Posts
As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you've built is covered by a company that understands your business insurance needs.
Talk to us about the many different coverages available.
youragent@cccooperagency.com What kind of business are you in? Find the coverage for you:
SOME ELIGIBLE CLASSES INCLUDE:
- Building
- Business
- Garage
- Technology
- Energy
- Livestock
- Service
- Builders Risks
- Contractors
- Churches
- Day Care
- Manufacturs
- Nursing Homes
- Vacant Buildings
- Warehouses/Distributors
- Wood Products Mfg.
- Other please call
- Restaurants
- Night Clubs
- Bars
- Taverns
- Apartments
- Hotel/Motel
- Dwellings
- Condominiums
- Office
- Retail
Technology Professional Liability
Insuring innovationTechnology has become an irreplaceable part of our daily lives. But for many companies, technology is the very core of their business and carries the bulk of their risk.
We are represent one of the largest providers of technology-specific insurance programs that offer comprehensive coverage for this intricate industry.
The Hartford has written technology business for more than 25 years.
How we define Technology at The Hartford
Comprised Of Four Distinct Sectors
• Software And Computer-related Services
• Electronics Manufacturing
• Telecommunications
• Life Sciences
– Medical Device Manufacturers, Wholesalers
– Dental Products Manufacturers, Wholesalers
– Surgical Instruments, Appliances & Supplies
– Biotechnology
– Pharmaceutical Preparations
– Testing Laboratories
– Commercial Physical Research
– Drug Wholesale
* Life Sciences is written through Middle Market.
Hartford Product Solutions
• Designed for total coverage solution throughout a company’s lifecycle
– BOP, GL, Property
– Commercial Auto
– Workers’ Compensation
– Umbrella
– E&O (FailSafe)
– International- ACE alliance
– HFP- Management Liability (Crime, D&O, EPLI…)
– IR
– Marine
– Life Sciences- Medmarc alliance
What does Tech E&O cover?
• Errors and Omission covers liability for 3rd party financial
loss that arises out of the insured’s professional services
• Three coverage triggers of E & O:
– Financial or Economic Loss to 3rd party
– Due to a “glitch” or wrongful act
– Must be in performance of covered services (tech services
TECHNOLOGY ELIGIBLE CLASSES
Software Consulting, Development, Project Management
- Accounting/Financial/Payroll – no funds transfer
- Business Application Software Development
- Computer Aided Design (non-structural)
- Computer Aided Design (structural)
- Database Design/Management
- ERP/CRM Implementation
- Funds Transfer Software
- Manufacturing Systems (robotics, PLC, CAM)
- Medical Diagnostic & Patient Monitoring
- Medical Records Management & Retrieval
- Office Automation
- Medical Office Systems & Billing
- Data Restoration
- Scientific and Technical Systems
- Custom Software Developer
Computer Network Services
- Computer Security Software Development
- Disaster Recovery Services/Backup Services
- Computer Hardware Installation & Main
- Network Design & Administration
- Software Installation & Maintenance
- System Design/Administration/Engineering
- Data Intelligence & Data Mining
- Real Time Network Monitoring
- Implement OTS Firewall & Anti-Virus
Instructional Services
- IT Training & Education
- HIPAA & SOX IT Auditing
Hardware and Software Sales
- Computer Hardware Re-Sales
- Off-the-Shelf Software Re-Sales
Internet Services
- Application Service Provider
- E-Commerce/E-Tail Web Design
- Web Hosting
- ISP/Content/Search Services/FTP
- Static Web Design, Development
- Domain Registration Services
- Electronic Exchanges/Auctions
- LAN/WAN Administrators
Media and Advertising Services
- Webcasting/Online Forums
- Imaging Services
- Internet Media Services
- Advertising Services
- Technical Writing
- Broadcasters – Radio/TV
IT Staffing
- Temporary IT Staffing and Placement
- IT Project Management & Consulting
Telecommunications
- Telecommunication Consulting
- VOIP Service Provider
- Telecom Switching System Software
Corrupted Data
A communications company sues for lost revenue and expenses to recover billing files for wireless customers that were deleted by their software vendor who was updating the system.
Indemnity paid: $750,000 : Defense Costs Paid: $150,000
Software fails to maintain employee hours
A company provides timekeeping hardware and software to its customer. The software doesn’t function correctly; it fails to maintain employee hours worked and correctly apply the hourly and overtime rate of pay. The failure results in over/underpaying employees and the need to replace the timekeeping clocks. The customer sues the provider of the hardware and software.
Indemnity Paid: $440,000
Missed deadlines cause a breach of contract
A firm outsources to an information technology and management services company for the replacement of hardware, software and infrastructure as well as telecommunications and related services in order to upgrade its ability to serve customers and address any problems. The information technology and management services firm fails to meet deadlines due to a high turnover of staff and a breakdown of project management.
Indemnity Reserve: $2,000,000 : Expense paid: $500,000
Lawsuit in France
A software developer is dues in French courts for failing to deliver and operation version of a software system. The plaintiff alleges that the system sold and installed was not compatible with its mainframe systems, despite assurances to the contrary. The plaintiff sues for recovery of consequential damages
Indemnity Paid: $600,000
Breach of security
A telecommunications firm is sued by customers claiming they were sold a defective system with inadequate security protections. The customers claim the faulty system allowed individuals to access their phone system and, as a result, they incurred fraudulent overseas charges.
Indemnity Paid: $345,000
Defending software that performed as promised
A software company was sued by a customer after he used the company’s cost estimating software. The software itself was found to have functioned perfectly. The error was on the part of the user who later underbid a work project. The customer eventually dropped the case, but only after considerable legal expenses were incurred by the software company.
Indemnity paid: $0 : Defense Costs Paid: $175,000
Inability to deliver on marketing “promises”
A personal computer assembler is sued by a group of consumers in a class action suit. The suit alleges that the company’s equipment did not live up to advertised specifications. Citing issues such as lack of speed and poor upgrade capability, the consumers demand full refunds.
Indemnity paid: $1,600,000
Jury award for compensatory damages
When a software solutions provider fails to live up to the performance commitments made via a contract for a new software system, a local jury awards the plaintiff in excess of $2 million in compensatory damages
Indemnity Paid: $2,400,000 : Defense costs Paid: $350,000
Million dollar verdicts and costly legal fees can easily destroy a firm’s bottom line… if it’s not properly protected. Talk to us about our information and network technology errors & omission insurance. Make sure you get the protection you need now.
