OneBeacon Professional Insurance (OBPI), a member of OneBeacon Insurance Group, has launched a new Technology Errors & Omissions (E&O) product targeted at technology firms, including application service providers, software developers, technology consulting firms, and companies involved in systems integration and maintenance.
According to OBPI, the new Technology E&O insurance includes coverage for professional and technology services liability, technology products liability, media liability, and network security and privacy liability. The professional services insurance can also extend coverage to certain non-technology related services.
In addition, the new policy provides coverage for certain costs associated with complying with a breach notification law.
The company said that the new product protection and features include media liability coverage for online and offline media communication activities; worldwide coverage; coverage for copyright infringement in connection with the development of a technology product; and a definition of insured that includes independent contractors.
David Molitano, vice president of Technology E&O at OneBeacon Professional Insurance, said: As technology organizations continue to evolve, there is a tremendous exposure to this type of risk.
So much business is conducted online now that when applications fail, affected companies often seek to hold those who developed the application responsible for the failure. Our product provides tailored liability protection for entities that provide, develop or design hardware and software used to conduct business online.