More and more risks from information technology – how can IT service providers protect themselves?

Information technology is playing an increasingly important role in the current situation in Germany. At the same time, employees are constantly faced with higher demands, they have to change processes, try out completely new ones, and often do so in the home office. So it is not surprising if the errors become more frequent, even if you have organized your company well and in principle “think of everything” can go wrong very quickly: There is a small carelessness, information is misdirected or planning is not really watertight – projects fail, costs rise and the customer quickly demands compensation. Since more and more depends on IT, this damage can quickly run into six figures and thus drive a company close to bankruptcy. You should actively protect yourself against this with IT liability insurance.

And there is one more point you shouldn’t forget: this kind of tailored protection will also help you in discussions with investors and banks, who will then carefully check whether there are existential risks during this period. They therefore require appropriate insurance before investing. As a supplier, you are also under closer scrutiny than in quieter times and you have to prove that your company will still be able to deliver in the future. When dealing with new customers, it is a good argument if you can prove that you have insurance against risks – after all, they want to work with you over the long term.

Our partner Hiscox has dealt intensively with the requirements of today’s companies and worked out suitable offers. So you can put together the insurance with modules, as individual as your company is.

You should take a look at the following modules when it comes to IT liability:

  • the IT liability insurance protects you against claims for damages that are made against your company. Justified claims are compensated up to the amount insured, while unjustified claims are fended off. A 6-month reverse insurance for first-time buyers is included: This means that damage is also insured that occurred up to 6 months before the start of the insurance and were not known to you when the contract was concluded.
  • The module Public liability takes effect in the event of personal injury and property damage caused to your company and pays this up to the amount insured. It also helps you to defend against unjustified claims.
  • The module Cyber ​​insurance helps you to cope with a cyber crisis and protects you financially (for example in the event of hacker attacks, data misuse or data loss). Including free seminars and trainings for you and your employees.
  • The module Property insurance repairs or equivalent replacement in the event of damage to your facility. Technology is also insured.

Read on at Hiscox to find out which activities are covered by IT liability insurance and find out about all related questions.

Subject pages: safety

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