Technology companies need insurance to protect against errors in their products or services that could financially harm clients, users, or other third parties. For example, if an unmet standard caused a client’s network to fail, a Commercial General Liability policy likely wouldn’t cover those claims. Technology E&O is different from Cyber Liability, which covers technology users — not manufacturers or retailers — against privacy breaches and cyberattacks.
Directors and Officers Liability gives directors and officers the peace of mind that their personal financial assets are protected in case of legal action against their decisions. Securities actions against the company can also be covered under these policies. This coverage is important for any corporation – whether it be publicly traded, privately owned or not-for-profit – and is often required to attract directors and officers.