Insurance for technology companies needs to be as forward-thinking as the technology itself. Software, hardware, robotics, AI, autonomous vehicle software, life sciences, you name it – you’re pushing the boundaries of what currently exists and your policies should follow suit.
What are the biggest risks facing technology companies?
For technology companies, the main risk exposure is the use of the technology itself by the end user, which is covered by an Errors & Omissions (E&O) policy. The purpose of this policy is to cover the company in the event the technology fails and causes financial damages to a third party.
Technology is ever-changing, and insurance often has a hard time keeping up with it. It’s imperative that your broker understands your technology and how it works in order to provide a sound program that actually responds to claims, as these policies are not all created equally.
Insurance policies for tech companies to consider
- Directors & Officers Liability (D&O)
- Employment Practices Liability (EPLI)
- Fiduciary Liability
- Technology Errors & Omissions (E&O)
- Cyber Liability (Network Security & Privacy Liability)
- Businessowners Policy (BOP) o Property
- Umbrella Liability
- Employee Crime (also known as Fidelity)
- Workers Compensation
o General Liability
o Hired & Non-Owned Auto Liability