Technology Errors and Omissions coverage provides coverage for Technology, Telecommunications, and internet based companies. These policies provide liability coverage for technology and Internet services, miscellaneous professional services, technology products, software, software copyright infringement, personal injury, media, network security, and data privacy. First party crisis management, public relations, and computer system extortion coverages to help cover the costs of potential or actual information security breaches are also available by endorsement.
There are some other terms for this coverage - but whether you call it Technology E&O, Cyber Liability, Network Security, Media Liability or Privacy Coverage, AmWINS can help.
- Does your client use computers?
- Do they have a web site?
- Do they conduct any business or sales through the internet?
- Do they have personal information on their customers such as social security numbers, credit card information, medical data?
Any and all of these activities put your clients at risk not only for their liability to others but to themselves as well. It is no longer a matter of coverage for professional technology service providers but coverage for technology users!
Companies are collecting more customer data, centralizing more storage of that data and becoming increasingly dependent on technology to deliver their services. All these activities add up to more risk and more uninsured liabilities. The good news is there are solutions available to minimize the impact on the client’s balance sheet. The insurance industry has responded enthusiastically to the changing environment and products are now available to address the operation and use of a company’s web-site and computer system, breaches of security which result in tampering of a third party’s computer system, failure to prevent identity theft or credit/debit card fraud, violation of state and federal privacy protection laws, or unfair competition, defamation, libel, slander, etc. in the company’s advertising. These products can protect for claims by third parties as well as your client’s direct costs.If your client uses technology, the odds are they have an exposure.