IT and Professional Services
Nothing here burns. What goes wrong is a system, a file or a piece of advice, and a property policy written for a building will not look at any of it.
What goes wrong hereNothing here burns. The losses this trade actually files are ransomware, intrusion and business email compromise, data breach and the cost of responding to it and claims alleging negligent advice or a failed deliverable.
What we see
- Ransomware, intrusion and business email compromise
- Data breach and the cost of responding to it
- Claims alleging negligent advice or a failed deliverable
- Business interruption while systems are down
Where these claims go wrong
two, specificallyCalling your own IT firm first
Most cyber policies pay only for responders drawn from the insurer's panel. The invoice from the firm you trust is often the one that is not covered.
Notifying late on a claims-made policy
Professional indemnity usually responds to when a claim is made against you and notified, not when the work was done. A notification held back until renewal can fall outside cover entirely.
Open these first
Cyber Incident Claim
Ransomware, business email compromise, data breach or a systems intrusion.
Liability Claim
A third party alleges injury, damage or loss caused by you or your product.
Had one of these, and the file already going sideways?
Whoever placed your policy, and whatever stage the claim has reached.