How are people dealing with gaps in traditional property, general liability and generic E&O policies? Often, they are managed by blending third-party E&O and network security risk-transfer products blended with effective loss control and contract language.
You need cost-effective and properly constructed Technology E&O policies – tailored to insure only those liabilities that can arise from economic damages to third-parties as a result of negligence in the course of providing services for a fee when using a technology-based B2B or B2C platform.
State-of-the-art insurance contractual coverage – blended with network security loss control and related client service agreements – may result in coverage for unintentional breach of contracts, fewer and less onerous exclusions for security and privacy breaches, and control of defense by the Named Insured.
In addition, first-party cyber-extortion, network business interruption and extra expenses, and damage to data and applications can be integrated with third-party E&O coverage to insure against internal economic loss.
Buying insurance that fits the risk can only be accomplished with a thorough exposure identification – based on the financial impact that a product or service failure would have on your end users.