Technology insurance for tech industries and professionals has become increasingly important in a rapidly growing IT world. The spate at which the use of tech products is expeditiously spreading across the world means more and more tech companies and professionals will be getting exposed to lawsuits and claims against product damages, internal control decisions, and even basic manufacturing exposures. In order for tech companies to protect themselves against lawsuits and even class actions that may result in huge capital loss and reputation damage, more professionals and company executives are seeing the need to purchase these insurances for tech policies.
One of the most popular insurance policies apart from the fundamental general liability policies which are bought by most companies is the professional liability insurance. The professional liability insurance is also often called the errors and omission insurance, and it is designed to cover for all the risks that may arise while a tech company, professional or even consultant is rendering or has failed to render a service.
Another recent insurance policy that is being rapidly embraced is the cyber liability insurance; this type of insurance has been carefully designed to cater for the new peculiarities of the tech industry. With the rise of the internet and the spread of online media content, cyber liability insurance is therefore meant to protect companies and professionals from data breaches, media liability, cyber extortion and denial of service.
The cyber liability insurance was initially used by businesses that only do e-commerce. However, more and more companies have realized that they cannot ignore the risk that may arise from their mere presence on the internet. Apart from the fact that cyber insurance liability is one of the most needed insurances for tech companies, it is also the most growing insurance product in the world.