Just released: How to raise venture capital in 2023

Download

Errors and Omissions Risks Checklist for Startups

TL:DR

Key Takeaways

Carl Niedbala - Founder Shield
Carl Niedbala

Managing Partner; COO & Co-Founder

We track down Errors and Omissions (E&O) policies for the majority of the companies we work with.  It’s extremely important coverage for anyone leveraging technology or social media, which most startups constantly do.   Even using things as simple as AWS or Facebook login can expose your company to a lawsuit,  and in a fast-paced, interconnected tech world that simply doesn’t accept any product failure, E&O-related lawsuits happen more than you might think.

Depending on where startups stand with regards to their risk management practices, the time to secure an E&O policy and the pricing of that policy can vary greatly.  This is due to the complexities of underwriting companies (like startups) that are usually a hybrid several different tech and non-tech functions.  And while startups usually can’t (and shouldn’t) have their own legal department, Chief Security Officer, or accept risk management consultant(s), there are some pretty basic things that can be done to mitigate certain risks and legitimize/secure your company.

That’s why we’ve developed a short but useful Errors and Omissions Risks Checklist that’s catered towards tech startups. You can download it here. The list isn’t supposed to be exhaustive, but it is supposed to give you an idea of practices or policies you may want to change and when you may want to get a second opinion on things (from outside counsel, for example). It touches on contracts, quality control procedures, IP practices, and IT/network security. By reviewing errors and omissions examples, you can better understand the types of risks you face. Limiting your exposure to risk in these areas will make your company stronger and ensure the best possible pricing on an E&O policy.

Go ahead and check it out to see how you’re doing on the E&O risk management front!

Download your Errors and Omissions Risk Checklist Here.

Related Articles

defamation on youtube
July 23 • Risk Management

Defamation on YouTube: Building a Content Strategy That’s Creative—and Compliant

YouTube copyright issues can lead to demonetization, lawsuits, and channel termination. Learn how to protect your content from copyright claims and defamation on YouTube, ensuring your growth and presence.

app development risk assessment
June 13 • Risk Management

Mobile App Development Risk Assessment: Essential Checklist

Understand essential app development risk assessment and mitigation strategies. This guide covers technical, security, UX, and compliance risks, offering insights and insurance considerations for successful, resilient mobile apps.

quantum computing startups
May 29 • Risk Management

Quantum Computing Startups: Pioneering the Future of Technology

Explore how quantum computing startups are pioneering future tech, from diverse qubit technologies and significant investments to the challenges they face and their transformative impact on industries.

future of e bikes
May 15 • Risk Management

The Future of E-Bikes: Understanding the Evolving Landscape

E-bikes are the future of sustainable urban mobility, surpassing EVs in popularity. Discover their history, types, booming market, environmental benefits, commercial adoption, and the exciting future of e-bikes.

AI influencers
May 7 • Risk Management

The Rise of AI Influencers: What You Should Know

AI influencers, virtual avatars using AI, are gaining popularity for brand marketing. Discover their appeal, the growing market, and potential risks for companies.

ai investor risk
April 29 • Risk Management

Understanding AI Investor Risk: Analyzing Recent Claims & Their Impact

AI investment surged in 2024, favoring applied projects and early-stage startups. However, significant AI investor risk exists, evidenced by lawsuits over disclosure and the need for transparency and ethical development.