Technology Errors and Omissions Insurance from InsuringTech.com
In today’s business environment, technology errors and omissions insurance is essential. Whether you’re a contractor, an employer, a full-time employee, a programmer, computer repair technician, or the CEO of a computer consulting firm, you’re at risk of being sued for errors or oversight. Commercial general liability insurance does not cover the costs of a lawsuit if your company, a contractor, or even sub-contractor is perceived to be responsible for a technological error that causes disruption to business and loss of profits. Technology errors and omissions insurance (also known as IT liability insurance and Tech E&O) protects you from litigation and settlement costs related to tech and IT work.
What is Tech E&O?
Technology errors and omissions insurance, or Tech E&O, is coverage for IT professionals and companies. There are many causes of technology errors and omissions suits: software crashes, hardware failures, and network interruptions, that can be caused by a wide variety of factors. Tech E&O does not require the events that lead to the faults to be intentional—negligence or consultation that led to unforeseen problems are also grounds for a suit. In addition, the timeframe for Tech E&O suits is wide; litigation may be brought against you months after work has been completed. As the IT landscape expands into mobile and cloud computing, and more and more companies turn to technology to manage their businesses and engage customers, the risks for IT professionals broaden. Tech E&O allows you to focus your time and energy on your profession.
Why Do I Need Technology Errors and Omissions Insurance?
Technology errors and omissions insurance is a must for IT professionals, as computer and technology-related industries are growing rapidly and in a constant state of change. In many instances, laws and legal protections lag behind developments in the field, leaving IT workers in a precarious position. The integral role technology plays in many large businesses means the damages caused by malfunction can be extremely costly. Even if your firm is not found liable the cost of a suit and harm to your company’s reputation can be enough to put you out of business. Tech E&O not only covers you in case of litigation, having technology errors and omissions insurance will also cause companies to think twice before suing you. Lawsuits resulting from coding problems, security breaches, hardware issues, and IT consultation are not covered by general liability insurance. If your company provides any kind of IT service, or employs contractors or subcontractors that do, it’s essential you’re covered by technology errors and omissions insurance.
Protect your business with technology errors and omissions insurance: contact InsuringTech.com today for a quote!