What is Technology Errors and Omissions Insurance?
Tech E&O covers a policyholder against a claim that the insured was negligent in providing a technology service.
Why does your business need Tech E&O coverage?
Some examples may include:
- A policyholder provides an e-commerce platform that crashes, causing customers that use the e-commerce platform to sue the insured for financial losses.
- A technology consultant faces liability for giving incorrect advice on setting up a client’s software platforms.
- A policyholder develops a software program that has a glitch causing network interruptions to their clients and third parties.
- An insured CRM platform experienced glitches to their system, preventing a company from accessing their client contact list resulting in a loss of revenue.
What does Tech E&O cover?
- Coverage for claims brought by third parties who suffered financial loss as a result of the insured failing to adequately provide technology services
- Covers both defence costs and damages to third parties within the limit of liability
- Broad definition and appetite
- Coverage available for claims arising from:
- systems analysis, design, implementation, and integration
- software development and programming
- data processing
- management, repair, support and maintenance of software, computer products, networks, and systems
- technology consulting services
- the creation, manufacture, development, distribution, license, lease, sale, or training in the use of any technology product
The AIG Advantage
- 40+ years of experience writing diverse E&O risks means that policies work for each individual client’s definition and industry - crafting tailored and broad definitions of professional services allows AIG to respond to clients’ unique claims a while helping them prepare for potential losses
- Commits to a consistent, seamless experience and coverage for clients in 215+ countries and jurisdictions
- Provides veteran in-house E&O claims professionals working with underwriters to address claims with swift, unparalleled expertise