When it comes to technology innovation, the only thing holding technology companies back should be imagination, not insurance. Technology is at the core of every business operation today. When technology fails, the financial impacts can be devastating, and companies often look to their technology product or service providers for compensation. Unfortunately, traditional liability policies are not designed to respond to pure financial claims. Consider what would happen if your company was found legally liable for a financial loss because:
- A glitch in your software caused a client to lose a month’s worth of billing data.
- Equipment you installed caused a customer to be unable to receive online orders for 48 hours.
- The website you designed for a customer too closely resembled a customer’s key competitor’s site
Errors and Omissions (E&O) Coverage helps cover the costs when your company is found liable for causing damages due to errors, omissions or negligent acts related to the products or services provided by your business.
Broadened Professional Liability Products can also provide expanded coverage for:
- Software and computer-related services
- Copyright and trademark infringement
- Plagiarism
- Misappropriation of ideas under implied contract
- Issue of intellectual property right in content
- Personal Injury
- Libel, slander and defamation in content
- Invasion of privacy; disclosure of private facts
- Biotech/Clinical Research Organizations
- Gene analysis, cell cultures, analytical sciences
- Risks involving the application of advanced biological techniques using living organisms or derivatives thereof
- Pharmaceutical Manufacturing
- Drug manufacturing, pharmaceutical distributors
- Medical Device Manufacturing
- Digital Health
- Electronic medical records software developers
- Healthcare and medical software developers
- Healthcare IT organizations
- Telemedicine companies
- Medical app developers
Typically, emerging companies tend to focus on the benefits that their products provide, causing them to underestimate product liability risks and the potential severity of losses. Liability risks for new, emerging companies include:
- Clinical Trial risks
- Vendor/Supplier risks
- Management Team risks