Why Get
Errors & Omissions Insurance?
In a tech company, the majority of work involves creating software, developing applications, managing data, and providing professional services. These activities come with inherent risks that can lead to financial losses and legal disputes. Errors and Omissions Insurance is vital for your tech company because it provides protection against:
Claims from Clients: Despite your best efforts, errors, software bugs, or unintentional omissions can occur, potentially causing harm to your clients' businesses. E&O Insurance provides coverage for claims arising from financial losses, property damage, or business interruptions caused by your products, services, or advice.
Legal Defense: Defending your tech company against claims or lawsuits can be financially burdensome. E&O Insurance not only covers settlements but also includes legal defense costs. This means you'll have the necessary resources to hire legal experts who specialize in technology-related litigation, ensuring a robust defense for your business.
Professional Services Coverage: If your tech company provides professional services, such as consulting or implementation support, E&O insurance can protect you from claims related to errors, delays, or inadequate performance. This coverage ensures that your clients are financially compensated for any harm caused by mistakes or shortcomings in your professional services.