Each of our software clients are very different. Be it consultancy, support, maintenance, software as a service, the provision of consultants, or mission-critical software. We cannot stress the importance of working with an insurance broker that takes time to understand your software company and arranges professional indemnity insurance to cover your full range of business activities.
At Whinney Insurance Brokers we understand what can go wrong, and take time to understand the true exposures of your software company. We then arrange professional indemnity insurance that works when your software company needs it most.
Check out our short video for more information and matters to consider when purchasing software company professional indemnity. For more help or guidance please call us at any time or visit insurance for software companies for more information.
So our IT and software clients are all very different we have for example consultancy, IT consultancy businesses, IT software support businesses, software maintenance, software as a service provision, uh provision of contract staff and consultants and mission critical software.
We can not stress enough the importance of working with your insurance broker and for them to understand what can go wrong and organizing a policy to cover your needs uh what are your true exposures as an IT business.
So this this goes back to the first question, it really depends on what your IT or software business does. So it could be server downtime, it could be hacker attacks, it could be simple software malfunctions where the software doesn’t work as it should or it could simply be failing to meet a contractual provision with your clients.
One of the common claims you see with software companies is the sales team and client, the sales team think the software should look like X, uh the client believes the software should look like Y and the software developers develop a piece of software that looks like Z um so at the end there’s this situation where the parties come together and there’s a disagreement about the software that’s been developed.
Another area we see with with not just software companies but but IT businesses is what we call project creep um where the project doesn’t hit the key milestones and that’s often not just a result of of your team not hitting those milestones but it’s a result of the the client changing their requirements or adding on extra bits and as a result those milestones aren’t hit.
In terms of the insurance we can’t stress the enough the importance of breach of contract cover within your insurance policy. Unlike traditional negligence claims with IT businesses it’s unlikely you will get a claim which which is simply your client alleging you’ve made a mistake, it’s far easier for the client to bring a claim under a breach of contract and and they will allege that you fail to hit 99.9% uptime or that you fail to hit a key milestone or your software is failed to do what’s specified within the contract, so check your insurance policy check that it includes breach of contract cover.
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