Tech E&O Insurance

Tech E&O protects technology companies from programming mistakes or incorrect advice they give.

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Tech E&O Insurance

What is Tech E&O Insurance?

Technology Errors & Omissions (Tech E&O) Insurance is a specialized form of coverage for businesses in the technology sector. It provides protection against claims alleging negligence or mistakes in delivering technology services or products, including software, hardware, or consultancy.

Why You Need It

1

To Protect Against Financial Impact of Lawsuits

Even a small error or omission in a technology service or product can lead to a lawsuit, causing severe financial strain. Tech E&O can cover the legal costs and potential settlement.

2

To Maintain Professional Reputation

A claim against your company can damage your reputation. With Tech E&O coverage, you can handle claims professionally and maintain client trust.

3

To Comply with Contractual Requirements

Many client contracts in the technology sector require evidence of Tech E&O insurance. It provides assurance that you have the means to rectify any potential issues arising from your work.

Need Tech E&O coverage for your business?

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What Tech E&O Insurance Covers

Claims of Negligence

Claims of Negligence

Tech E&O covers allegations of professional negligence, such as failing to deliver a service to the agreed standard.

Costs of Legal Defense

Costs of Legal Defense

The policy includes coverage for legal fees and court costs associated with defending against a claim, whether the claim is valid or not.

Breach of Contract Claims

Breach of Contract Claims

If a client alleges that your tech company didn't fulfill its contractual obligations, Tech E&O can cover the claim.

Claims Resulting from Data Breaches

Claims Resulting from Data Breaches

If your tech services result in a data breach at a client's business, your Tech E&O policy can cover the resulting claims.

What Tech E&O Insurance Doesn't Cover

Not Covered

Intentional Wrongdoing

Tech E&O does not cover claims arising from deliberate wrongdoing or illegal acts by the company or its employees.

Not Covered

Property Damage or Bodily Injury

These types of claims are typically covered under a general liability policy rather than Tech E&O.

Not Covered

Patent Infringement

Claims of patent infringement are usually excluded from Tech E&O policies, requiring separate intellectual property insurance.

Not Covered

Financial Guarantees

If your technology service or product doesn't yield the financial results you claimed, Tech E&O typically won't cover these types of claims.

Reasons To Have Tech E&O Insurance Coverage

Tech E&O Insurance is a must have for businesses that need:

To Protect Against Financial Impact of Lawsuits

Even a small error or omission in a technology service or product can lead to a lawsuit, causing severe financial strain. Tech E&O can cover the legal costs and potential settlement.

To Maintain Professional Reputation

A claim against your company can damage your reputation. With Tech E&O coverage, you can handle claims professionally and maintain client trust.

To Comply with Contractual Requirements

Many client contracts in the technology sector require evidence of Tech E&O insurance. It provides assurance that you have the means to rectify any potential issues arising from your work.

What Does Tech E&O Insurance Coverage Cost?

Costs can vary based on your location and the specific type of work you perform. Here are some examples of cyber quotes for small to medium-sized businesses:

Software as a Service - Language InterpreterManaged Service ProviderShared Economy
StateDEPAUT
Revenue$6,446,000$17,000,000$4,100,000
Policy Limit$3,000,000$2,000,000$2,000,000
Deductible$25,000$50,000$5,000
Annual Cost$18,407$38,983$6,080

Running a larger or more complex technology company comes with additional risk and increased premiums. Here are some quote examples for larger Tech E&O quotes:

Freight Shipping and LogisticsComputer Systems DesignAerospace Designs
StateTXMOCA
Revenue$62,000,000$54,787,000$210,000,000
Policy Limit$2,000,000$1,000,000$3,000,000
Deductible$25,000$10,000$150,000
Annual Cost$24,400$33,918$58,990

Frequently Asked Questions

What Our Customers Are Saying

Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.

Dalton P.

I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!

Mike S.

If integrity is an important element in your business dealings? LandesBlosch delivers. This company stands on timeless character strengths that have been the cornerstone of their business build. Exemplary customer service skills combined with astute knowledge in the industry equates to unparallel success for any individuals or businesses seeking solid counsel. I highly recommend LandesBlosch as your insurance partner, you will not be disappointed.

Cheri M.

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