Technology companies face a combination of professional, operational, contractual, and cybersecurity risks. A software failure, missed project deadline, system interruption, security incident, or allegation of professional negligence can create significant financial consequences for both the technology company and its clients.
Veridian Financial works with software developers, SaaS providers, managed service providers, IT consultants, technology consultants, web developers, digital marketing firms, telecommunications businesses, and other technology service providers. We evaluate the services provided, client contracts, data handled, revenue model, employees, and reliance on third-party systems when developing coverage recommendations.
Technology Errors and Omissions Insurance can address claims alleging that a technology product or service failed to perform as expected or caused a client financial loss. Coverage may apply to allegations involving software errors, implementation failures, missed deliverables, professional negligence, or inadequate technology services, subject to the policy’s terms and exclusions.
Because technology services and cyber incidents can overlap, technology companies should evaluate how their professional liability and cyber policies work together. Gaps can arise when each policy assumes that the other will respond.
Cyber Liability Insurance can provide protection for certain data breaches, ransomware attacks, privacy violations, network interruptions, and incident-response expenses. Coverage needs depend on the type and volume of data handled, contractual responsibilities, internal security practices, and services provided to clients.
Technology companies frequently depend on cloud-hosting providers, data centers, payment processors, software vendors, and other outside platforms. An interruption affecting one of these providers can disrupt operations even when the technology company’s own systems remain functional. Understanding these dependencies is important when evaluating business interruption, service obligations, and contractual risk.
Client agreements frequently contain insurance, indemnification, confidentiality, cybersecurity, and limitation-of-liability provisions. We help technology companies identify the insurance requirements contained in their contracts and determine whether their policies are structured to address those obligations.