Understanding the difference between cyber and technology errors and omissions may be confusing. With Technology E&O your business will have a layer of protection for claims from customers for standard errors and omissions, or product failures.
There are many similarities between Cyber and Technology Errors and Omissions insurance. Cyber liability insurance will protect your business from ransomware, cyberattacks, phishing attempts, and accidental data leaks.
For example, if you have any employee that by accident and of no intentional fault opens a malicious email, clicks a link, and the cyber criminal gains access to your client data your cyber liability insurance can help you take the steps to recover associated with this breach.
With Technology E&O insurance your business will have a layer of protection from standard errors and omissions, along with negligence and product or equipment failures.
Say you own a web hosting company that provides hosting server support to businesses and your product fails, the client’s business is interrupted and they come after you for lost revenue. Your client can file a claim regarding this faulty equipment and your technology e&o policy can help to pay for this cost.
Businesses that operate in the tech industry, computer programming, and development are a few examples of qualified companies that should obtain technology errors and omissions policy. These types of companies will benefit from this type of policy because of the products and services they offer.
What Type of Companies Need a Tech E&O Policy?
- Tech Start Ups
- Software Developers
- IT Contractors
- Website Developers
- Consumer Electronics
- Project Management