Errors and Omissions Risks Checklist for Startups

Generic placeholder image
Carl Niedbala

COO & Co-Founder


We track down Tech Errors and Omissions 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 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.  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

business_risks
February 24 • Risk Management Tips

How to Identify and Manage Your Particular Business Risks

No matter the size of your company, knowing your particular business risks is crucial. Some vulnerabilities are too big to ignore, potentially causing your company significant loss or setbacks. As we frequently advise, purchasing a general liability (GL) policy works tremendously as the foundation to a robust risk management plan. But what about the other

commercial-insurance-costs
January 12 • Risk Management Tips

7 Bad Practices That Hike Your Commercial Insurance Costs

It might seem like a chore to keep your commercial insurance costs low. Here are some pitfalls to avoid that will help maintain your budget-friendly goal.

December 30 • Risk Management Tips

IPO Insights: 7 Considerations for Late-Stage Companies

Preparing for an IPO can seem like a daunting task for late-stage companies — but it doesn’t have to be. Considering these tips will make the process more manageable.

insurable risk
December 8 • Risk Management Tips

What Is an Insurable Risk?

Identifying an insurable risk from an uninsurable risk is tricky. Here’s a closer look at how insurers categorize specific exposures.

tech_companys_mistakes
December 1 • Risk Management Tips

6 Big Tech Company’s Mistakes We Won’t Forget Soon

Errors, faux pas, mishaps; it’s only natural to expect them in our everyday lives. In the business world, however, these incidences make a much larger splash. The ripple effect is often devastating — and unforgettable. This post examines six mistakes that famous tech companies made and the lessons we can learn from their blunders. 1.

captive_insurance
November 24 • Risk Management Tips

When Does Captive Insurance Make Sense?

Captive insurance is popular with technology, rideshare, and on-demand companies. Here’s how it works best.