Smart Tech E+O®: 
Primary and Excess

Our Smart Tech E+O^® policy includes all coverage included in our Smart Cyber Insurance^® policy plus Technology and Professional Services Liability coverage for losses as the result of an act, error, or omission in the rendering of your services or the failure of your products to perform as intended.

Corvus considers several factors when calculating premiums, including an organization’s score on our noninvasive IT security scan, the organization’s revenue, the quality of the  organization’s cybersecurity controls, the limit requested, and the type of technology services being offered.

Premiums vary depending on the type and size of the business insured. Annual premiums start at around $3,000.

A few examples of a Tech E+O claim are:

• An HR software provider with thousands of small business customers discovers a bug in their software that caused errors in calculations pertaining to accounting and pay records. A number of affected customers sued for the failure, seeking reimbursement for the software usage fees as well as for the costs to remediate the errors. In this case, technology products coverage would be triggered.
  
  
• An app developer was hired by a client to build a mobile app to better serve the client's customers. The client noticed that download activity was much lower than expected; then complaints began to come in from customers who were getting an error message when trying to sign up for the app. Thousands of users were not able to sign up and the client sued for lost revenues. The app developer's Tech E+O policy would cover this claim.

Tech E+O (technology errors and omissions) is a kind of insurance designed for technology services and software companies. It includes a combination of cyber insurance coverage for cyber incidents and tailored E+O coverage to protect policyholders in the event of an error in the rendering of their services. Combining these two types of insurance coverage in one policy eliminates the possibility of finger-pointing between carriers because some events can trigger both a cyber claim and an E+O claim.

Your Tech E+O insurance provider is an important partner in mitigating security threats. Every Corvus policy includes access to Corvus Signal™, the only cyber risk mitigation solution proven to reduce risk. Policyholders engaged with Corvus Signal™ have experienced up to a 20% reduction in the frequency and cost of cyber breaches. With Corvus Signal™, policyholders gain access to unlimited consultations with cyber experts, real-time intelligence on emerging threats, and easy-to-use tools to manage security risks.

Contact your commercial insurance broker and ask them about Smart Tech E+O^® coverage. Corvus's offerings are available via select appointed agencies around the country. Our expert cyber underwriters work hand-in-hand with brokers to provide fast, accurate, and fully customized cyber insurance quotes.