Errors & Omissions

What Is Professional Liability Insurance?

And why it’s important

A professional is someone whose vocation or occupation requires special training and skill. Historically, lawyers, accountants, architects, engineers, and medical professionals were the sole occupations that fell into this category as their industries established strict regulation requirements and codes of conduct. In order to practice in these fields, it was necessary to undergo formal training and pass a state licensing exam to be provided with credentials. The first Professional Liability Insurance policies, also known as Errors and Omissions coverage, were devoted exclusively to this elite group.

Gradually, other types of professionals requiring Professional Liability Insurance (Errors and Omissions Insurance) such as real estate agents, business consultants, social services counselors, educators, and computer technology professionals, began to emerge. While these other classes are often referred to as quasi-professionals under the eyes of the law, they have already developed their own industry regulations for education, testing, and accreditation.

Protection for current classes of professionals

Miscellaneous Professional Liability insurance  policies have been developed to address many of the litigation concerns of these new classes of professionals, including computer information technology professionals.

Professional Liability  insurance provides protection against certain types of lawsuits arising out of negligent acts, errors, or omissions committed during business activities and that result primarily in economic damages that are not related to bodily injury, property damage, personal injury, or advertising injury.

Why Professional Liability insurance is important

It is important to understand that a Professional Liability insurance policy is meant to dovetail with a General Liability policy. The General Liability policy covers lawsuits alleging bodily injury, property damage, personal injury, and advertising injury. As a result, these types of injuries are not covered by a Professional Liability insurance policy.

Professional Liability insurance is important because it fills a glaring gap in the General Liability policy, which has a professional services exclusion that takes away coverage for lawsuits resulting from services rendered or failure to render professional services. Professional Liability insurance policies are meant to respond to lawsuits alleging only economic damages where the client has lost money as a result of a negligent act, error, or omission in the performance of the professional services.The definition of Errors and Omissions insurance can vary per policy form.

A good Professional Liability insurance policy is necessary to safeguard the assets of any company that provides professional services.

 

5.00 avg. rating (87% score) - 1 vote
Categories: Errors & Ommissions, Professional Liability, Reports, Tech Articles and Information, Technology

Bing Makes a Name for Itself

 Bing seeks to increase its audience.

When it comes to search engines, Google is the indisputable champ. With a whopping 66.7 percent of all core searches, it would seem that everyone else is just playing for Bing ranks secondsecond. Or are they?

It may surprise you that Bing is currently ranked second, totaling 17.4 percent of core searches.  That number is up from 15.4 percent a year ago. Yahoo, meanwhile, has seen a steady decline in the same period of time.

You may be wondering how Microsoft managed to steal two percent of Yahoo’s audience. The answer is multifaceted. While some of Yahoo’s attrition can be attributed to Bing’s ease of access and quality search results, two of the biggest reasons for the surge are  the integration of Bing into the Windows 8.1 desktop search and its use as the web search tool of choice for the Apple iPhone’s virtual assistant, Siri.

Siri Bings it on

Apple executives weren’t always set on bringing Bing into Siri, nor are they ready to anoint Bing as the next big thing in search engine technology. Google is still the default search engine for the Safari browser. Having been burned by the 2012 Apple Maps fiasco, Apple has been trying a different approach with regard to the easing in of new software and data applications. Siri, in fact, features no branding.  While this is a process that will not drastically alter core search habits overnight, it has created valuable inroads for Microsoft in an environment that does not just pull users away from Yahoo.

Windows 8.1 powered by Bing

A potentially bigger deal for Bing is the integration of the search engine into the Windows 8.1 module. The desktop search tool was previously capable of only presenting the user with local apps and files. Now the results found on your hard drive are combined with all variety of web-based files.  This system was developed so that over time a dynamic ranking can be applied to your search results in accordance to the prior number of clicks.

Learning what’s relevant through clicks and queries is important in strengthening the Bing platform. With the Microsoft and Apple deals increasing its exposure, Bing is poised to climb the search engine rankings.

Source – I Bing, you Bing? Time to take the No. 2 search engine seriously

4.00 avg. rating (77% score) - 1 vote
Categories: IT News, Tech Articles and Information

Insurance for Techs – An IT Insurance Company for Today’s Times

Insurance for Techs delivers outstanding performance when it comes to information technology insurance. As an IT insurance company, we believe in client service above and beyond your highest expectations, achieved through a consistent commitment to anticipate and fulfill evolving customer needs.

When you get information technology coverage from us, you will work with a team of honest, intelligent, dedicated professionals, who are trained to provide you with a quick and efficient quote at the lowest possible cost.

5.00 avg. rating (87% score) - 1 vote
Categories: Tech Articles and Information

6 Security Tips for Preventing Insurance Claims

Security Considerations that Can Prevent Claims Under Professional Preventing Tech Insurance ClaimsLiability (Errors & Omissions) and General Liability Insurance

Adopt as many of the following security elements as feasible:

  • Security firewall
  • Protocols meeting X.509 standards
  • Routers
  • Secure remote dial-up or access
  • Proxy servers
  • Computerized intrusion detection
  • Secure remote maintenance
  • Mainframe data protocols
  • Firewall tunneling
  • Encryption devices
  • Identification, authentication and integrity protocols
  • Access restrictions
  • Anti-virus scanning
  • Load balancers
  • Hot site
  • Continuous monitoring of security alerts
  • Procedures to address any suspected intrusion and/or respond to security alerts
  • Reassessment of security vulnerabilities upon system or website changes, software upgrades, etc.
  • Periodic security audits from third parties
  • Storage of the data or content of others in an encrypted format
  • Automated Security Scanner
  • High-speed internet connections
  • Password protection

Have a written and formalized systems and physical security policy statement.

Adopt formal employee guidelines to address systems and Internet usage.

Appoint a systems/physical security manager.

Adopt and test a formalized disaster recovery program.

Do NOT warrantee or guarantee that your service has no security vulnerabilities or that your service will prevent security breaches, denial of service attacks or the introduction of malicious code into the systems of others.

4.00 avg. rating (77% score) - 1 vote
Categories: Tech Articles and Information

4 Quality Control Tips that Can Reduce Claims

Over the past several years we have seen an increasing trend of claims resulting from Quality controlquality control problems. Below are some tips that will help your Professional Liability Insurance and General Liability Insurance underwriters feel more comfortable with your  risk exposures:

  1. Implement the following elements for your quality control procedures as safeguards for your Professional Liability and General Liability claims.
  • Alpha and Beta Testing
  • Formal Customer Acceptance Procedure
  • Prototype Development
  • Statistical Process Control
  • Vendor Verification Process
  • Total Quality Management
  • Written and Formalized Quality Control Program
  • Customer Signature on Each Phase of Project

2. Comply with one or more widely accepted industry standards.

  • UL/CSA – The Underwriters Laboratories (UL) and the Canadian Standards Association (CSA) are independent non-profit  organizations responsible for the writing, testing, and certification of product safety standards.
  • ISO 9000 – A series of international standards that provides quality management guidance and identifies quality system elements.
  • CE MARK – A visible declaration by the manufacturer (or his representative, importer, etc.) that marked equipment complies with all the requirements of all the applicable European Union (EU) directives.
  • ANSI – The American National Standards Institute is a voluntary membership organization that develops national consensus standards for a wide variety of devices and procedures.

3. Perform pre-release/pre-dissemination testing to protect customers from malicious code and/or other security vulnerabilities in your services.

4. Have a document/contract retention plan for at least seven years.

3.50 avg. rating (71% score) - 2 votes
Categories: Tech Articles and Information