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Technology businesses often hear about two coverages that sound similar: cyber insurance and technology errors and omissions, or tech E&O. They solve different problems, and many tech firms need both.
Cyber insurance responds to breaches and attacks on your own business: ransomware, data breaches, and the liability that follows. Tech E&O responds to claims that your technology product or service failed a client or caused them financial harm, such as software that did not perform as promised.
A software company could suffer a breach of its own systems and, separately, face a client claim that its product caused a loss. One policy addresses the first, the other the second. Clients also frequently require both by contract.
If you build or sell technology, look at how both coverages fit together. Explore cyber insurance and business insurance options, or start a quote.
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