Tech E&O
Technology Errors and Omissions, or "Tech E&O," is a professional liability insurance policy specially crafted for technology solution providers. It is a robust shield, protecting your company from potential damages caused by your products or services. Just as Medical Malpractice insurance provides a safety net in the healthcare industry, Tech E&O was designed to safeguard tech companies against errors and omissions in creating, designing, distributing, manufacturing, and implementing technology solutions (hardware or software).
Tech E&O is usually bundled with a Cyber insurance policy to avoid a gray area. For example, if a company is implementing a Networking System and later is found guilty of a misconfiguration that led the customer to be hacked, the policy will protect the System Integrator responsible for the installation.
We proudly partner with a range of admitted and specialty insurers to offer Tech E&O for startups and midsize enterprises. Some of our partners go beyond traditional Tech E&O, not only combining with Cyber but also explicitly covering bodily injury and property damage as a consequence of negligence in technology services. Some of them also include IP infringement.
Breach of Contract is when your company fails to deliver a promise in a binding contract with your customer. Some of our partners also include it in the coverage, giving you peace of mind during the project in case something goes wrong.
Cyber + Technology Errors & Omissions Insurance
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Bodily Injury, Property Damages and Financial Losses Liabilities arising from the Products and Services you provide
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Protect your company against liabilities in connection Breach of Contract of the services you provide
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Respond to the Cyber Incident with coverage to hire cyber security specialists to contain the attack and bring your system back.
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Pay the Ransomware if necessary to contain a data breach and downtime losses
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Manage the Crises with appropriate data breach management, notification, and regulatory compliance
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Recover Income losses related to business interruption due to the Cyber incident
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Schedule a free Zoom Meeting consultation to discuss your specific protection needs and insurance requirements. Coverage is subject to underwriting and the terms, conditions and limits of the policy issue, and may vary from Insurer to Insurer.
Technology E&O coverage examples
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IT Consultants - If your advices cause and harm you will be protected against liabilities associated with your technical recommendations to the customer
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Software Developers - If later on your customer find a cyber security vulnerability that caused any cyber incident, you are covered from liabilities for negligence in developing a secure software.
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Networking System Integrators - If the networking system you have installed fails due to a misconfiguration, causing a downtime and losses for your customer, you are covered against potential liabilities
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SaaS Platforms - if your platform fail to deliver the performance of capability expected in the subscription, causing financial losses to your customer (a financial trading platform for example) you are covered.
Typical Companies covered by Tech E&O
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Cyber Security System Integrators
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Managed Service Providers
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IT Consultants
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Internet and Telecommunication Services
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Industry Solution Providers (Digital Health, Fintech, Ed-Tech)
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Telematics Software and Systems
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Internet of Things Solution Providers
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Software Providers (ERP and Business Solutions)
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Software Developers
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SaaS Solution Providers
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Emerging Technologies
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While Artificial Intelligence (AI) and Machine Learning may be covered as part of your solution, with some insurers being more affirmative in how the policy will respond to liabilities arising from the harm created by a potential malfunction of LLM and Generative AI, some business classes having Autonomous AI technology, for example, may have limited insurers with the appetite to cover. Similarly, coding blockchain and or providing an enterprise blockchain solution may be insurable, while having cryptocurrency as a core business may be insurable by limited insurers
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