Tech Professional Indemnity (PI) Insurance

Errors and Omissions:

• Professional Errors: Covers claims resulting from errors or deficiencies in the technology services provided by the business.
• Omissions: Protects against claims where the business mistakenly failed to provide an essential service or advice, leading to financial losses for the client.

Negligence:

• Negligent Actions: Insures the business against claims arising from negligence, errors, or omissions in the performance of technology services.

Legal Costs:

• Defense Costs: Covers attorney fees and other legal expenses associated with defending the business against claims.
• Compensation Costs: Pays for any financial compensation the business is required to pay, either through a court judgment or settlement.

Breach of Contract:

• Breach of Contract: Includes claims related to the business’s alleged failure to fulfil contractual obligations in connection with the delivery of technology services.

Intellectual Property:

• Copyright and Trademark Infringement: Protects against claims of infringement of intellectual property rights such as copyrights and trademarks related to the business’s technology services.
• Theft of Ideas: Covers claims of improper use or theft of intellectual property.

Claims Related to Cyber Incidents

• Typically Covered: Provides coverage similar to a” regular” cyber insurance policy.

Typical Exclusions

• Criminal Acts: The insurance typically does not cover claims arising from intentional illegal actions, fraud, or criminal activities.
• Personal Injury and Property Damage: Claims related to physical injury to individuals or damage to property are generally excluded and are usually covered by other types of insurance.

Additional Features

• Retroactive Coverage: The insurance may include coverage for claims arising from actions performed before the policy period, provided these actions were not known at the time the policy was issued.
• Extended Reporting Periods: Options for extending the reporting period, allowing the business to report claims arising after the policy has expired, if they relate to actions performed within the policy period.
• Global Coverage: The coverage can be global, providing protection against claims made in various countries.
• Claims-Made and Reported: Tech PI (E&O) insurance policies are typically written on a claims-made basis, meaning they cover claims made during the policy period and reported within a specified timeframe.