Technology Errors & Omissions Insurance (E&O)

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.

As technology companies continue to emerge, generalizing trends in Technology E&O coverage has become challenging and elements of E&O coverage have become more complex and specialized. Also, the value of the assets continues to grow while organizations increasingly depend on technological systems and efficiencies to protect and leverage information. In this type of business environment, it is very important to protect against technological systems’ errors or omissions that can create widespread damage or disruption to information assets and severely harm balance sheets.

Our technology specialists understand that as the foundation of your insurance program, Technology E&O must be structured to provide comprehensive coverage for economic loss caused by mistakes or the negligent provision of your products and services. TechPro of America will help you identify your specific exposures and structure a cost-effective, customized insurance program solution.

Why is this coverage important to you?

Economic Dynamics

• We are shifting from a manufacturing society to a service/information society.
• Product companies deriving greater percentage of revenues from services.
• Proliferation of “Consultant” business models.
• The emergence of the digital/networked economy.
• Increase in the volume and critical nature of data.
• Information transparency across corporate/geographical boundaries.
• Technology makes no distinction between a good/bad effect.

Increasing Claim Frequency & Severity

• The increased duty of care requirements for “new professionals” is ever escalating.
• Technology service provider contracts are growing in size and length which increases potential exposures.

Contractual Requirements

• Increased contractual obligations with customers, suppliers and vendors.

Corporate Governance

• Increased oversight and requirement to cover critical exposures.