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Technology insurance is also known as tech E&O coverage, technology errors and omissions insurance and E&O insurance. It can help pay for any errors or omissions in the services that technology businesses provide.
Imagine, your graphic designer provides designs different from the agreed-upon ones, prompting a client claim. A tech E&O policy can help cover ensuing costs.
Tech E&O typically covers legal fees, settlements, judgments, and defence costs related to claims such as design defects, missed deadlines, improper documentation, system failures, etc.
Many businesses benefit from both Tech E&O and Cyber insurance. Tech E&O covers human errors leading to client losses, while Cyber covers external threats and data breaches. Consider your specific risks and consult an insurance professional.
Cyber insurance safeguards businesses against financial losses arising from cyberattacks, data breaches, and other cyber threats.