Technology firms often purchase insurance for exposures to professional liability. But the insured does not always accept all of the risks. It is important to read the policy closely to be sure you understand the policy language and how it would play out in the event of a claim. One of the key places to look for coverage challenges is in the exclusion section of your policy. This is a common area that insurance companies limit the coverage for specific concerns.
The following are a few examples of common exclusions found in a professional liability policy:
- Prior Knowledge
- Retroactive Dates on the Policy
- Delayed Claims Reporting
An insurer may exclude specific situations under the terms of these exclusions. So it is important to consult with your broker to get clarification on policy exclusions and how they may apply to you.
TechAssure members are experts in serving the insurance and risk management needs for the technology industry. They can help you customize a policy that is tailored for your unique needs.