Cyber and Professional Liability Coverage
Professional liability insurance protects against wrongful acts arising out of services agreed to by the underwriter. Providing the description is extremely important and should not be a discounted exercise.
Some professional services, particularly those in the technology fields, are involved with sensitive data, working for a business that handles sensitive data, or performing work for target organizations (military, municipalities, utilities, etc...). Under these circumstances, and others, the professional liability policies will limit coverage such that losses related to unauthorized intrusions, security, loss of confidential data, personally identifiable information, and similar are not covered. These limitations may not be clearly highlighted but rather may be tucked into different policy sections including the insuring agreement or definitions sections.
Policies have exclusions embedded in exclusions, definitions, and insuring agreements. In-fact, exclusions can be embedded in almost every part of a policy. Many times the limitations use nuanced policy language as camouflage and only an appropriate review of the language and available legal information will reveal substantive detail.
Professional policies for technology firms can be written to include cyber and network related matters. As with all insurance, it is suggested to work closely with qualified representation so the needs and risks of an organization are properly met.