With technology advancing at an exponential rate, the competition for IT specialists is more cutthroat than ever. Those who can effectively design cyber-security, be a whiz with accounting software and network a large net of machines are quickly becoming a dime a dozen. The pressure of standing head and shoulders above the rest can either bring out the best in competition, or cause one to buckle and take shortcuts. Mistakes can and will happen, regardless of how good one thinks they might be at riding the crest of the digital wave. The wave moves incredibly fast, so getting E&O insurance is an absolute must for anyone in a position of digitally protecting a business, network or crunching some incorrect numbers.
Better Safe Than Sorry
While the computer industry will not commonly lead to the bodily injury of anyone or allow for direct property damage, a miniscule mistake could cost a client an exorbitant amount of money or even his or her entire business. If the mistake is found to have been the fault of the IT specialist due to negligence, ineffective or obsolete code when the product was stated to have been state-of-the-art, there will likely be a long, expensive, financially painful lawsuit on the horizon. E&O insurance will cover some of the cost of defending against any claims and go towards paying anything awarded to the plaintiff.