What is the coverage limit for Technology Errors and Omissions Liability?

The coverage limit for Technology Errors and Omissions Liability being set at $1,000,000 for each claim and each loss is typically standard for many liability policies in the tech industry. This amount reflects a balance between providing substantial protection for service providers while also managing the risk for insurers. It ensures that in the event of a lawsuit or claim arising from alleged mistakes or failures in technology services, such as software development or IT consulting, there's adequate coverage to handle potential legal defense costs as well as settlements or judgments.

This coverage limit is designed to address the unique risks that technology companies face, including potential claims related to intellectual property infringement, failure to deliver promised services, or system failures that cause financial harm to clients. By establishing this limit, the policy aims to offer a robust safety net that aligns with industry expectations and best practices for risk management in the technology sector.