AustralAsia
Insurance Brokers P/L

AAIB Est. 1997

AFS 229568

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If your company sells IT hardware or software, you will easily find your products and services becoming a significant part of a multimillion dollars project.  As a result, when a problem arises which may have even the remotest link to the hardware or software you sold, the complainant will seek damages, often in astronomical figures, from the IT supplier - you.

What type of coverage can you get?

		With a proper IT Liability insurance in place beforehand, you may be protected from claims and costs arising from:
		Liability assumed under “insured contracts” you signed
		Liability for theft of intellectual property due to the failure of your products or services
		Infringement of copyright and trademark
		Errors and Omissions
		Property loss or damage
		Claims occurring anywhere in the world

IT Liability Insurance is not a luxury:

Just think about the extent of the loss and damage to your client’s business may suffer if there is an IT issue. Does your public and products liability insurance cover you?  Not really.

Even if it is not your fault, can you afford to fight the case on your own? 

“General liability” insurance did not cover IT professionals for the following:

		Loss of profit to their client due to defective components in the hardware you sold;
		A $2,300,000 claim of damage by their client because the accounting/inventory system they sold did not perform as stipulated;
		A multi-million dollar claim by their client because a digital telecommunications switch they sold performed erratically, causing their client to suffer loss of revenue;
		Defence cost to a claim by their customer that the software they sold to them was infected with virus and caused them loss of data;
		A claim by their customer that the software they sold was defective;
		Loss of $1.8M worth of their customer’s data accidentally deleted when they are installing a software upgrade to their customer’s system?
		A multi-million dollar judgment against them for supplying an “inadequate” system to their customer, causing them to go bankrupt?
		They should have got an IT Liaiblity Insurance.

NOTE: Contracts can create liabilities for you
When you agree to indemnify and hold third parties harmless for your wrongful acts, you will be ultimately responsible.

Call AAIB today:
           02-9904 7888       Email:info@aaib.com.au