A type of insurance designed to cover providers of
technology services or products. For example, data storage
companies and website designers provide technology services, while
computer software and computer manufacturers offer technology
products.
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.