Technology errors and omissions insurance is a form of protection for companies working in the technology field. It is a type of insurance that covers everything from computer errors to software failures. If a customer of the technology company is unsatisfied with an individual or program’s performance, they may want to get a refund on the money they spent on the product or service. In some cases, if damages caused by the product or service cause major problems for the client, they may take legal action against the technology company. This could cost a lot of money for the company.
This is why it’s a good idea to invest in technology errors and omissions insurance. This can help protect your company from clients who file claims holding you responsible for the errors or failure to do the work as promised in your agreement. The coverage includes many things from refunds to court costs.
There is a difference between Commercial General Liability insurance and errors and omissions insurance. Commercial General liability does not cover things like programming & software errors or performance disputes. This is why you must find a company that knows about technology errors and omissions insurance and can provide you with exactly what your company needs to stay protected. Because when it comes to computers and technology, mistakes can happen.