Increasing Privacy and Security Breach Cases are Cause for Getting Better Insurance

 technology errors and omissions

technology errors and omissions

With cases of privacy breach and security system hacks cropping up more commonly all over the nation, it is no surprise that many businesses, small and large, are more concerned about the safety of their company’s private records and information. When a large information breach takes place, damages can cost anywhere from thousands to millions of dollars to repair. Although you may have security measures in place, simple technology errors and omissionscan lead to dangerously large security breaches and lead to an expensive chain reaction. Despite all you can do to avoid these mistakes, it is always smart to be prepared for the worst. By purchasing insurance to protect against technology errors and omissions, you can better prepare for the unexpected.

 

Rebuild Company Name and Reputation

 

One of the most expensive damages to repair when a technology errors and omissions issue occurs is the cost of rebuilding your company name and reputation. Cases of security breach and privacy hacks can lead to customers seeking out new business outlets. Errors and omissions insurance may be critical in rebuilding a company name if a hack were to occur.

 

Cover the Cost of Client Complaint

 

When protected information has been leaked or stolen, clients who feel their privacy has been violated may attempt to seek compensation for their losses. Proper errors and omissions insurance may help you to cover the cost of customer complaints or lawsuits due to technology errors and security issues. Talk with an errors and omissions agent about getting the best coverage for your business.

This post was written by , posted on April 4, 2014 Friday at 10:25 pm

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