In 2021, most businesses don’t need to be pressed too hard to realize they need cyber insurance or technology errors & omissions insurance, also known as Tech E&O Insurance. We now live in a digital world and with that come new risks, such as cyber attacks, phishing scams, etc.

Despite knowing it’s needed, businesses still need to spend time running through the process of determining what exact policy they need and jumping through hoops to price things out accordingly. That’s where we come in.

Oliver L.E. Soden Agency is happy to announce to our clients, both current and prospective, that we now have a new Cyber and Tech E&O Insurance tool that can be used to get multiple quick and easy quotes instantly. We know insurance isn’t the most fun thing to shop around for so we might as well make it easy for you.

But before we get to what the tool offers, let’s run through the benefits of these two types of insurances for businesses who aren’t too familiar with them.

Benefits of Cyber Insurance

Every business uses computers and is connected to the internet in one way so every business must invest in cyber liability insurance. Whether you realize it or not, cyber hackers are becoming more adept at attacking and small businesses are a major target. They both have more to exploit than an individual and less security than major businesses. This makes them vulnerable.

Cyber attacks can put your business, yourself, and your customers at risk. Data breaches can pull your customers information leaving you to blame via lawsuits or attacks to your reputation. That’s the type of damage that might put you out of business. It can also interrupt your business operations so you lose money temporarily. Ultimately, whether the damage impacts you for the short or long term, you should have a backup plan in place that can soften the blow.

With cyber insurance, you have legal support, business loss reimbursement, data breach coverage, and more. These protect the business and in the case of data breach coverage, identity theft protection from those impacted by the breach.

It’s never fun having to tell your client base that they’re information has been compromised because of you, but at least with your cyber liability insurance, they can be comforted knowing the situation is being handled responsibly. And don’t think you can get away with not telling them as it’s required by law that you disclose this information.

Benefits of Tech E&O Insurance

Technology Errors & Omissions Insurance was developed to protect people working in the technology industry due to the specific liability risks they face. It’s very similar to liability insurance for other industry only tailored specifically to technology.

Unlike cyber insurance, which covers many areas, Tech E&O Insurance is more of a safeguard against lawsuits from clients in particular. If clients believe you’re responsible for a financial loss due to a service error or miscalculation, this insurance will protect you from their lawsuit against you.

When working in an industry such as technology, which changes so quickly due to rapid innovations, it’s important that you protect your business from the faults that are inevitable while trying to remain at the cutting edge.

If you’re constantly worried about errors that could occur from trying something new and ultimately wait for others to be pioneers, you’re going to lose your business to these other companies and never reach your business’ true potential.

Besides errors that occur from being at the forefront of technology, it’s important to know that your staff will make mistakes and those mistakes will be covered. Humans are far from infallible so you can sleep safely knowing that when they make a human error, you won’t lose everything because of it.

Get Cyber Insurance Quotes With The Soden Agency

Now that you’re up to speed on what Cyber and Tech E&O Insurance are let’s get to our exciting update that’ll make your life easier when searching for the best policy. We’ve invested in a new tool that takes only four quick and easy steps before giving you quotes for both cyber insurance and technology errors & omissions insurance!

We know all too well how basic insurance quotes can be or how they are teased to ultimately get you on the phone. That’s why we wanted to give you a tool that allows you to get the information you’re looking for quickly without any hassle. You can compare coverages side-by-side, bundle multiple coverages together, and more.

Take advantage of our new tool now! And we’re always available if you have any additional questions about Cyber or Tech E&O Insurance.