Technology Professional Liability (Tech E&O)
The business of technology has become fraught with high-stakes professional liabilities. Constantly evolving technologies, diversifying technology operations and changing legal landscape have made it difficult for technology services providers to mount a strong and cost-sensible assault on the fast-moving perils without expert advise and cutting edge insurance solutions.
Technology E&O addresses the risks associated with technology business activities – whether its technology products or services, delivered online or offline. In addition, ancillary exposures such as advertising, sales, in-house counsel and media liability can also be insured. Companies can pick and choose the coverages they need and combine them in one broad, cost-efficient policy with a single limit. Available coverages may include:
- Technology Errors and Omissions – for errors or omissions related to electronic technology services and technology products.
- Media Liability – for content published on the Internet, including exposure to claims for defamation, libel, slander, copyright infringement, and invasion of privacy.
- Privacy Liability - for losses arising out of the organization’s failure to protect sensitive personal or corporate information in any format.
- Network Security Liability - for losses arising out of the failure of network security, including unauthorized access or unauthorized use of corporate systems, a denial of service attack, or transmission of malicious code.
- Data Breach Expense - for expenses to retain a computer forensics firm to determine the scope of a breach, to comply with privacy regulations, to notify and provide credit monitoring services to affected individuals, and to obtain legal, public relations or crisis management services to restore the company’s reputation.
- Network Extortion Threat - for expenses arising out of a criminal threat to release sensitive information or bring down a network.