Insurance News

6 Common Examples of Technology Errors & Omissions Claims

May 31, 2022 |

Errors and omissions (E&O) claims have become a major threat to technology companies, and their severity has undergone rapid growth over the last decade or so. Tech E&O insurance offsets these threats by protecting IT companies from the risks of a client experiencing financial losses due to a tech product or service’s inability to perform…

The most expensive hyphen in history. Cost: $169 million!

May 20, 2022 |

NASA’s computing required perfection. Anything less had serious consequences. In the dark on Sunday morning, July 22, 1962, NASA launched the first-ever U.S. interplanetary space probe: Mariner 1, headed for Venus, Earth’s neighbor closer to the Sun. Mariner 1 was launched atop a 103-foot-tall Atlas-Agena rocket at 5:21 a.m. EDT. For 3 minutes and 32 seconds,…

Tech E&O vs. Cyber Liability Insurance: Which one do you need?

May 18, 2022 |

Businesses today are increasingly dependent on technology for their company operations. Companies rely on technology for keeping track of sensitive data and information about clients, potential clients, and employees. However, using technology comes with a substantial amount of risk, like technology failure, data breaches, or invasion of privacy.  Are tech companies liable when a client…

What Is Business Interruption Insurance?

February 14, 2022 |

Running a company can be difficult without the right business insurance. One coverage most business owners need is business interruption insurance, also known as business income insurance and contingent business interruption coverage. It can help replace income you lose if you can’t open temporarily after a covered loss, like property damage. For example, if a tree falls on…

Ransomware Attack: Are You Vulnerable?

October 3, 2021 |

Dear Valued Customer, Ransomware attacks are skyrocketing, impacting large and small businesses and disrupting entire supply chains. No business, no industry is immune to ransomware attacks. In fact, in the past 12 months, 23% of small businesses suffered at least one cyber attack, with an average annual financial cost of $25,612. Not only that, although…

What Is Multi-Factor Authentication?

October 3, 2021 |

Multi-factor authentication (MFA) is a security process that requires users to respond to requests to verify their identities before they can access networks or other online applications. MFA may use knowledge, possession of physical objects, or geographic or network locations to confirm identity. Why is multi-factor authentication needed? As organizations digitize operations and take on…

Help secure your accounts with these strong password tips

October 3, 2021 |

It’s no secret that passwords have substantial monetary value to cybercriminals. The importance of using secure, unique passwords is growing as you entrust increasing amounts of personal information to organizations and businesses that can fall victim to data breaches and password leaks. Although there may be little you can do to prevent a large-scale data…

Five Steps to Creating a Cyber Security Incident Response Plan

October 3, 2021 |

Concern for cybercrime has increased 62% in the past year. Over 41,600 incidents and 2,013 confirmed data breaches were investigated by Verizon and its partners in the past year. The numbers paint a dark picture of the growing threat to businesses of all sizes – concern for cybercrime has increased 62 percent in the past…

Why does a business need product recall insurance?

August 22, 2021 |

Product Recall Insurance is one of the most important insurance policies that companies who put products into the global stream of commerce should purchase. While most large organizations purchase the insurance, many other businesses do not. The risk of a product recall has increased exponentially. Stricter global regulatory standards have increased in number, and new…

What type of factors can lead to a recall event?

August 22, 2021 |

It is essential to understand why recalls occur in an ideal world, every product that we build, buy, or own, would be perfect in every way. The reality, however, teaches us that while perfection is something to strive for in the marketplace, it is often something that is not always attained. While some may be…