Technology E&O (Errors & Omissions)

While the definition of “tech company” continues to be challenged, no industry has seen more innovation and growth than the tech sector. It’s also seen an equal amount of mergers & acquisitions, breaches and costly litigation. IP infringement, cloud liability, consumer privacy issues and data security/compliance are all challenges that many technology companies struggle with regularly. Increasing regulatory oversight is creating an even more challenging environment imposing stronger internal controls and a greater level of governance, duty and care.

While insurance isn’t always on the mind of tech companies outside of the certificate requests they receive periodically, industry leaders, companies that have sustained losses, and intelligent executives understand the importance of a carefully aligned insurance program and the value of partnering with an experienced broker. A well structured E&O policy is as important to your company’s balance sheet & financials, as talented coders and creative thinkers are to your companies growth. Obtaining quick online proposals and basing purchasing decisions solely on premium can result in a denial of coverage when it is needed most.

Like most professional liability policies, there are a lot of terms and verbiage hidden within, making a proper comparison difficult (if at all possible) to the purchaser. Basic considerations include questions such as: are critical coverages including contractual liability and breach of warranty claims included or carved out? Does the policy’s definition of “professional services” encompass all of your services or have they excluded specific operations? Does the policy provide any protection for lost income resulting from a data breach or ransomware attack? Is there any indemnification for government investigations (such as those accusing breach of privacy)? Because each technology company is unique, so are the insurance packages we provide. We work closely with our clients to understand the risks they face so that we can structure programs that most effectively address their exposures within their allocated risk budget.

Client Profiles:

  • Software Developers, Providers & Designers
  • SAAS (software as a service)
  • PAAS (platform as a service) 
  • Fintech
  • Systems Management, Analysis, Consulting & Integration
  • Web Design & Marketing Agencies
  • Data Processing, Storage & Hosting 
  • Cloud Providers
  • Online Media Companies & Publishers
  • E-Commerce
  • Mobile Apps, Entertainment & Gaming
  • Tech & IT Consulting
  • Protects Against
    • Defense Costs
    • Settlements & Damages
    • Breach Of Warranty Claims
    • Breach Of Contract Claims
    • Misrepresentation
    • Negligence Claims
  • Other Insurance To Consider
    • Commercial Package (including product liability and property)
    • Employers Liability (Workers Compensation)
    • EPLI (employment practice liability)
    • D&O (Directors & Officers)
    • 3rd Party Crime/Fidelity
    • IP Insurance
    • Tech Performance Bond 
  • Coverages & Endorsements
    • Defense Costs Outside the Limit
    • Duty To Defend (vs Duty to indemnify
    • Broad definition of professional services
    • Coverage for Independent Contractors
    • Installation Coverage
    • Coverage for punitive damages
    • Breach of warranty coverage
    • Contractual liability
    • Broad definition of "insured" and "products"
    • Data Breach coverage
    • 60-90 day automatic ERP (extended reporting period)

Get (Risk) Managed.

Ready to review your existing insurance program? Interested in setting a reminder for a renewal review? Or simply have a question? We're here to help. We also understand you're busy - let's schedule a time to speak that works best for you. Simply schedule a call and we'll reach out when it's convenient.

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