technology errors and omissions insurance (tech E&O)
A type of insurance designed to cover providers of technology
products. For example, data
storage companies and website designers provide
technology services, while computer
software and computer manufacturers offer
Tech E&O policies cover both liability and property loss exposures.
Major liability insuring agreements include losses resulting from:
(1) technology services, (2) technology products, (3) media content,
and (4) network security breaches. Key property insuring agreements
provide coverage for extortion threats, crisis management expense,
and business interruption.
Tech E&O insurance is often confused with cyber and privacy insurance.
In contrast to tech E&O coverage, cyber and privacy insurance is
intended to protect consumers
of technology products and services. Nevertheless, cyber
and privacy insurance policies do offer a number of the same insuring
agreements as tech E&O policies.
Cyber and privacy insurance.
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