Technology Errors and Omissions Insurance
Faced with ever-increasing competition in the technology industry including new risk risks, stricter contracts, relentless technological innovation and ever-changing dimensions of litigation within different geographies, arranging a Professional Indemnity policy for the technology industry requires unparalleled experience and expertise.
Today technology companies have to grapple with additional risks that also arise out of:
- Involvement with new and or untested products or services
- Involvement with existing products or services, but for new industry sectors or geographies
- Mergers and acquisitions activity of material size, scope
- Agreeing to highly unusual and or onerous contract terms and also the general loosening of established contractual standards
- The provision of warranties or guarantees as to outcome or performance
- Working with small, untested and, or unreliable sub-contractors, suppliers
- Intellectual property disputes and especially those impacting key product or service offerings
- Services touching on mission and or business critical activities and infrastructure of the client where there is a high level of reliance and dependency
Apart from the complexity of risks, claims in this area are complicated and very expensive to defend even if they are baseless or without merit; compounded by the fact that some companies’ size and brand visibility may work to their disadvantage by being perceived as "deep pockets".
Technology Errors and Omissions is for companies engaged in any of the following:
- Software Development & Maintenance
- Infrastructure Management Services
- Research & Development Work
- Enterprise Resource Planning Systems Implementation
- Business Process Outsourcing
- Data Centre Services
- Computer Hardware
- Infrastructure Engineering other Information
Technology and Information Technology
Enabled Services and related services.
Key Insurance Features
Technology Errors and Omissions Insurance covers litigation related risks arising from the insured’s performance in the following areas:
- Software and hardware
- Incidental consultancy services in non-IT areas
- Intellectual Property
- Network Privacy
- Cyber Security Risks.
There are numerous Information Technology Errors & Omissions Insurance offerings available in the market, each with subtle but technically important variations in contract, be it insuring agreements, extensions, exclusions, definitions or claims management provisions. Consult your Aon representative to establish the most appropriate risk transfer solution for your company.