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In the fast-paced world of technology, even the smallest mistake can lead to significant financial losses for your clients and legal challenges for your business. Technology Errors and Omissions (Tech E&O) Insurance from Titan Risk provides critical coverage designed to protect your business from claims of negligence, errors, or omissions in the products or services you deliver. Whether you develop software, provide IT consulting, or manage data systems, our Tech E&O insurance ensures that your business is shielded from the financial and reputational risks associated with your professional work.
At Titan Risk, we understand the unique challenges faced by technology companies. That’s why our Tech E&O solutions are tailored to meet the specific needs of your industry, offering comprehensive protection that allows you to innovate with confidence. With Titan Risk, you can focus on delivering cutting-edge technology solutions, knowing that your business is protected against potential claims.
Titan Risk provides comprehensive Technology Errors & Omissions (Tech E&O) insurance solutions designed specifically for tech companies and professionals. With a focus on tailored coverage and exceptional service, our insurance offerings help protect against financial losses and legal liabilities arising from technology-related errors, omissions, and failures. Here are the key features of our Tech E&O insurance:
What is technology errors and omissions insurance?
Technology Errors and Omissions (Tech E&O) insurance provides coverage for technology companies and professionals against claims of negligence, errors, or omissions in the products or services they provide. It covers legal defense costs, settlements, and judgments if your business is sued for failing to perform its tech-related duties, including software errors, failure to deliver services, or faulty products.
Does my business need tech E&O?
If your business provides technology services, software, or products, Tech E&O insurance is essential. It protects your company from the financial impact of lawsuits alleging that your technology failed to meet expectations or caused financial harm to a client. This coverage is crucial for tech companies of all sizes, from startups to established firms.
What is the difference between E&O and professional liability insurance?
While both E&O and professional liability insurance protect against claims of negligence or errors in professional services, Tech E&O is specifically tailored to the technology industry. It addresses the unique risks associated with technology services and products, such as software failures, data loss, or system outages, whereas general professional liability may not cover these specialized tech risks.
What are some common tech E&O claims?
Common Tech E&O claims include allegations of software defects that cause financial losses, failure to meet project deadlines, data breaches resulting from software vulnerabilities, and system outages that disrupt client operations. These claims often arise when a client believes that your technology or services failed to perform as promised, leading to financial harm.
What limits should my business carry?
The limits your business should carry for Tech E&O insurance depend on the size of your company, the complexity of the projects you handle, the value of your contracts, and the potential risks associated with your technology. Small to medium-sized businesses might consider limits starting at $1 million, while larger tech firms or those with high-value contracts may need higher limits to ensure adequate protection.
What enhancements are available?
Enhancements to a Tech E&O policy may include additional coverages such as intellectual property infringement, breach of contract, business interruption, and coverage for regulatory fines. These enhancements can provide broader protection tailored to the specific needs and risks of your technology business.
Do I need cyber liability and tech E&O insurance?
Yes, both cyber liability and Tech E&O insurance are recommended for technology companies. While Tech E&O covers claims related to errors in your technology services or products, cyber liability insurance specifically addresses risks related to data breaches, cyberattacks, and other cybersecurity incidents. Together, these coverages provide comprehensive protection for your tech business.
My tech E&O insurance is with another agent, how do I move it to Titan Risk?
To move your Tech E&O insurance to Titan Risk while keeping your current carrier, contact us to initiate the process. You’ll need to sign an Agent of Record (AOR) letter, which authorizes Titan Risk to take over as your representative. We’ll submit the AOR letter to your carrier, who will update their records to reflect Titan Risk as your new agent.
How long does it take to receive a quote?
The time it takes to receive a Tech E&O insurance quote from Titan Risk depends on the complexity of your business and the information required. Typically, you can expect to receive a quote within a few business days after providing the necessary details about your operations, services, and coverage needs.
Outside of technology errors and omissions, what insurance products can I buy from Titan Risk?
Titan Risk offers a comprehensive range of commercial Property and Casualty (P&C) insurance products designed to protect your business from a variety of risks. Whether you need coverage for your property, liability protection, or specialized policies tailored to your industry, Titan Risk has you covered.
Here’s a list of the key P&C insurance products you can purchase from Titan Risk:
