Lets say that Ram is a freelancer app developer and takes a contract for app development for $6K from an institution. With help of his friend Shyam he develops the app and delivers it to the client at their satisfactory level. However, Ram and Shyam want to ensure that the institution they build the app for cannot hold them liable for any fault in the app which got into action five years down the line only and has caused a damage of $100K to the institution.
So, they want to insure their liability by taking and insurance policy. Does something like this exists? If yes, what are such policies generally called.
Please feel free to ask for any further clarification.