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Kelsey Byrne for eSpecialty Insurance

Posted on • Originally published at especialty.com

Why do technology professionals need insurance?

Technology businesses and related organizations need insurance to help cover the costs associated with liability claims, property damage and other exposures such as cyber, and trading partners may require insurance. Insurance protection is an important component of successfully operating any organization:

  • Your Protection – Insurance can provide financial resources to respond to and recover from an unlikely but serious event. Lawsuits from customers and trading partners and cyber attacks are obvious examples.

  • Customer and Vendor Requirements – Customers and vendors are increasingly requiring trading partners to carry insurance such as Errors & Omissions (E&O) and Cyber Insurance.

  • Investor/Lender Requirements – Investors may require Directors & Officers (D&O), and may require other coverages such as Errors & Omissions (E&O) and Cyber Insurance.

  • Defense Costs – Defending frivolous claims can be costly, particularly for tech companies with complex technology challenges, and insurance can provide access to expert counsel as well as fund defense costs.

  • Regulatory Requirements – In some industries, regulators require insurance. Workers Compensation is one example, along with Errors & Omissions (E&O) and Bonds.

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Discussion (2)

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sloan profile image
Sloan

Hi there, this post might fit better as a DEV Listing. It’s a dedicated area of the platform where community members and organizations are encouraged to publish information related to events, products, services, job listings, and everything in between.

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kelseybyrnekelly profile image
Kelsey Byrne Author

Thanks for the tip! will post there.