Insurance Coverages
Technology Errors & Omissions is typically defined as coverage for claims alleging negligence in the provision of your technology products and services. Many times these products can be endorsed to cover intellectual property, media liability and/or Internet services. Coverage availability varies and the scope of exposure differs in each organization.
Internet Liability/Network Risk Insurance protects your company from risk and liabilities associated with processes and commerce through computer networks via the internet.
This type of coverage protects directors and officers against claims for losses resulting from failure to manage their organizations properly. Claims can be made from many sources. Some of those sources are competitors, vendors, customers, employees, investors/shareholders of the company, and government agencies.
Employment Practices Liability is designed to help protect your business from allegations of discrimination, harassment, and other wrongful acts in the course of employment that are in violation of federal, state or local law, common or statutory.
Fidelity/Crime Insurance programs protect organizations from loss of money, securities, or inventory resulting from crime. Common claims include alleged employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Fiduciary Liability pays, on behalf of the insured, the legal liability arising from claims for alleged failure to prudently act within the means of the Pension Reform Act of 1974. The term “insured” is generally defined as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan, employer who is the sole sponsor of a plan and any other individual or organization designated as a fiduciary. Group life and medical expense plans, along with pension and retirement plans, are within the scope of this law.
Intellectual Property is a critical asset for any technology firm. Intellectual Property consists of patents, copyrights, trademarks, trade secrets and trade dress. Many of these assets can be protected with insurance contracts, for example:
Including General Liability Insurance, Business Property Insurance, Hired Auto & Non-Owned Auto, Workers’ Compensation Insurance and Umbrella Liability (Or Excess Liability)
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