Generally, Errors and Omissions insurance is generally created to cover industry-specific risks of providing clients products and professional services.

Tech E&O Insurance, also known as Tech Errors and Omissions insurance, is specialized professional liability insurance for tech companies, workers, and independent tech professionals. You should consider getting this Errors and Omissions Insurance if you provide advice, consultations, create software products, or other related professional services.

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Whether you are an independent professional in tech or you operate a tech company, you may face lawsuits from clients for many reasons. In the worst-case scenario, you could be liable for millions of dollars in damages without robust protection from an Errors and Omissions policy. Tech E&O insurance ensures that the policyholder, an individual or a tech company, is protected from alleged claims and accrued financial loss through indemnity payments, court costs, and other legal and media expenses.

In addition, having an Errors and Omissions Insurance policy can help you win more clients and businesses. Having this policy indicates that you are serious about your work and take ownership of your services and products. Also, if big companies choose your products, they will require you to carry insurance for liability reasons.

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Tech E&O insurance policy provides liability and property loss coverage for its policyholders. The comprehensive E&O policy package includes:

• Errors and Omissions (E&O): If you provide professional services and products, you have a chance of encountering a lawsuit. E&O (also called Professional Liability Insurance) protects you from alleged negligence, errors, failure to meet service or product expectations, and more.
• Intellectual Property: This coverage protects you against IP theft or infringement claims relating to trademarks, copyrights, and patents.
• Privacy Breach Liability and Expenses: If data loss occurs through methods including hacking or poor cybersecurity, the coverage will take care of response costs, notification expenses, and other related expenses.
• Commercial General Liability (CGL): Get up to $5M coverage against bodily injuries and property damage.
• Non-Owned Automobile: If you or your employee uses a rental or personal vehicle for business purposes, this coverage is a must.
• Business Contents: You rely on your computer equipment, devices, and other tech accessories to complete your work. This coverage protects your business property from covered perils, including fire and theft.
• Business Interruption: Unexpected events stopping you from carrying out business as usual? This coverage covers your lost income while you get back on your feet.
• Miscellaneous Property Floater (Portable Equipment): This coverage protects your portable/mobile items, including electronics goods such as laptops and mobile devices.

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Tech E&O Insurance is available for a broad range of Tech professionals, businesses, and services, including:

• Computer Hardware Sales
• Computer Repair and Maintenance
• General IT Consulting
• IT Network Configuration
• IT Security Consulting
• Packaged Software or Hardware Installation
• Subscription-Based Business Software as a Service
• Teaching and Tutoring Services
• Web Development, Graphic Design, or Digital Marketing
• and more.

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The Tech E&O Insurance cost can vary based on factors including:

• Annual and Projected Income
• Applicant Details
• Claims History
• Deductibles
• Specified Coverage
• Number of Employees
• Policy Terms and Limits
• Services Offered
• Size of the Company
• and more

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Cyber Insurance, or Cyber Liability Insurance, is not the same as Tech Errors & Omissions policy. While the two insurance policies sound similar, each coverage targets different aspects of your business.

Cyber Insurance protects consumers, clients, and businesses in all industries from cyber losses like hacks, ransomware or privacy breaches. It is typically added to insurance packages to fill in gaps in cyber coverage. You can expect to find coverages including regulatory defence expenses, business interruption, PR management expenses, and third-party notification fees.

Meanwhile, our Tech Errors and Omissions is a comprehensive policy package that protects tech companies or individuals providing technology services and products from financial losses. Tech companies or individuals who provide services and products relating to software, computer hardware, and other data-related services should obtain an E&O policy.

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