Information & Communication
Technology Liability
As an established MSP that has seen the variable rise of Insurance Premiums, Excesses and reduction in covers most likely over your time in business, are right to question, why?
Your business may have never provided inadequate services or negligent advice which forced your clients hand in making a claim against your business, so what gives?
As part of an industry that prides on an “All in One” service whether facilitated by your own staff servicing or subcontracting to others, the risks are omnipresent for an MSP based on any Act, Error or Omission caused by one of your staff, subbie or potentially an unexplained outcome that puts your business in the legal firing line regardless.
Basically, your rights to defend a claim comes at a cost and this is why you insure.
ICT Liability Insurance
Cyber Partner Protect profiles an MSP through the understanding
of certain business clients that insure within the program as well as
inward consideration given to aspects of their business which include
things like:
of certain business clients that insure within the program as well as
inward consideration given to aspects of their business which include
things like:
- Staff Experience
-
Fee Income and Sales Revenue (direct servicing and out
sourced) - Types of Industries serviced
- Periodic Review process (business wide)
- Business Continuity preparedness
The above is just a few areas which are considered by us as important information which allows us to hone in on specific risks rather than looking at your business as how the everyday MSP may choose to operate.
We are explicit in not wanting our clients being put into a Large Bucket with other MSP businesses, so insurers understand
your operations with more certainty.
your operations with more certainty.
Simply because you deserve personalized service.
- ICT Liability Insurance that : realises your operations extends to clients’ assets (tangible or otherwise) with work around Hardware, servers, systems, firmware, software, networks, platforms and facilities.
- ICT Liability Insurance that : covers costs of your defence against a third-party claim whether it is right or wrong in what they allege to be your fault in such areas as to develop, test, deliver, monitor, control or provide support towards protecting their assets
- ICT Liability Insurance : is designed to protect your business reputation and afford you the necessary monies then to defend a claim on your behalf. It allows you to continue operating without the threat of financial loss to ruin where a settlement in favour of a Third Party is awarded.
- ICT Liability Insurance : is derived by general coverage sections as:
– based on third party physical injury or property damage that has resulted from your work, even if it’s just turning up on site to work on a physical server or laptop
based on your business through its separate representatives or as a combination of internal and external support, “erroneous” advice or services provided could result in a client (third party) suffering significant financial loss
By having a packaged ICT Liability Insurance policy, it allows our experienced management to determine which section a claim is likely to fall under or as a combination of the two when we negotiate your insurance provider for a more favourable outcome on your behalf.
Our focus is on the complex definitions including its Limitations, Exclusions, Conditions and Endorsements applied to any Policy.
By having a packaged ICT Liability Insurance policy, it allows our experienced management to determine which section a claim is likely to fall under or as a combination of the two when we negotiate your insurance provider for a more favourable outcome on your behalf.
Our focus is on the complex definitions including its Limitations, Exclusions, Conditions and Endorsements applied to any Policy.
Talk to Us,We understand
What constitutes ‘bad’ advice or service?
Risks are more with respect to not fulfilling regular Software Updates or
for that matter the update didn’t go through as planned.
for that matter the update didn’t go through as planned.
Automation has become more relied upon between providers you appoint
such as for Intrusion Detection or Software updates and here lies the crux
of why MSPs are an undesirable sector of the IT industry for many insurers.
such as for Intrusion Detection or Software updates and here lies the crux
of why MSPs are an undesirable sector of the IT industry for many insurers.
Physical risks are also apparent whereby simply replacing a fuse to a server
and potentially shutting down a business for an unexpected period is not improbable. Unfortunately, accidents happen but a Third Party (client) may
not accept wearing the Loss of Income (Business Interruption) they incur as
a business due to such activities.
and potentially shutting down a business for an unexpected period is not improbable. Unfortunately, accidents happen but a Third Party (client) may
not accept wearing the Loss of Income (Business Interruption) they incur as
a business due to such activities.
So overall, why do you need IT Liability Insurance?
Aside from the Cyber risk fuelled environment we live in and Business
screaming for more and more technology, an MSPs service has never become
so important to large and small enterprise as it is today.
screaming for more and more technology, an MSPs service has never become
so important to large and small enterprise as it is today.
The risks from multitudinal activities being delivered by an MSP in today’s
digital world are too great simply 1) not to insure or, b) insure for less.
digital world are too great simply 1) not to insure or, b) insure for less.
GOOD NEWS
Coverit Direct focusses on the MSP industry profession through their Cyber Partner Protect program.
Not do we just consider the valuable services an MSP provides their clients but also as their own technology risks continue working within that
paradigm, we are dedicated in establishing sustainable and competitive Premiums, levels of Excess to suit and covers being offered through Insurance
markets we source globally.
paradigm, we are dedicated in establishing sustainable and competitive Premiums, levels of Excess to suit and covers being offered through Insurance
markets we source globally.
Made easier by profiling your risks through our Cyber Partner Protect program so your MSP business can focus on what really matters, your clients.