Few fields are as cutthroat as the technology industry. After all, this is a trade where “smaller, faster, better” is the chief mantra, and where some of the most brilliant minds are hard at work discovering the “next big thing.”
That being said, tech professionals are people, too, and like the software and hardware they design, they aren’t immune from committing errors every now and then. Of course, even the smallest mistake can cost billions of dollars in lost revenue—and when these technology experts slip up, unhappy clients are sure to sue.
Fortunately, personal liability insurance offers a safety net to tech companies who are concerned about the exorbitant cost of litigation. Below are a few instances where it proves invaluable:
What if a company you consulted for found your equipment recommendations unsuitable for the task they need to accomplish? Or maybe a glitch was left undetected in the software you developed for a client? If you don’t have personal liability insurance, you will have to foot all the legal costs should your customers sue you.
Loss of Sensitive Date
The Internet is home to many things, including people’s sensitive personal data, such as credit card information. If this vital detail were to ever leak (which has happened, even to giant retailers like Target) the person who designed or managed the database will certainly be brought to court—an expensive mistake indeed.