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Risk Management

What can I do to avoid or minimise my risk?

Aside from purchasing an appropriate Professional Indemnity and Public Liability Policy, you can utilise various tools such as: 

• The Errors & Omisssions Checklist - a practical checklist to assist you in recognising and then dealing with your exposures 
• The Errors & Omissions Risk Management Guide- a guide which is aimed at helping you avoid or mitigate exposure to E&O claims and litigation by gaining a better understanding of the risks associated with your business, will discuss in detail areas of potential E&O exposure for the information and network technology industry. 

Why are Errors and Omissions (E&O) claims steadily rising?

 At the source of increasing Errors & Omissions litigation are a number of factors, including the following: 

• The trend toward using third parties for information and network technology solutions on a contract basis. 
• An increase in business partner litigation, arising from customers’ increased willingness to sue long established business partners for performance failures. 
• Dramatic increases in average contract size, increasing the likelihood that a performance failure will be "worth the fight." 
• An increase in average contract length, causing changes in contract specifications to be more likely and problems with delivery or bugs to more dramatically affect the ongoing business of the customer.
• Greater competitive pressure on the information technology "provider side," increasing the chances that marketing and sales pressure will invite over promising of provider capabilities. 
• Greater dependence on information technology solutions, increasing the likelihood that software solutions will be core business solutions. 
• An increase in the likelihood that customers will allege misrepresentation or fraudulent inducement and seek extra contractual remedies that can compromise the waiver of consequential loss (which has become the standard in software contracts). 
• An increase in the number of companies "going global," resulting in a host of new exposures arising from foreign laws and regulations. 
• Greater dependence on interconnected networks and the Internet resulting in new exposures