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Technology Errors and Omissions (E&O)

In today’s day and age, everyone expects perfect, instantaneous results. With technology rapidly developing, people’s demands and expectations continue to rise. Whether providing tech services or products, it is important to obtain insurance to protect against the financial losses associated with possible litigations.

As a leading wholesale insurance provider, Burns & Wilcox can provide you with access to Technology Errors and Omission (E&O) Coverage, which provides your clients with financial protection when held liable for errors, omissions, or negligence in relation to their work involving hardware, software, the web and more.

The quick response team at Burns & Wilcox understands the specific issues your clients face and can provide instantaneous, intelligent solutions.

Coverage Details and Features

Details

  • Liability limits as high as needed
  • Minimum premium of $1,000 for a $1 million limit
  • Coverage is broadly defined for technology services with flexibility to include additional professions and services
  • Includes Data Privacy Coverage
  • Optional first-party coverage for insured’s expenses to recover from unauthorized access
  • Supplemental payments in addition to the limit for breach mitigation costs
  • Combined E&O and General Liability form available
  • Contingent Bodily Injury and Property Damage Coverage available in certain areas
  • Coverage offered on a pay-on-behalf basis with insured having duty to defend
  • Coverage includes an incident trigger to result in claim when reported in accordance with the discovery position

Target Classes

  • Hardware and software services
  • Information technology staffing and consulting
  • Value added re-sellers of software and hardware
  • Web services, website design, internet service providers
  • App developers
  • Software developers
  • Computer engineers
  • Computer consultants

Ask an Expert

Can you explain the difference between technology E&O and general professional liability? And why is the distinction important?
The most important difference between the two lies in what incidents are covered by each policy. Technology E&O protects clients in the event that a technology consultation or a software error results in financial losses. For example, your client needs a policy that will cover a new financial program for accountants to manage reports more efficiently. If the program causes an error or produces incorrect results, it could lead to a financial loss. A general professional liability policy won’t cover the financial loss, but a technology E&O policy will. The way we look at it, the software provider is the equivalent of a business consultant; they are consulting and providing a service to create a better accounting program. General professional liability policies almost always exclude professional services.
Is there a simple way to determine if a client needs a technology E&O policy in addition to their general professional liability policy?
It’s critical to fully evaluate the different services your client’s business depends on. For example, your client might hire an external consultant for a technology-related inquiry. The consultant could advise your client to implement the newest Microsoft Office updates, and make another suggestion to change a human resource-related protocol within the same meeting. The consultant actually provided two types of counsel: technology counsel related to Microsoft Office updates, and another related to human resources. Different types of counsel require different policy forms. The simplest way to determine which specific coverage parts your client needs is to work with an expert at Burns & Wilcox.
If a technology company has a general professional liability policy and a technology E&O policy, are they fully protected?
It really depends on the specific exposures that are unique within the risk. Often the combination of the two policies will ensure there are no gaps in coverage, so it is critical to evaluate all risk exposures and provide adequate coverage. At Burns & Wilcox, we take a risk management approach to providing coverage, and we’re here to help ensure your clients are fully protected.

At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.

$14,479

Dating website with $1M limits

$15,000

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