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Tag Archive for: Technology Errors and Omissions

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Technology Errors and Omissions: Not All Insurance Programs Cover the Unique Exposure of a Tech Company

Every growing and established firm conducts business with some amount of risk. It is risk that brings the most reward to a company but it can also bring great pitfalls upon a company because of unforeseen incidents. Technology companies are unique in how they operate and it is important to recognize that not just any insurance program or policy can fulfill the coverage needs of technology-based businesses.

Understanding the hidden risks of running a technology firm is important when deciding exactly what insurance coverages you may need. For the purpose of this article, we focus on two types of coverages essential to technology firms: General Liability and Errors and Omissions.

Technology Errors and Omissions can be expanded to include coverage extensions that address risks from network security, privacy, damage to intangible property and breach of security.

A standard General Liability policy issued to an organization protects it against liability claims for bodily injury and property damage arising out of premises, operations, products, completed operations and advertising and personal injury liability. A General Liability policy for a technology firm may have additional coverage restrictions and exclusions, making Technology Errors and Omissions coverage a vital tool for protecting the assets of a technology firm.

It is key that these two coverage components “sing in harmony.” While a General Liability policy has typical exclusions that tie to claims arising from errors and omissions, network security, privacy and breach of security, the language in the policy wording can be important. On the other hand, while an Errors and Omissions policy has exclusions that tie to other casualty policies, the language in the policy wording is also important. It is important to review these two coverage components together.

It is also important to remember that a Technology Errors and Omissions policy does not always extend to your subcontractors and may not be considered valid on a worldwide scale. Every insurance contract is different. The key to building a successful insurance and risk management program is to review where your company will in 12 to 24 months and then design an insurance and risk management program that will change with your needs.

Unintended exposure to Errors and Omissions claims can cause a company disastrous loss if their insurance coverage is insufficient. A member from TechAssure Association can help your company get the right coverage. By analyzing your company’s unique business needs, a TechAssure Association member can customize an insurance program to protect your company and your investments. Please contact us for more information.

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The Importance of Protecting Your Firm with a Solid Network Risk Program

In a world of constantly advancing technology, more of our information is stored online than ever before. With greater amounts of important data being put into cyberspace, a need to protect this information is increasingly relevant. Protecting your capital with cyberliability coverage has never been easier.

The members of TechAssure can help you structure an insurance and risk management program that can save your assets and reputation when a technological error occurs. Being protected from liabilities relating to processes run by computers and other technology sources is especially important in the tech and life sciences industries. So what types of instances may require the need for network risk?

A simple but common problem in the technology industry occurs with the loss of customer data. This can happen for a variety of reasons, from the company accidentally deleting the information to the installation of defective or virus-laden software. No matter what the cause, the customer is never happy to lose their saved information. Having a solid risk management plan can help restore the relationship between you and the client and ensure a future relationship with them. It also can convey trust while building your client base and raising rounds of finance.

Taking steps to develop a solid insurance and risk management plan around your cyberliability exposures is an intelligent investment for your company. Contact us to learn more about the cyberliability insurance products and risk management services offered by the TechAssure members.