With all the different types of insurance available today it can be hard to keep them straight, especially when it comes to technology insurance. Technology insurance can involve information exchanged over the internet, information found on the internet, or technology products and services. When it comes to choosing technology insurance there may be some confusion between technology errors and omissions insurance and cyber and privacy insurance. Errors and omissions insurance protects the providers of technology products and services, such as website designers, computer software and hardware manufacturers, and data storage companies. However, errors and omissions insurance and cyber and privacy policies do cover a number of the same issues. In today’s blog we help clarify the differences between errors and omissions and cyber and privacy insurance.
What Is It?
Rather than cover the producers of technology products, cyber and privacy insurance is designed to cover consumers of technology services and products. This type of insurance is designed to protect against a variety of liability and property losses that may result when a company engages in various electronic activities such as selling on the Internet or collecting and storing data.
Cyber and privacy is the type of insurance to have in case of a data breach in which the company’s clients’ or customers’ personal information, including social security or credit card information, is left unprotected or is stolen by someone who gained access to your company’s electronic storage network. Expenses covered by this type of insurance include:
- Notification costs
- Credit monitoring
- Loss resulting from identity theft
- Defense costs
- Fines and penalties
Other liability coverage includes:
- Website content
- Business interruption
- Computer fraud
- Cyber extortion
- Data loss and/or destruction
- Fund transfer losses
ABOUT YOUR DALLAS INSURANCE COMPANY:
With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets. To learn more, or to get a free quote, call our Carrollton office today at 972-492-8500.