TECHNOLOGY ERRORS & OMISSIONS

WHAT IS IT?

Technology Errors and Omissions Coverage (Tech E&O) is professional liability for Technology Service Providers and Technology companies. It is financial loss coverage in the event of an error or omission in the service or product supplied to a customer. It mixes first party and third party cyber liability, with professional liability coverage.

HOW IS IT RATED?

Underwriters need a special Tech E&O application in order to underwrite this coverage. Some of the main rating drivers are:

  • Annual gross sales

  • Number of employees

  • Type of Technology product/service

  • What industrie(s) that product/service is sold to

  • Customer Contract details

  • Cyber Security details

$2,000 + per $1M limit

CLINICAL TRIAL PRODUCT LIABILITY

WHAT IS IT?

Clinical Trial product liability provides protection for the sponsors/organisers of clinical trials for drug and medical device testing. It covers their legal liability to pay compensation in the event of an injury to clinical trial participants

HOW IS IT RATED?

Underwriters need a special Life Science Product liability application in addition to copies of patient Informed Consent forms and trial protocol in order to underwrite the risk. The main premium drivers are number of participants, the invasiveness of the drug/device, and geographic location of the trial.  

$5,000+ Annually

WORKER'S COMPENSATION

WHAT IS IT?  

Worker's Compensation is no-fault coverage provided by an employer to an employee (or the employee's family) due to a job-related injury (including death) resulting from an accident or occupational disease. Note this coverage is extremely state specific. Insurance companies do not dictate the policy language or coverage, states do.

More info here

HOW IS IT RATED?

Underwriters take the state/zipcode of employment, annual salary, and type of work into consideration to rate Worker's Compensation policies.  High risk job's like roofers, warehouse, or manufacturing related employees will be more expensive to insure than office or salespersons.  

$300 - $1000+ per employee

UMBRELLA LIABILITY

WHAT IS IT?

Umbrella Liability is designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, like business auto policy, commercial general liability (CGL) policy, and employers liability coverage (Worker's Comp). The umbrella policy provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims. It can sometimes offer additional coverage beyond what is underlying.

HOW IS IT RATED?

Underwriters often look at the industry, annual sales, and likelihood of a catastrophic event. The coverages underlying the umbrella could also change rating. If the umbrella just sits over one policy like worker's comp it won't be as expensive than if it sits over many policies such as Auto, General Liability, and worker's comp).

$400 - 1,200 per $1M limit

COMMERCIAL AUTO

WHAT IS IT? 

A commercial auto policy typically includes auto liability and auto physical damage coverages. 

Business Auto Liability protects against financial loss because of legal liability for automobile-related injuries to others or damage to their property by an auto. This coverage is typically compulsory by state law

Business Auto Physical Damage

Covers against damage to the insured's own vehicle. Often referred to as Comprehensive/Collision coverage. This coverage is optional.

HOW IS IT RATED?

Underwriters use the type of vehicle, it's cost new, usage (i.e. running business errands locally, or doing long distance deliveries) and garaging location to determine rates.

Other coverages like towing, rental car reimbursement, can be added


$800 - $2,400 per vehicle

GENERAL LIABILITY

WHAT IS IT?

General Liability protects businesses from third party liability claims for bodily injury (BI) and property damage (PD).  GL coverage pays for lawyer's fees, court expenses, and damages owed to the party who sued you. Covered lawsuits can also include advertising injuries, reputation damages, copyright infringement, slip-and-fall accidents.

More Info Here

HOW IS IT RATED?

Underwriters classify businesses into "class codes" which are a 4 digit codes describing the type of business. For instance, Computer Consulting is code 7371. Rating is assigned to classifications in addition to the exposure base, such as annual sales or payroll.

$400 + annually