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Tech Insurance

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by melekali

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In our litagous society, some tech businesses end up being wiped out when they are sued. While tech companies being sued by the companies they support are not too common (thank God!), it can and has happened with disasterous results, especially forthe small company and the independant contractor. There are insurance agengies that sell insurance for these types of businesses and some clients are coming to expect their tech support to have such coverage. Being a sole propritor, you could literally lose everything unless you form a corporation where the damage is limited to the corporations' assets and do not reach into your home wallet. I am interested in those who have this kind of insurance, those who have been involved in a suit of this type and to spark a general discussion of this area which seems up-and-coming.

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by tbragsda

I have been involved in independent consulting (mostley while working for a co durning the day). One bit I started up with a friend (a salesman guy), we got several good contracts to start. One guy, a law consultant asked "have you been sued yet?" I said somthing like "Yet... What are you talking about." About one moth later, we found our selfs with a suit claming damages and a client not paying their several K+ outstanding bill. Well we dident have the money for the lawer yet the loss of the customer, less the loss of the outstanding debt. This was more then enough to learn my lesson. I get help with contracts, and anything else that those law guys may care about.

Recentley I got married. This is a great thing, im not telling you to get a lawer to get married, but it started me thinging about things, and now I want to get a lawer on retainer for "the fam". I dont like these guys any more than the next, I have more than enough storys about bad lawers in the work place, butwe all have to know our limmits, and relise that they have a job too. PROTECTING US.

We have been given soo much responsibility within co, and this comes with risks. I shudder a little before I go to sleep each night (not being religious)that aall the hard drives keep spinning, that the person that I gave backup responsibilities to changed the tapes, and that I did enough to protect my clients (my company).

I wish that we could all do our best, and that would be enough, but thats not how it works. We are still struggleing to get a place at the "adult table", so lets be as professional as the next guy and prove that IT is every bit a profession as ESQ.

by thechas

You can purchase all kinds of liability insurance.

The cost varies by the amount of coverage, and the risk of you being sued.

A good insurance agent can help you out, and suggest strategies to lower your risks.

Chas

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