Specialist insurance solutions for:
Information Technology Liability Insurance, or IT Liability Insurance, is a combined policy specifically created for Information Technology professionals and contractors. The policy combines Professional Indemnity and Public & Products Liability, which is primarily to help avoid gaps in coverage that can arise if policies are placed separately.
The technology industry is a very diverse and fast evolving sector. It requires a specialist like Barrack Broking to understand the risks and advise on the best structured insurance program.
Our IT liability insurance solutions are tailored to all types of technology businesses, including:
Information Technology businesses and contractors are exposed to many types of risks, from cybersecurity attacks, system failures, data breaches to human error. The risk environment is dynamic and firms ought to protect themselves with a comprehensive insurance program that is regularly reviewed and updated.
IT Liability insurance combines cover for:
The coverage offered by each insurer will vary from policy to policy, which is why you should seek the advice from a specialist business insurance broker such as Barrack
Broking. Knowing which policy is best suited to your risks takes careful planning and review, to first understand the risk and then design the right insurance program.
Some IT Liability insurances can be extended to include complementary coverages such as:
IT Professionals should include complementary insurances in their program such as:
For costs and losses that your business incurs as a result of cyber attacks. Covered events can include malware attacks, cyber extortion and social engineering.
To protect managers and directors for risks associated with running a technology company. This includes costs related to mismanagement allegations, legal breaches, third party crime, tax audits and identity fraud.
* Claims examples taken from Berkley Insurance Australia.
A business was engaged as an IT security consultant as part of a Managed Services contract. The claimant suffered a cyber ransomware attack where an unauthorised third party gained access to the claimant’s server. It was alleged that the data breach suffered by the claimant was the result of a vulnerability which the insured ought to have identified and corrected. The matter was settled for approx. $200,000.
A business was engaged by the claimant to develop a software that would measure and calculate the cost of a product that the manufacturer could then use to produce the product. It was alleged that the insured failed to communicate to the claimant the need to change the parameters on the new reporting software resulting in incorrect measurements of products being sent to the manufacturer. The matter was settled for approx. $120,000.
A business was engaged to configure automated marketing for the claimant involving the automated dissemination of SMS messages. A formatting error in the SMS resulted in the claimant incurring additional costs exceeding what would typically be charged. It was alleged that the formatting error was due to an error by an employee of the insured. The matter was settled for approx. $20,000.
A business was engaged by a retailer to create a web application based on the claimant’s existing database. The retail business alleged the software developer failed to produce an application that functioned as required resulting in the claimant incurring significant additional costs to develop the final product. The matter was settled for approx. $300,000.
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Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He
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Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended
As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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