Technology Errors & Omissions
  

Summary of Insurance


Technology Errors & Omissions can be defined as coverage for claims alleging negligence in the provision of your technology products and services. From time to time these products may 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 more difficult, and elements of E&O coverage have become more complex and specialized.

In addition, the value of the assets continues to grow while organizations increasingly depend on technological systems and efficiencies to protect and leverage information. In this business environment, it is critical 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 a central element 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. Wired for Growth™ will help you identify your specific exposures and structure a cost-effective, customized insurance program solution.

Why is this coverage important?


Economic transformation

  • There has been a shift 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.
    • Rise in the amount & criticality of data.
    • Information transparency across corporate/geographical boundaries.
    • Technology makes no distinction between a good/bad effect.

Rising 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, increasing potential exposures.

Contractual Requirements

  • Increased contractual obligations with customers, suppliers and vendors.

Corporate Governance

  • Increased oversight and requirement to cover critical exposures.

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Wired for Growth™ is a registered trademark of Affinity Insurance Services, Inc.; in CA, MN, & OK, AIS Affinity Insurance Agency, Inc. (CA License #0795465) and in NH & NY, AIS Affinity Insurance Agency. Coverage availability may vary by state. This summary is for illustrative purposes only and should in no way be considered to accurately summarize the available insurance coverage. All policies are subject to policy terms, conditions, exclusions, company underwriting guidelines and approval. Affinity Insurance Services is a leading provider of professional liability insurance programs and a subsidiary of Aon.

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