In every industry around the country, businesses rely on technology to help them do their jobs effectively and efficiently. From storing private information to posting a catalog of products or launching a company website, almost every business uses or is effected by technology in some way. With all of the positive results that technology can create, technology can sometimes lead to costly mistakes as well. Whether it is an employee mistake or technology errors and omissions, these seemingly small errors can lead to some large problems.
Have you ever been working on a document, only to have your computer shut off unexpectedly? Likewise, have you ever saved a digital file you were working on to later discover that it has been deleted? In either of these common cases, small technology errors and omissions can lead to some permanent data loss and deletion. If important company data goes missing, and the results lead to costly expenses for the company or client, errors and omissions insurance may be able to cover the cost of serious damages. From paying for the cost of data recovery to a lawsuit, errors and omissions insurance can go a long way to repair these serious mistakes.
An information leak due to insecure technology or a technology glitch can be cause for a serious legal suit against a business or its employees. When private information is lost, the damages can be enormous. Protecting your company with technology errors and omissions insurance may be very beneficial should a lawsuit be filed against your company.