Is IT Liability the same as Professional Indemnity Insurance

Not exactly. While Professional Indemnity (PI) Insurance is a key component of IT Liability Insurance, the two are not identical. IT Liability Insurance is a specialised policy designed specifically for professionals in the IT and technology sector. It combines Professional Indemnity and Public Liability insurance under one tailored wording. This dual-coverage approach helps protect against a broader range of risks commonly associated with tech-based services and products. For example, a software error might result in a financial loss for a client, which is covered under Professional Indemnity coverage. At the same time, a hardware failure could cause property damage or injury (covered under Public Liability). If only one policy is in place, there may be gaps in coverage. IT Liability Insurance avoids this by integrating both protections into a single policy that reflects the real-world exposures of tech professionals. So, while Professional Indemnity covers claims for negligence, errors, or omissions in your professional advice or services, IT Liability goes further, addressing the unique blend of liability risks faced by those working in IT, such as developers, consultants, managed service providers, and suppliers of software or hardware. If you work in tech and are asked to hold Professional Indemnity, you will...