Technology Commercial Risk, Bluesone Advisors

Technology

Our technology clients are extremely busy innovating, evolving and building their business. They need an insurance broker that understands their exposures and provides coverage in the event of a claim or frivolous litigation.

BlueStone Advisors proactively amends the insurance policies each year to make sure our clients are properly covered with the broadest policy language available while obtaining the most competitive pricing.

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Unique risks to protect against

Based on claim data compiled by the insurance industry, the unique risks to protect against associated with the technology industry are:

  • Technology errors and omissions
  • Copyright/trademark infringement
  • Network security/privacy breach
  • Employment practices liability

Coverages

Network liability

  • Virus
  • Hacking
  • Denial of service attack
  • Denial of access
  • Administrative error
  • Transmission of computer virus to third party

Electronic media liability

  • Defamation
  • Libel and slander
  • Product disparagement and trade libel
  • Violation of rights privacy
  • Misappropriation and plagiarism
  • Infringement of copyright, title, and trademark

Technology E&O

Any alleged negligent act, error, or omission committed in rendering of failing to render technology services to others in the ordinary course of business.

Business income loss and dependent business

  • Income loss
  • Earnings loss

First party expenses

  • Investigative and forensic expenses
  • Public relations expense
  • Restoration cost
  • Credit monitoring
  • Expenses loss

Employment practices liability

  • Sexual harassment
  • Wrongful termination
  • Discrimination
  • Failure to hire, promote, retain, or supervise
  • Wage and hour disputes
  • Libel and slander

Claim scenarios

Failure to perform

You develop enterprise labor force software to integrate with a client's HR and payroll systems. You fall behind in delivering the work, resulting in missed milestones and nonfunctioning project modules. You contend that the client repeatedly changed the size and scope of the project. Ultimately, the client fires you and files a lawsuit, seeking to recover lost profits due to the disruption.

Network and information security liability

Your employee's company laptop is stolen from his home. The laptop contains private financial information of your customers. Your customers sue you for damages resulting from your failure to protect their private financial information.

Copyright infringement

You place photos and content on a website that you designed, developed and host for a client. The client provided you with the photos and content to use for the website. The website material that your client claimed he owned was Copyrighted and Trademarked by another Company. The Company sues your client and you, contending you are liable for damages caused by unauthorized use of the Copyrighted material.

Security breach notification and remediation expenses coverage

A cyber criminal hacks into your company's internal processing system. Names, addresses, and credit card information for over 50,000 of your members are captured out of the system. Expenses will likely include hiring a breach response firm to find the cause of and fix the breach, assisting with notice requirements and expenses, providing credit monitoring and a call center for impacted individuals, and obtaining an ID Fraud policy for affected victims.

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