The technology industry is ever changing, and brings with it new risk exposures that need to be identified and addressed. New services and products offer solutions to age old business problems such as efficiency, communications, and financial management. But we are know seeing the emergence of services and products that don't necessarily solve a problem, but offer new tools to take advantage of something that didn't exist in the first place! If you have sat through a venture capital pitch before, you would have heard the words "it does what?" on many occasions.
Errors & Ommisions insurance is designed to protect a technology business for claims arising out of the failure of a product or service to do what it was warranted to do, should the result be financial loss to a third party. As magical technology is, products and services do fail to perform as warranted. Such claims can be devastating to a company if they cannot afford to defend themselves, let alone ante up a sizeable judgement against them.
Thomas Gregory Associates is one of the leading insurance brokerages in Massachusetts for the technology sector. When it comes to technology errors & omissions insurance, we take a careful and analytical approach to determining the overall exposure to risk. In many cases, the product or service is so new that we have no existing data to work with. Essentially, we develop a virtual market for your product to determine the possibilities that exist. In the end, it is our ability to educate the underwriting community about your risk that results in a comfort factor that further results in competitive premiums and terms & conditions.