What Is Technology Errors And Omissions Insurance?

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softwreIf you are technology-minded then you can probably wrap your mind around some things the average person can’t. Even though, insurance policies can be confusing. There are policies for everything it seems, and so many different types of coverage. There is technology insurance, homeowners insurance, business insurance, errors and missions, liability…aaahhhhh! How do you know what’s right for you and your business? That’s what we are here for. At the Jeff Van Matre Insurance Agency we can guide you through as you choose the right insurance for your business. So…what is technology errors and omissions insurance? Read on to find out.

Definition of Errors and Omissions

In layman’s terms, errors and omissions insurance for your technology company is equivalent to that of malpractice insurance for doctors. It protects your company in case a client claims that the services you provided were lacking or failed; or that your company’s software had errors, or did not perform as promised.  Coverage includes the cost of defending judgments against you such as legal defense and court costs, up to the limits of your policy.

What it Covers

Errors and omissions insurance covers technology products and/or services. To elaborate, website designers provide technology services, companies that accommodate data storage provide technology services, and companies that manufacture computers and/or computer software provide technology products.

These types of policies cover liability and property loss. Major liability covers:

  • Technology services
  • Technology products
  • Media content
  • Network security breaches

Key property agreements cover:

  • Extortion threats
  • Crisis management expense
  • Business interruption

Technology errors and omissions insurance is often confused with cyber and privacy insurance which protects the consumers of technology products and services. Our next installment will discuss the ins and outs of cyber and privacy insurance.

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 quotecall our Carrollton office today at 972-492-8500.