Contact Name: Jenn Ellis
Phone Number: 484-321-2335
Email: [email protected]
ProWriters Announces Official Launch of Technology E&O Addition to Its Cyber IQ Platform
April 14, 2021 – PAOLI, PA. ProWriters Insurance recently announced the addition of “Technology E&O” to its Cyber IQ Platform, now allowing agents and their clients to compare multiple Technology Errors & Omissions Insurance (Tech E&O) quotes from multiple carriers in just minutes.
The Cyber IQ Platform, which is known for providing multiple quotes and a coverage comparison from many different Cyber carriers instantly, now conveniently offers the same for Technology E&O. This allows brokers to choose the best policy option for their client from tech-specific carriers such as Corvus, Coalition, and Ascent (as examples) with more to come.
This saves brokers time and allows them to skip the repetitive process of quoting each carrier individually and manually comparing options. Their automated coverage comparison is known to help brokers quickly find the best option for their clients without all of the manual work.
“For any technology related company, it is critical to find a policy that covers both Technology E&O and Cyber exposures in one policy. We regularly see requests for stand-alone cyber coverage for technology companies, but what they really need is a combined Tech E&O and Cyber policy because the coverage and exposures are intricately intertwined for technology businesses,” says ProWriter’s President, Brian Thornton. “The addition of Tech E&O to our Cyber IQ platform comes at an important time as the cyber component of a Technology E&O policy has shown to be of critical importance. When a technology company experiences a cyber event, it can have a major impact downstream on all of their clients and their clients’ customers.”
Often, businesses tend to confuse cyber insurance with Tech E&O, realizing the hard way that cyber coverage alone does not provide a complete safeguard.
In a time when technology has become increasingly utilized throughout nearly every industry, the risks businesses face continue to escalate. Adding Tech E&O to our platform ensures that agents and their clients are protected. This includes—but is not limited to—contract software developers, software licensing, ASPs / Saas, IT consulting, website developers, and hosting companies.
Tech E&O responds to claims of errors in the performance of technology professional services as well as negligence, breach or contract, etc. and any alleged damages caused to a client or clients. This type of E&O is critical for technology companies as it covers defense and indemnity payments responding to these claims.
“Tech E&O claims are common and the ensuing damages are often extensive,” Thornton says. “The right coverage protects technology clients from a wide range of claims, from a breach of contract claim to a ransomware event or a data breach. Having the right policy in place is critical for any technology to operate and have protection when these events occur.”
Technology companies looking for cyber coverage, would be left exposed if they did not also have E&O coverage, and the same can be said of the opposite scenario where they have E&O coverage, but no cyber coverage.
In addition to allowing users of ProWriters Cyber IQ Platform to compare cyber insurance coverage, the Platform will also make recommendations for Tech E&O and cyber coverage when necessary. This new product addition has officially launched and is available now to appointed agents and their clients through ProWriter’s Cyber IQ Platform.
Click here to register on ProWriter’s Cyber IQ Comparative Rate Platform. Or, call us any time at (484) 321-2335.
About ProWriters: Since 2013 ProWriters has focussed on Professional Liability, Management Liability, and Cyber Insurance products. ProWriters launched Cyber IQ in 2018 and has continued to add more carriers and functionality to the platform, making it as easy as possible for agents to quickly quote and compare options from multiple top carriers. ProWriters is a tech-enabled wholesale specialist and surplus lines broker focused on combining technology, service, and product expertise to serve insurance brokers in all 50 states and Washington D.C.