Although many technology professionals are aware that the right insurance is necessary to protect them from accidents that may have dire digital consequences, it is important to know which kind of insurance provides protection against which kind of threat. Two of the more common forms of insurance required in the tech world are General Liability Insurance and Errors and Omissions Insurance.
General Liability Insurance
General Liability insurance protects companies against bodily injury and property damage caused by a company’s products and services or occurring on company property. This basic insurance will cover a company if someone trips over an improperly stored container at the office or if a company’s product is determined to have caused physical damage at an outside facility.
Errors and Omissions Insurance
Technology Errors and Omissions Insurance will cover a company if a client claims financial losses as a direct result of that company’s products or services. It will also cover damages to a client resulting from corrupted or lost data. Technology Errors and Omissions coverage is important to consider for any company dealing in digital data or products that store or transmit that data, as accidents are always possible and corrupted or lost data has the potential to cause serious harm.
Many insurance companies focus specifically on the insurance needs of today’s tech companies. Working with a tech-friendly agent will help keep any firm properly protected.