Raheja QBE General Insurance has announced the launch of it’s new liability product for IT and related industry. This product offers combination of coverage specially designed to suit the needs of the industry.
Speaking on the occasion of launch of the product Mr Praveen Gupta, CEO, Raheja QBE General Insurance said “Raheja QBE is continuously upgrading its solutions for its customers to meet better address their current and dynamic requirements in a fast-changing business environment.TechPro Complete is Raheja QBE’s new comprehensive insurance solution for Technology businesses.
TechPro Complete combines insurance coverage for professional negligence, first party cyber and general liability in a single product. It is a unique product, providing a one-stop liability insurance solution for IT and related industries.
The main points of coverage included under the policy are: liability arising from breach of contract, failure to access data, cyber and hacking, computer system extortion, loss of documents, privacy breach, return of fees, crisis management, data breach notifications and general liability.”
Main aspects of coverage include:
Professional Indemnity
Coverage for negligent acts, errors and omissions by the Insured.
Coverage
- Breach of contract
- Access to data
- Cyber liability
- IPR infringement
- Privacy breach
- Public relation and crisis management
- Misuse of confidential information
Extensions
- Cyber extortion
- Irrecoverable fees
- Loss mitigation and rectification
- Loss or damage to documents and data
Personal Injury and Property Damage
Coverage for amounts (including defense costs) which the Insured becomes liable to pay in respect of personal injury and property damage.
Extensions
- Care, custody and control
- Joint ventures
- Products liability
- Tenants liability
- Vendors liability
- Court attendance compensation
- Product recall expense
Risk management
From a risk management perspective we would look for clients to have healthy practices w.r.t. the following:
- Insured’s contracts are key to determining the exposure of risk
- Contract management and legal vetting of insured’s contracts
- IT Process certifications like
- ISO 9001 – Quality Management
- TickIT – IT Quality management based on 9001
- Six Sigma – Process improvement
- ISO31000 – Risk management
and as updated from time to time
- Regular strengthening and updating of all business applications
- Adequate physical and IT security measures
- Establish an incident response, disaster recovery plan and Business Continuity Plan, train employees
- Test and continuously improve all aspects of the risk management framework
- Ensure that all staff are aware of the BCP and their roles and responsibilities in the event of an incident
Preferred categories
- Software development (Business systems, e-Commerce, Asset/Inventory Management, etc.)
- Hardware designer/manufacturer/importer
- Telecommunications service provider
- Data communication service provider (ISP)
- Data processing/warehouse service provider
- Computer/IT Consultation
