Technology companies should have an E&O policy. E&O stands for Errors and Omissions. An E&O policy provides a different type of coverage than what a general liability policy provides.
Examples include breach of contract or negligence of your professional services.
E&O policies generally start at 1 million of coverage.
How Much is Enough?
Is 1M, 2M, 5M the appropriate amount of insurance for my company?
This is a difficult question.
To many companies I speak with allow their clients contracts requirements determine their company's insurance coverage.
To do business with a new client, they may require 5M E&O limits from your company.
You comply because you want the contract. You call your agent and request to raise your limits to 5M.
Is this enough insurance? Too Much?
My recommendation is to have a conversation with your agent.
Questions to Help Kick Start Your Conversation
1. What liability limits do peers in my industry buy?
2. What are some common liability claim scenarios in tech space (SAAS, FINTECH, EDTECH etc.)
4. How does the number of clients I serve or the amount of revenue per client affect my limits?
3. What best practices should I put in place to protect my brand and reputation?
This brief list is not meant to be exhaustive.
The intent is to build your confidence and start a conversation.
If you would like to have this conversation with me here is a link to my calendar.
Terry Grier is an agent in Austin Texas serving technology and life science companies.
Our goal is always to give our clients the best possible combination of coverage, price, and service. We are not in the business of offering low-cost insurance that does not meet the needs of our clients.
There are many ways we help our clients with their personal insurance while keeping our promises. By believing that insurance is about understanding the needs of our clients and then developing personal insurance solutions around your needs, our clients will be better off.
Here are some ways in which we provide unique insurance solutions for our clients.
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We understand that not all insurance companies are alike. Some companies have great motorcycle rates, while others offer competitive rates on homeowner or renter’s insurance. We have many years of experience, which helps us know which insurers keep their promises. If insurers stop keeping their promises, then we stop using them. All our insurance companies have proven records of accomplishment of delivering on their promises. That means they pay their claims promptly and with minimum problems.
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We can provide personal insurance options that fit your individual needs. That may mean a personal umbrella for added protection, competitive coverage for a vacation home, life insurance, disability insurance, or even mortgage protection coverage. It may also mean we advise you to increase your deductibles on older vehicles. If you have a custom home, we would recommend adding the feature to your homeowner’s insurance that is designed to provide the needed replacement coverage in the event of a loss.
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There are many special or unique kinds of personal insurance coverages that you may require. These can include identity theft, coverage for fine arts, guns, and other collectibles, plus others. If you are traveling to a foreign country, you may need special health insurance or trip cancelation coverage. All these safeguards are part of how we try to keep our promise to you.
We provide only the personal insurance you need. We can provide the necessary personal insurance coverage and limits; we will not try to sell you something you do not need. If you are a young family, we might recommend term life insurance, but if you are in your later years, term life insurance might not be your best option. If you are a high net-worth individual, we are going to recommend at least a $1,000,000 personal umbrella policy to protect you and your family. These policies can often include coverage for reputation management services and defense services, which are part of the policy.
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We use our experience and knowledge to help you with all your personal insurance needs by presenting you with the best possible combination of coverage, price, and service. Our promise is to help you understand your personal risks, provide you with competitive options, and be there for you when you have a claim. We will respond to your requests promptly and look out after your interests first.
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There are more remote workers in American today than at any time in our recent history. Many employers are embracing this trend, but there are new risks to consider. As a result of this distant work environment, a crucial problem arises in new security threats. In our digital age, businesses have had to improve their cybersecurity, yet cybersecurity dangers have increased significantly due to remote labor. Employees who work from home are at a significantly higher risk than those who work in offices.
Ransomware attacks are also a big concern for more than two-thirds (69%) of IT executives, who anticipate that the hybrid workplace will be a target for ransomware. Targeted organizations faced a threat to their business continuity as a result of these attacks.
Sharing a computer and using it for personal purposes are two different things. It may seem self-evident, but sharing a business computer with family or roommates can be a security concern. This should be avoided at all costs, especially if your work result contains sensitive customer information.
Cyber Tips For Remote Workers
For remote employees, cybersecurity necessitates ongoing monitoring. Give us a call if you're concerned about your present remote security practices. We'll examine and put safeguards in place that will allow your remote workers to work securely and productively.