What is software developers insurance?
Software Developer Professional indemnity insurance (errors and omissions insurance) protects software developers and contractors in case their work causes an issue. Software Developers Insurance can protect Software Developers against the financial impact of a claim or legal proceedings being brought against them, whether from a dissatisfied client or a piece of software failing to meet an expected standard leading to a third party financial loss.
Professional indemnity insurance for software companies
Whether you are a software development company designing software for clients or building your own offering, it would be prudent to take out professional indemnity insurance in case of claims or damage from what you have built.
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Common Software Developers Insurance Questions
What is covered by software developers insurance?
Professional Indemnity insurance for Software Developers provides cover for claims and allegations made against you by clients and third parties because of mistakes you’ve made and things you’ve failed to do.
Specifically (but depending on the policy wording), it covers:
- Intellectual property infringement
- Loss of documents or data
- Negligent misrepresentation or misstatement
- Virus transmission
- Breach of confidentiality
- Failure of third-party equipment
What is not covered by software developers insurance?
Typically the following would be exclusions on a standard professional indemnity policy: Some professional indemnity exclude coverage for claims based upon the insured’s failure to maintain minimum standards. Most professional indemnity policies exclude coverage for claims arising out of “bodily injury” and “property damage, which would be coverable under a standard Commercial Combined or Liability Policy offering. Prior Acts or incidents emanating before the inception of professional indemnity cover or ongoing incidents that precede the inception of the cover.
Do software developers need professional indemnity insurance?
In simple terms – Yes! Professional Indemnity Cover protects you against claims or allegations of Professional Negligence or allegations if your work fails to meet the standard required by clients, you may be held liable for any losses your client suffers, along with the legal costs you may incur in defending same.
Who needs need professional indemnity insurance?
It depends on your contract but the following have gotten software developer insurance:
- Software contractors
- Freelance software developers
- Contractor computer programmers
- App developers
- Web Developers