Whatever software industry you’re in, chances are your clients rely on the software and related support you provide in order for their business to function smoothly. The right computer software can make all the difference to operating efficiently and productively and for many businesses it’s a lifeline to survival.
So, what happens if a client accuses you of negligence, or a tiny bug in your code causes loss of data or productivity – could they sue you for financial loss? The answer is likely to be yes and this is a key reason why you may need to protect yourself and your clients with adequate insurance.
In your industry, you could need various cover to protect you and your business from third party claims and the associated legal fees. If you’re self-employed, a contractor or a sole trader, then consider (as a minimum) professional indemnity cover and public liability cover. If you have people working for you then also add employers' liability cover, which is normally a legal requirement.
What is professional indemnity cover?
What if a client was not satisfied with your work and refused to pay you for the time and effort spent on the project? To make matters worse they could also claim against you for damages. If your business provides knowledge, expertise, advice or skills to clients, professional indemnity insurance could prove essential in protecting you from costly third party claims and potentially huge legal fees.
What is public liability insurance?
If you don’t have this, your business and reputation could be ruined should a claim for damages be made against you. It’s there to help cover any legal fees and expenses should a claim to made against you for something you have worked on that has injured or medically affected a member of the public.
What is employers’ liability insurance?
This is usually a legal requirement if you hire contractors or have one or more employees on your books. It’s there to help protect you and your staff in case of accident, injury or death. It's designed to help cover the cost of a claim from an employee should they be injured or become ill as a result of their work. It can also help financially protect you in the event of a supious claim being made.
Get a quote now or read more in our business insurance guides.