business owners who may be thinking that only general liability insurance is sufficient to cover up their business losses might not be right. However, to cover up claims that are related to technology used in your business, you need to take the recommendation of the insurance agent to buy suitable technology insurance for your business. When you know the difference between general liability and other specific insurance policies, you will be better protected.What is General Liability Insurance?
When you buy general liability insurance for your business, you as well as those who work for you are covered by the policy should a client file a lawsuit against your company highlighting the damage that your company has caused to him or her. The insurance policy will pay for settling up the claims as well as for legal expenses during the trial. General liability insurance is a must but your cover may not be comprehensive, thus leaving room for a critical error, which may prove costly in the long run.
Errors and Omissions Insurance For Technology Companies
Error and omission insurance policy particularly covers the business in case it makes an error or omission while handling the work of a client and that error or omission in turn costs the client some amount of money. Thus, the client will file litigation in the court asking for compensation. Technologically driven companies are prone to these kinds of errors and omissions because there usually happens to be a lot of critical work that may prove damaging to the company. Software problems and other programming errors are common. Thus, error and omission insurance policy would cover up the claims should any client file a lawsuit against your business.
Media Liability Insurance
Businesses operate and depend a lot on customers information which may be private at times. By law personal information of customers cannot be gathered for business purposes and for an unhappy client this may be a strong reason to open up a lawsuit. Moreover, people tend to copy a successful business, which may be damaging to your business. With speciality insurance policies, you can also cover up the trademark and copyright infringement claims. An advertising injury endorsement can also be added to the insurance policy to cover up the business in a broader sense. Technology Insurance New York
Insurance is a vital thing for businesses. Businesses handle a large number of customers every day and there are always chances for businesses to fall short of the promises made to the customers or to do something that may be financially damaging to the customers. When you are operating your business in New York, insurance becomes a priority.
