E&O insurance provides critical coverage for companies that are working in cutting-edge fields whose services and products might impact third parties in unanticipated ways. E&O policies provide coverage for intangible and less traditional products. These policies are intended to cover financial losses, rather than bodily injury or property damage. The Errors & Omissions insurance policies typically protect you and your company from lawsuits of alleged libel, slander, defamation of character, or invasion of privacy.
Companies offering any type of technology service or product should purchase this coverage. Whether you are creating SaaS products, developing AI solutions, coding gaming apps, or even offering consulting services to tech companies, you should consider errors and omissions coverage for your company.