Protect business from financial losses using E&O Insurance for Professionals.
The business of services, design, consultancy, or efficiency products is exposed to financial risk from suits relating to breach of contract. An IT company’s failure to develop an intended application, a building design gone wrong for an architect, a doctor’s failure to save a patient, or erroneous investment advice can all lead to claims. Professional Indemnity Insurance, or Errors and Omissions Insurance, is specifically designed to address such possibilities of a claim. They provide wide coverage beyond a contract breach.
Breach of Confidentiality
All contracts require protecting a client information and non-disclosure norms. When client information or plans are accidently revealed by you or your employees unintentionally, the policy can protect you from subsequent claims.
Loss of Data and Documents
Losing important client documents and data entrusted to you or Technology firms committing mistakes leading to data loss can all lead to financial losses. It may require expenses to reconstitute data or compensate client losses.
Intellectual Property Infringement
This protects when claims for violation of Intellectual property rights (IPR) are made but not for patent and trade secret violation. It may arise due to a software you bought from a vendor or an employee using designs from his ex-company.
Libel and Slander
When contracts do not go as expected, allegations and counter allegations are common. A spoken word or a contention written to counter falsified or inaccurate allegations can all lead to a claim by a client which needs protection.
Employee Fraud and Dishonesty
While insurance does not cover you for a claim arising from a fraud or dishonesty, you may be unaware of an dishonest act committed by an employee leading to a claim. Edify can help secure a cover from all such claim possibilities.
Delay or Failure to Deliver
Despite best intentions and competencies, services and products can be delayed due to manpower loss or system failures. When a failure leads to delay or failure in delivery of your product or services, your cover should protect you.
The fast-paced and transient technology environment is ever exposed to professional claims due to contract breaches or delivery failures. On many occasions, tech firms are victims of changes in project specifications by clients leading to fictitious claims. Whatever the nature of the claim, the same needs a defense, and every firm needs to be prepared for financial contingencies. Most disputes end in thousands of dollars spent on defense costs. It is always not the best strategy to be exposed to a client’s demands, if illogical, by having your protection shield ready. Technology Errors & Omissions Insurance, apart from general professional indemnity covers detailed above, can also cover the risk of.
Unauthorized Access Cover
The vulnerability of the internet and its use to deliver services and products exposes technology clients to unauthorized access, malware, or virus attacks. When you are made liable for such losses, your liability insurance should cover them.
Breach of Privacy
When you undertake to handle personal health or financial data or operate payment gateways, the risk exposure is significantly high owing to strict regulatory and privacy laws. A cyber liability is a more comprehensive protection, though.
Mitigation and reconstitution covers
While errors cannot always be prevented, one can always initiate measures to minimize their effect and subsequent losses. Your E&O policy can provide you with financial support to mitigate risks arising out of a failed product or service.
Whatever the technology delivery relating to your business, EDIFY experts can help customize the right protection for your enterprise at the most optimal cost.
