Ai Errors and Omissions Insurance http://insuranceerrorsandomissions.ca Insure with certainty Thu, 26 Apr 2018 00:22:07 +0000 en-US hourly 1 How to Face Data Breach http://insuranceerrorsandomissions.ca/face-data-breach/ http://insuranceerrorsandomissions.ca/face-data-breach/#respond Thu, 12 Sep 2013 14:08:49 +0000 http://insuranceerrorsandomissions.ca/?p=531 Have you ever wondered what will happen if your business suffer a data breach? Last surveys reveal that only 31% of Canadian companies have guidelines in place should a privacy breach occur. Moreover, only 43% of all sensitive data that it is stored by Canadian businesses is encrypted and 68% of the businesses don’t provide... Read more »

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Have you ever wondered what will happen if your business suffer a data breach?

Last surveys reveal that only 31% of Canadian companies have guidelines in place should a privacy breach occur. Moreover, only 43% of all sensitive data that it is stored by Canadian businesses is encrypted and 68% of the businesses don’t provide privacy training for employees.

Lost data may involve personal information, such as Social Insurance Number or financial information such as credit card or bank details. Should this protected or confidential data be released to an untrustworthy environment, your costumers may be sued you resulting in damages payments and loss of confident of your company. While any business is at risk of a data breach, businesses that store sensitive client or patient data, such as those in healthcare, financial or professional services are particularly vulnerable. Retailers also face increased risk, given the volume of credit card information they process.

Purchased cyber liability insurance can protect you in the event a data breach occurs. Ai Errors and Omissions´ Cyber Liability coverage includes:

  • First party coverage for response expenses, including legal and forensic services, notification expenses, crisis management and good faith advertising expenses;
  • Third party coverage for defense and liability, including defense costs, civil awards, settlements or judgments that an insured is legally obligated to pay;
  • Consultative services, including help with breach notifications and credit monitoring for victims of identity theft or fraud, if warranted.

What should you do when a data breach occur?

At the first sign of a breach, you should call your insurance broker, so we can help you to fix the problem. You can contact by calling the toll free 1-877-213-4545 or throughout our website insuranceerrorsandomissions.ca

Once your eligibility is verified, your basic contact information is taken and provided to a breach consultant.  The breach consultant will assist you with crisis management answering any concerns you might have.

These services are not considered insurance coverage but as a “value added” feature available as part of the larger policy offering.

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Have High-Tech Companies the appropriate insurance coverage? http://insuranceerrorsandomissions.ca/have-high-technology-companies-the-appropriate-insurance-coverage/ http://insuranceerrorsandomissions.ca/have-high-technology-companies-the-appropriate-insurance-coverage/#respond Mon, 12 Aug 2013 17:36:00 +0000 http://insuranceerrorsandomissions.ca/?p=454 Have High-Tech Companies the appropriate insurance coverage? If you are in the high technology industry you may find that standard insurance policies do not cover your needs. For example, if some software does not perform as promised, may cause financial losses to licensees of the software, who may make a claim against the software manufacturer.... Read more »

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Have High-Tech Companies the appropriate insurance coverage?

If you are in the high technology industry you may find that standard insurance policies do not cover your needs. For example, if some software does not perform as promised, may cause financial losses to licensees of the software, who may make a claim against the software manufacturer. However, software manufacturers who are sued for such losses may not be covered by standard insurance policies because there is no physical loss. Furthermore, losses of business income due to delay in getting products to market or patent infringement claims are neither contemplated in standards insurances policies.  So, how you can get your High-Technology Business fully covered?

Well, there are three main types of insurance available that may fill the gaps of standard insurance policies in the high technology industry: Project Loss Coverage, Errors and Omissions Coverage and Patent Infringement Insurance.

  • Project Loss Coverage

Project Loss insurance will insure against delays in developing and marketing a product due to unforeseen accidents or interruptions such as a blackout or a fire. Due to high-technology industry is fuelled by technological advancements, high-tech firms spend a great deal of time and money on research and development. The loss of a prototype or the delay in the introduction of a prototype can cause serious financial difficulties.

The accidental physical loss of data, hardware or software necessary to the research and development of new products are covered under Project Loss Insurance Policy as well as the extra expenses involved in getting a delayed project back on track. Some of these expenses may include setting up make-shift operations, overtime, and subcontracting work. Due to delay in production can result in loss of customers; loss of business income is usually covered within Project Loss Policy.

  • Errors and Omissions Coverage

Errors and Omissions insurance will cover liability for breaches of warranties or negligence. It also covers claims against a high-tech company for damages to or loss of intangible property, such as memory and data stored on disk.

When a high-tech manufacturer´s product fails to perform as promised, customers may suffer financial losses and sue them for breach of contract -due to the nonperformance or malfunction of the manufacturer product-. Errors and Omissions coverage will underwrite negligence and breach of contract claims that may be assessed against a high-tech manufacturer.

Nowadays, more than 50% of software vendors and systems houses and about 10% to 15% of hardware manufacturers today have Errors and Omissions coverage. In many cases, software purchasers are requiring that software manufacturers carry such insurance as a prerequisite for doing business with them.  The high risk of errors in complex products and the specific technical requirements involved in developing software makes essential to carry an Errors and Omissions policy.

  • Patent Infringement Coverage

Patent Infringement insurance can cover the costs of certain patent infringement actions and some types of damages that can be assessed against you. Increasing competition in the high-tech field has caused large companies to enforce their patent rights more forcefully. This situation is understandable if we think that after a significant amount of time and money on research and development a “new” process or product, could turn out being worthless because it infringes an existing patent.

Patent Infringement insurance will pay you benefits in the event that a process or product turns out infringing certain types of patents. This said, some exclusions may apply, the most important of which is that the infringement must have been unintentional. Claims arising from infringement of other forms of intellectual property such as trademarks or copyright are not included under Patent Infringement insurance coverage.

How much this Insurance can cost?

There are a variety of factors that insurance companies will look for in order to determine the premium. Most of them are related to the company background such as the history of the principals of the company or the length of time the company has been in the business. But probably the most significant factor is the chance that a company will be subject to damage claims and the expected magnitude of those claims. Another important consideration is the market served: a smaller sales volume usually means higher rates, although the total premium may be smaller.

How do Insurance Companies sell this Insurance?

While not all underwriters have been willing to provide specialized coverage, some are specifically targeting the high-tech industry with insurance packages that combine all of the coverage described above.

Ai Errors and Omissions Insurance has the capacity to provide coverage in this field. Check out our website and have a look at our insurance products. You can apply online to get quotes, instructions and forms emailed to you INSTANTLY! 

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Are Clean Tech companies enough protected? http://insuranceerrorsandomissions.ca/cyber-liability-clean-tech/ http://insuranceerrorsandomissions.ca/cyber-liability-clean-tech/#respond Thu, 01 Aug 2013 17:30:05 +0000 http://insuranceerrorsandomissions.ca/?p=350 Do you know that more than a third of Clean Technology companies’ don´t have an adequate insurance coverage? A survey conducted by Hansa/CGR, a national market research firm, revealed that a third of Clean Technology companies´ aren´t sufficiently protected by insurance policies. The unique and faced-paced environment of Clean Tech industry can suppose a challenge... Read more »

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Do you know that more than a third of Clean Technology companies’ don´t have an adequate insurance coverage?

A survey conducted by Hansa/CGR, a national market research firm, revealed that a third of Clean Technology companies´ aren´t sufficiently protected by insurance policies. The unique and faced-paced environment of Clean Tech industry can suppose a challenge when it comes to getting the appropriate insurance coverage.

As a Clean Tech Company, you must be aware of the unique risks your industry face on a daily basis. Clean Tech is not longer a small group of start-up companies. During the last years it has become a mature industry in which companies are fiercely competing to develop unique solutions to expand its operation around the world.

The complexity of working in a global market presents distinct challenges that may threaten Clean Tech Company´s viability. Some of the challenges of Clean Tech Company´s international presence include failures in the supply chain stability, lack of compliance with global regulations and deficient protection of employees- as they travel around the world.

If you are thinking in protecting your business, these are the top insurance policies that you will like to purchase:

  • Cyber liability: at least 50% of Clean Tech companies don’t have cyber liability despite the ever-increasing risk of breaches, malware and other threats in their cyber security.
  • Workers’ compensation for employees traveling abroad: although nearly 60% of Clean Tech companies engage in sales overseas, 44% of them aren´t aware of the international exposures.
  • Up to day business recovery plan: 59% of Clean Tech companies’ aren´t protected against disruption such as weather-related damages.
  •  Business income insurance: despite its dependence on international supply chains, at least 46% of Clean Tech companies haven’t purchased business income insurance and 50% haven’t purchased contingent business income.

Don’t wait to get your company fully covered! Apply here to purchase the insurance policy that best fit your needs.

For a detailed report, please click here http://dbucanada.ca/wp-content/uploads/2013/07/Clean-Tech-Summary-of-Findings.pdf

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