Clarke & Sampson Blog

Coverage Insights: Technology Professional Liability (E&O)

Posted by Scott Jefferson

May 6, 2014 1:39:00 PM

What does Tech E&O cover?

Technology professional liability (Tech E&O) insurance is intended to cover two types of risk:
(1) Financial loss of a third party arising from failure of the insured’s product to perform as intended or expected, and
(2) financial loss of a third party arising from an act, error, or omission committed in the course of the insured’s performance of services for another.

Who needs Tech E&O coverage?

  Common examples include information technology firms, programmers, software developers, data processors, web designers, computer consultants, and more. It is important to note, however, that Tech E&O is not limited to the technology industry. Most companies today utilize technology in some part of providing a service or product and need to take the necessary precautions. To ensure your company is covering all bases, a full risk management assessment is needed.
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Topics: Business Insurance, Professional Liability, Alexandria VA, Liability Insurance, E&O Insurance

Errors and Omissions Insurance Basics

Posted by Scott Jefferson

Apr 11, 2014 1:40:30 PM

Lawsuits, once a measure of last resort, are now commonplace in settling disputes. The good news is that you can protect your business by investing in professional liability coverage, also known as errors and omissions (E&O) insurance.

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Topics: Business Insurance, Professional Liability, Alexandria VA, Liability Insurance, E&O Insurance

Starting a Business: An Insurance Perspective

Posted by Scott Jefferson

Nov 19, 2013 9:35:00 AM

Starting a business can require a significant investment of time and money, but, in select cases, that is a risk we are willing to take. After all, we start businesses to take risks. No risk, no reward, right? There are some risks associated with running a business, however, that we would prefer not to take. That’s were business insurance comes into play. Business insurance protects your organization from unexpected events such as a lawsuit, an injured employee, death of a partner, theft, natural disasters, and more. 

Be sure to have the coverages required by law

Workers compensation is a legal requirement in most states if you have employees. This coverage pays for medical, pharmaceutical, and other health care costs of employees’ work related injuries. It also covers a portion of lost wages while the employee is unable to work. Failure to carry this coverage could result in steep penalties, such as fines, stop work orders, and prison terms.

Auto insurance is required by law at the state level. If you intend on having a commercial auto as part of your operations, you’ll need to make sure you are carrying the proper coverage. Each state has specific minimum requirements for bodily injury and property damage liability. Please note, however, that the minimum limits are rarely sufficient to protect the business from an auto related loss. Consult an agent to assess your exposure and determine the proper auto coverage options and limits.   

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Topics: Business Insurance, Workers Compensation, Data Breach, Professional Liability

Insuring Against Flood: Alexandria Edition

Posted by Scott Jefferson

Oct 16, 2013 1:31:00 PM

With our proximity to the Potomac River, we enjoy its beauty and countless recreational opportunities. With this proximity, however, we are faced with unique flood risks. This risk is nothing new. Flooding has threatened life and destroyed property since  Alexandria was first settled in 1695. As new developments and redeveloped areas spring up along the Potomac and its feeder creeks, understanding flood risk is more important than ever. 

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Topics: Flood Insurance, Flood Facts, Alexandria Flood, Business Insurance, Personal Insurance

What Is Terrorism Insurance (TRIA)?

Posted by Scott Jefferson

Oct 11, 2013 9:35:00 AM

While working on commercial insurance packages we are often presented with the question, “What the heck is terrorism insurance?” Terrorism insurance is protection against damages by certified acts of terrorism as determined by the Secretary of the Treasury. In order to qualify as terrorism, the act typically must be a violent action, or threat to human life, property or infrastructure, that attempts to influence people, policy, or government conduct.

As a result of the attacks on September 11, insurance carriers suffered enormous losses. In the midst of an unstable insurance market, the government enacted the Terrorism Risk Insurance Act to serve as a backstop against catastrophic losses.

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Topics: Business Insurance, Terrorism Insurance