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Errors and Omisssions LiabilityTechnologyWhy buy Technology E&O? Small and medium sized technology firms are especially vulnerable when dealing with claims. Claims and losses can arise from hacking, loss of data, when a technology professional fails to provide a software or hardware solution within the agreed period of time and many other circumstances. Technology professional liability can sometimes be written in conjunction with a Businessowners Package policy and may afford coverage for Intellectual Property, Unauthorized Access, Malicious Code and Personal Injury. Who needs Technology E&O? Programmers Consultants Web Page Designers Custom Software Developers Trainers System Integration Hardware/Software Maintenance Electronic Data Processors Disaster Recovery Database Services Claim A software developer was hired to provide special tax revenue collection software for a state agency in the southern US. The contract amount was approximately $11 million. The consultant failed to deliver the software in a timely manner, resulting in a significant loss of tax revenue to the state. The state agency sued and the trial court returned a verdict in favor of the state agency in the amount of $474 million, much of which was punitive damages. Click here to download an Technology Professional Liability application and send your submission to PLUS today! |
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