E&O policy can provide you with financial support to mitigate risks arising out of a failed product or Service.
Whatever be the Technology delivery relating to your business, EDIFY consultants can help customize the right protection for your enterprise at the most optimal cost.
When “Wanna Cry” and “Petya” wrecked havoc with IT systems, the Indian industry was sizing up to the potential threat. With 300,000 computers being compromised and large companies like Jawaharlal Nehru Port trust, Renault and Mondelez being crippled, creating a credible defense and protection has become a priority for all Companies.
Hacking can lead to business losses, regulatory actions, and large spends to mitigate sensitive information if compromised. Edify consultants can help you buy the right Cyber Policy for your need. Cyber insurance apart from privacy and internet breach includes a cover for;
US, UK and European countries always had strict privacy laws which require notification to all individuals whose personal data has been violated. The recent GDPR rules further reinforces privacy protection for EU citizens.
Forensics and Credit Monitoring
The regulations require companies to identify the extent of the privacy breach to reduce the damage. The policy provides cover for the significant cost of hiring forensic experts and spends required for credit monitoring of affected people.
When Privacy violation happen it may not be sufficient to notify the effected individual and prevent misuse of the information. It can lead to regulatory action incurring costs of defence, fines, penalties and other associated expenses.
Most ransomware aim to extort money by disrupting or disabling the use of systems and applications. Cyber covers protect when such disablement leads to business interruption on an extended time frame affecting business profits.
In certain situations cyber criminals can create an upper hand in a disruption attack. When extortion threat becomes realistic and unavoidable, the insurance cover will provide the money paid under duress to cyber criminals.
Company and Individual Reputation
A breach of privacy claim can have a severe dent on a company reputation and ability to do business. Cyber policies provide coverage to hire experts to restore a company or individual reputation and reduce the bad publicity.