Technology Errors & Omissions Insurance (Professional Liability or E&O) covers businesses providing technology services to their clients. Professions such as Software Developers, Home Automation Specialists, Network Consultants and many more can fall under the Tech E&O classification. A Tech E&O policy protects the insured against any mistakes made while doing business. A Tech E&O policy should be purchased alongside a Cyber Liability Insurance policy for comprehensive protection against online & offline services.
Why Purchase Tech E&O?
The costs for legal defence, settlements and breach of contract allegations can add up quickly even when your business is not at fault. A lawsuit could potentially ruin your business with lost income during the court case. It isn’t just the expense that can ruin your business, not responding or having a recovery plan can ruin your brand and company reputation.
Technology Claims Example
Anycomputer Consultant, Inc. provides all the IT service needs for a local restaurant in town. The contract includes services for security vulnerability testing. After the project is complete the restaurant’s computer system is attacked by a virus and all files on the hard drive are lost including accounting records and customer information. The restaurant files suit against Anycomputer Consultant, Inc. for the cost to recover their data and loss of business income from not being able to collect from the credit card transactions due to the loss of information.
For more information about California technology errors & omissions insurance, give Gary Warner Insurance Agency, Inc. a call at (818) 706-8625 today!