AXIS INSURANCE SERVICES, LLC: E&O Coverage for the Technology Industry
Errors & Omissions (E&O) insurance for the technology industry is designed to cover the financial loss to a company’s customer as a result of an error or omission in the service or product supplied to the customer. Lawsuits commonly arise due to disputes over the scope of a project, delays, security issues, miscommunication, or the quality of the work you’ve delivered. For example, a customer sues a software development company because they are dissatisfied with the performance of the product or the customer’s expectations were higher than the capabilities of the product.
Tech E&O insurance will step in and pay the attorney fees to defend the suit, court costs, settlements or judgments, and miscellaneous lawsuit expenses. This coverage not only safeguards your bottom line but also protects your reputation – one of the most valuable assets you have in the tech world.