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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 (Texas risks only) to download an Technology Professional Liability application and send your submission to PLUS today! Click here to download an Technology Professional Liability application and send your submission to PLUS today! |
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