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Travel Risk Professionals What is Technology Professional Indemnity? (E&O)
The technology industry is vast, with many different businesses and company structures extending into other markets. Here, we discuss the risks and potential claims that tech company clients can make, covering the potential incidents and claims with the insurance coverage we recommend safeguarding tech businesses.
Guarding against claims of errors, omissions, or negligence related to products or services can damage businesses and professionals in the technology industry.
These incidents can lead to various expenses, such as legal defences or settlements. We want to highlight the claims that tech companies need to be aware of and where to arrange cover.
Arranging coverage with an experienced broker can support you if a client alleges that a technology service or product failed to meet expectations, inflicted harm on their property or business, or caused financial losses.
Coverage can extend to technology-related risks such as software and hardware defects, network outages, data breaches, and intellectual property violations.
Businesses dealing in technology-related products or services, spanning software development, IT consulting, web hosting, cloud computing, data processing, and telecommunications, should consider integrating Technology PI insurance into their risk management strategy.
Specific entities that stand to benefit include software developers, IT consultants, website designers, cloud service providers, data storage firms, telecommunications companies, e-commerce platforms, social media entities, AI developers, cybersecurity firms, and others.
Below are some of the claim examples of where Technology PI
can provide protection for your company:
Breach of Contract / Failure to Deliver: When a technology implementation consultant falls short of delivering promised outcomes, resulting in financial losses for the client.
System Outage: A cloud service provider experiencing a network outage leading to significant downtime for clients, potentially resulting in compensation claims.
Software Bugs & Errors: Instances where a software company’s product contains critical bugs causing data loss or system crashes, prompting claims from affected customers.
Intellectual Property Infringement: Cases where a software developer unintentionally employs code from a third party without permission, leading to legal repercussions for copyright infringement.
Data Breaches: for example, a managed service provider suffers a data breach, exposing sensitive customer data and inviting legal action from affected parties
Where can Technology Professional Indemnity be arranged?
Going directly to insurers is an option but brokers like Jensten Insurance Brokers can support you each step of the way. With a panel of insurers and a coverage that can be tailored to tech business’s needs.
We can arrange cover for tech companies looking for Technology Professional Indemnity insurance. Our Technology, Media & Cyber team can advise on the FinTech industry’s risk exposures and placement with A-Rated insurers in the London and Global insurance markets. Contact our team to start shielding your business.
