Liability Insurance

[Cannon Smith]

Do any of you who sell vertical market apps have liability insurance? Either way, would you care to comment on the pros and cons of this?

We want to protect ourselves, of course, but it's easy to get carried away with stuff too. I'm not sure where this falls.

Thanks.

--
Cannon Smith
Synergy Farm Solutions
P.O. Box 65 -- Hill Spring, AB CANADA -- T0K 1E0
[phone] or 1-866-626-3236
<cannon@...>
<www.synergyfarmsolutions.com>
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[Mikey-3]

Cannon,
Since we're down here in the states, I don't know how the laws are
different, but as the guy who "negotiates" with carriers and is responsible
for the insurance coverage, here's my stuff:

1) Liability insurance is typically incomplete as it only covers the damage
you do while you are on site at your customer's location, or potentially the
damage that your product does to the customer's gear or, perhaps, their
livestock.  This can vary from vendor to vendor.

2) Errors and Omissions insurance covers the damage that your product may do
- e.g. accidentally releasing private information.

3) You should check for firms that specifically target your business and
have a strong history and rating.  You aren't in the farm business, you're
in the hardware/software business.

4) E&O can be cheap, especially if you have various ratings and policies and
procedures on the books and a record of using them.

5) You may also consider obtaining BI and Contingent BI insurance so that in
case your customers have an event such as a barn fire that affects their
ability to operate, you can still get paid while they're down.

Mainly find a really good agent and see what they have to offer.  If I had
my way, I'd add E&O in a heartbeat, especially if you don't have a
couple-hundred grand lying around to fight a lawsuit.

Mike
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[Cannon Smith]

Thanks Mike. This gives us a good start. I hadn't heard about the E&O before--will have to look into it.

Thanks.

--
Cannon Smith
Synergy Farm Solutions
P.O. Box 65 -- Hill Spring, AB CANADA -- T0K 1E0
[phone] or 1-866-626-3236
<cannon@...>
<www.synergyfarmsolutions.com>



Mikey wrote:

> Mainly find a really good agent and see what they have to offer.  If I had
> my way, I'd add E&O in a heartbeat, especially if you don't have a
> couple-hundred grand lying around to fight a lawsuit.
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