Technology Errors and Omissions Professional Liability (Tech E&O) policies can cover costs for legal defense, settlements and breach of contract allegations arrising from your techology related work.
Additional coverage to consider:
- Building
- Business Contents
- Cyber
- Professional Liability
- General Liability
- Contractual
- Automotive
- Pollutants
- Media and Internet
- And So Many More
Why Do You Need Tech E&O Liability Insurance?
Attorney fees for court cases or settlement negotiations outside of a court can add up quickly even when your business is not at fault. Most businesses do not have the funds to cover these expenses.
For example, suppose a company creates document management software. If this software caused their client’s systems to crash and there is a business interuption, the software company could be blamed. In this circumstance a lawsuit could potentially destroy the business without a Tech E&O policy in place. A Tech E&O policy could provide for defense costs, settlement expenses and possibly for lost income during the court case. Technology E&O policies imay take care of selected risks arising from technology related services.
The Need For Tech E&O - Claims Example
Web Designer -
A Web Developer is hired to design a fully functional, interactive, website. Six months pass, Web Developer fails to deliver the website as promised contractually and the customer must hire another developer to finish the website. The customer sues and claims damages of $3,000,000 which includes the increased cost to complete the website, lost profits because of the delay in the delivery, and the market value of the website.
The types of coverage that may be available depending on your specific situation*:
- Defense Outside the Limit Available
- Defense Outside the Limit Available
- Limits Available Up To 15 Million (Higher Limits Available Through Excess)
- Breach of Contract Coverage Available
- Can Combine the Tech E&O, Miscellaneous E&O, Technology Products, General Liability, and Cyber Liability On One Policy
- Full Prior Acts Coverage Available Even For First Time Buyer
- Coverage for Mental Anguish and Distress
- Additional Insured Status Available
- Covered Services Can Include Miscellaneous E&O Exposures
- Deductibles Start At $0
- Risk Management Services Available to Policy Holders for No Charge
- Media and Intellectual Property Coverage Built Into Policy Forms
Business Liability Policy
Location
General
Bodily Injury
Property Damage
Contractual
Products
Completed Operations
Advertising
Personal Injury
Employment Practices
Fiduciary
Management
Consultants
Professional
Errors & Ommissions
Media
Too Many More To List, so please call us at 607-843-8860
I don't see what I need for my business!
There are literally hundreds of businesses that we serve with liability products. Don't dispair, do give us a phone call at 607-843-8860 and we will do our best to help you solve your problem.
*Please note that not all types of coverage will be available to every insured on every policy. In some cases it may take multiple policies and insurers to create your desired insurance package. Each individual policy must be referred to for specifics of coverage provided. Any comment we make here are illustrative only and your insurer may expand on or deminish the coverage based on the policy langauge in the specific contract you purchase. Again we advise you that you must read your policy carefully.