Over the two generations Evans, Pires & Leonard has been operating, the technology landscape and its risks have massively expanded. Technology professionals errors and omissions insurance offers liability insurance coverage that is specific to firms operating in the technology services space.
Technology service providers are distinct from users and have special liability concerns. Our technology services liability insurance is available to software designers and developers, network administrators, help desks and call centers, IT consultants, systems engineers, website developers and more. These are the people and firms that design, build, repair and administer computer hardware, software and systems.
When you are responsible for a business’s or individual’s computer or information system, you undertake a set of very expensive risks, including both property and intangible but valuable data. Damage to either could cost a business dearly and create risks far beyond just your client.
A technology professionals E&O insurance policy can cover privacy breaches you cause, viruses or malicious code you introduce or transmit, failure of your product, data deletions, and contract performance disputes. It can also cover damage to hardware resulting from your work and can insure service provided by independent contractors who perform operations on your behalf. Some insurers offer worldwide coverage in case a claim is made outside the U.S., which can be very important if you are working in cyber space.
The typical policy covers legal defense costs, settlements and some damages, but policies are worded differently and offer different benefits. For example, some IT insurers offer defense payments outside of liability limits, and others will pay attorneys fees from the first dollar forward. Talk to your advisor about the pros and cons of each.