Smart Tech E+O®: 
Primary and Excess

A technology errors and omissions insurance policy, or Tech E&O insurance, is a vital safeguard for tech companies and professionals. It helps protect against financial losses stemming from insurance claims related to errors, omissions, or negligence in delivering technology services or products, as well as losses from cyber incidents.

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 during business operations.

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 protecting their computer systems, 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 for Smart Tech E+O^® start at around $3,000.

Here are a few detailed technology errors and omissions insurance claims examples:

• 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 and handled by the cyber insurance provider.
  
  
• 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 the costs of 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 cyber insurance 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 breaches and other forms of cyber attacks. 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 (or cyber insurance broker if you have one) and ask them about Smart Tech E+O^® coverage. Corvus's offerings are available via select appointed agencies around the country, and help offer peace of mind for business owners. Our expert cyber underwriters work hand-in-hand with brokers to provide fast, accurate, and fully customized cyber insurance quotes and coverages.