The world of technology is quite vast, and every unit is unique in its own special way. This makes people specialize in particular, areas of technology or focus on special equipments and machines. There are many things that consist of every technological equipment or machine. As a specialist, it is expected that you have a wide knowledge of your area of specialization.
However, as humans, we cannot boast of being exactly perfect and sometimes mistakes or omissions may creep in during our course of duty. Without a technology errors and omission’s insurance policy, it is likely that claims arising from mishaps during work can likely cripple your career and leave you bankrupt.
Technology errors and omission’s insurance policy protects you from claims if your client accuses you of responsibility for programming errors, software performance or general failure in the performance of duty according to your contract. The policy covers the defense cost which might sometimes include some very baseless accusations. Technology errors and omission’s insurance also ensures that the cost arise from judgements against you are paid as well as court costs according to the coverage limits of your insurance policy.
The Technology errors and omissions’ insurance policy should be part of the foundation of any individual or company that deals with technology. It is favourable to purchase this policy before the start of business. It is not strange for mistakes to crop up with systems or advices to clients may yield negative results. In other cases, mistakes could be made by employees. Technology errors and omissions-insurance not only cover you but also your employees or independent contractors.