Get Tech E&O Insurance for Your Business
Protect your tech company from the financial fallout of errors, omissions, or negligence in your products or services.
Why You Need Tech E&O Insurance
What Does Tech E&O Insurance Cover?
Negligence or Errors in Tech Services
Negligence or Errors in Tech Services
Protects against claims of professional negligence or mistakes in the services provided.
Product Failures
Product Failures
Covers issues arising from the malfunctioning of software or hardware products.
Cybersecurity Incidents
Cybersecurity Incidents
Provides protection in cases where a tech product or service leads to a data breach or exacerbates a cybersecurity issue.
Defamation, Libel, or Slander
Defamation, Libel, or Slander
Protects against claims of harm caused by statements or representations made by the company.
Loss of Client Data
Loss of Client Data
Offers coverage for incidents resulting in the loss of client data, whether through accidental deletion or system failures.
Project Delays and Overruns
Project Delays and Overruns
Covers liabilities arising from delays in project completion or budget overruns attributable to technological errors or omissions.
Who Needs Tech E&O Insurance?
Software & App Developers
Tech E&O insurance protects developers against claims arising from software malfunctions or delivery delays that could cause financial loss to their clients.
Website Designers
Tech E&O insurance safeguards against potential legal actions due to website errors, downtime, or performance issues impacting client business.
Cybersecurity Companies
Must have Tech E&O insurance to cover liabilities related to data breaches or security failures in the cybersecurity solutions they provide.
Digital Marketing Agencies
Tech E&O insurance defends against claims of misrepresentation or ineffective marketing strategies that could harm a client’s business.
IT Professionals
Tech E&O insurance protects against claims of negligence or inadequate IT services leading to client data loss or system failures.
Cloud Computing Companies
Tech E&O insurance covers potential liabilities from service interruptions or data losses that affect their clients’ operations.
And More
Companies providing tech-based services or products benefit the most from Tech E&O insurance, especially those where professional errors and omissions could lead to significant financial loss.
How Much Does Tech E&O Insurance Cost?
Disclaimer: Your actual Tech E&O insurance cost is influenced by the quantity and nature of data you store, internal controls, your industry, customer base, and revenue.
| Incidents | Cost Without Insurance |
|---|---|
|
Negligence lawsuits |
$250,000 |
|
Malpractice lawsuits |
$500,000 |
| Incidents | Cost Without Insurance |
|---|---|
|
Negligence lawsuits |
$250,000 |
|
Malpractice lawsuits |
$500,000 |
Partnering with Founder Shield
We’re a risk management partner for high-growth companies across emerging markets, striving to create the most seamless, intuitive, and responsive insurance-purchasing experience powered by proprietary technology and insurance products.
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Submit an application and have our 1-1 advisor evaluate your startup’s unique vulnerabilities and potential liabilities.
Select tailored insurance policies that address your startup’s specific needs.
Connect with a trusted insurance provider and secure your startup’s future.
Testimonials
“I was referred to Founder Shield by a friend who works with technology-based startups as I do… Founder Shield was simple – go to the website, fill out the form, get a quote quickly, pay and Voila – you are insured. I need a highly rated insurer and they delivered… I highly recommend Founder Shield.”
“The Founder Shield team is a wonderful and supportive partner… Not only are they 100% devoted to insuring compliance, they provide continuous guidance. Our dedicated account manager is extraordinary – goes above and beyond to ensure all of our needs are met.”
“ Excellent and very reliable customer service. Founder Shield not only worked with us and helped us gain competitive insurance coverage in a field that is very new, they also went above and beyond in communicating directly with authorities to help us ease through the process of gaining permission to operate. ”
Case Studies
Software Development Error
Software Development Error
A software development company releases a custom accounting application for a client. However, due to a coding error, the software miscalculates financial figures, leading to significant accounting discrepancies and financial losses for the client. The client files a claim against the software company for professional negligence and the financial damages incurred due to the error.
IT Consulting Misadvice
IT Consulting Misadvice
An IT consulting firm advises a client to implement a specific network security solution. The solution fails to prevent a major cyberattack, resulting in a data breach of the client’s sensitive customer information. The client sues the IT consulting firm for providing negligent advice and failing to recommend a more robust security system, leading to reputational damage and financial loss.
Web Design Functionality Failure
Web Design Functionality Failure
A web design company creates an e-commerce site for a retail client. Post-launch, the website experiences frequent downtimes and checkout process errors, causing a loss in sales and damaging the retailer’s reputation. The retailer files a claim against the web design company for the loss of income and additional costs incurred due to the website’s malfunctioning.
Cloud Service Data Loss:
Cloud Service Data Loss:
A cloud computing company experiences a server malfunction, resulting in significant data loss for a client’s critical business operations. The data included essential customer records and proprietary information. As a result, the client faces operational disruptions and a loss of trust from its customers. The client sues the cloud service provider for the financial impact of the data loss, citing negligence in maintaining and protecting their data on the cloud platform.
Schedule a time to speak with a Tech E&O Insurance Advisor
