Technology companies face evolving professional liability and cyber risks, where even minor disruptions or security failures can lead to costly claims.
AdmiralProâ„¢ TEC provides comprehensive Technology E&O, Media Liability, and a full suite of Cyber coverages to safeguard your clients against financial and reputational harm.
Comprehensive Coverage for Evolving Technology Risks
AdmiralProâ„¢ TEC is specifically designed to cater to a wide variety of technology companies, ensuring comprehensive protection for your business.
Our tailored insurance solutions address the distinct risks associated with the technology sector, providing coverage that adapts to your needs. Whether you’re a startup, a growing enterprise, or an established tech giant, our policies are structured to safeguard against the unforeseen challenges that come with innovation and digital advancement.
Key Features & Benefits:
- Broad Definition of Technology Services: Our policy encompasses a broad definition of technology services, ensuring comprehensive coverage for various tech-related activities. This includes: Artificial Intelligence (AI), Generative Artificial Intelligence (Gen AI), Machine Learning (ML)
- Flexible and Customizable Approach: We recognize that every technology company has distinct needs and exposures—our ability to manuscript unique coverage grants ensures that we meet the specific demands of our customers
- Comprehensive 1st and 3rd Party Cyber Coverage: Our policy provides robust protection against cyber risks, this includes:
- First Party Coverage: Protection for your own business assets, including data restoration, business interruption losses, cyber extortion, system failure, expenses related to Payment Card Industry (PCI) investigations
- Third Party Coverage: Protection against claims from clients or other third parties affected by a cyber incident, such as data breaches, network security failures, privacy violations, and liabilities arising from regulatory proceedings and PCI investigations
- Responsive and Expert Service: We pride ourselves on delivering exceptional service through a dedicated team of tech and cyber claim and underwriting professionals.
- Cyber Response Team: Our panel includes experts who are well-versed in the latest cybersecurity trends, threats, and regulatory requirements.
- We partner with industry-leading cyber breach coach, Mullen Coughlin, LLC, to provide you with comprehensive 24/7 breach response service. In the event of a cyber incident, our team, alongside Mullen Coughlin, will guide you through the breach response process, helping to minimize damage, manage regulatory compliance, and protect your reputation.
- Other Value Add Enhancements:
- Disciplinary Proceeding Coverage: protection for costs associated with defending against disciplinary actions related to your professional services.
- Reputation Protection Expense: expenses incurred to manage and restore your company’s reputation following a covered incident, helping to mitigate damage and rebuild trust with your clients and stakeholders.
- Withheld Fees Coverage: Protecting your business from financial losses when clients withhold payment due to perceived errors or issues with the provided services.
AdmiralProâ„¢ TEC
Learn more about Admiral’s Technology Errors & Omissions (E&O) and Cyber Liability coverages, including coverage capabilities and sample classes.
Coverage Capabilities
- Primary and excess limits up to $5M
- Technology E&O, Media Liability and a full suite of Cyber coverages
- Broad bodily injury carveback for Cyber Liability
- Contingent BI/PD for E&O available by endorsement
- Combination PL & GL policy available
- Broad privacy laws regulatory coverage included
- Cyber enhancements built into the policy:
- Bricking, System Failure, Non-IT Vendor Dependent Business Interruption, Reputational Harm Loss & Cyber Crime
- Invoice Manipulation can be added by endorsement
- Pre-Claim Assistance, Subpoena Assistance, Court Attendance, Disciplinary Proceedings
- Reputation Protection Expense Sublimits
- Senior Executive Officer Personal Funds Theft Sublimit
- Withheld Fees Sublimit
Sample Classes
- AI, Generative AI, Machine Learning Software Provider
- Custom software development and licensing
- Managed Service Provider
- Application Service Provider
- SaaS – Software as a Service provider
- Hardware & Software Installation & Integration
- Technology Staffing
- Payment Processors
- Value-added resellers of hardware & software
- Network Security Consulting & Security Audits
Claims Scenarios: How AdmiralProâ„¢ TEC Protects Your Clients
Even the most diligent technology and cybersecurity professionals can face unexpected claims. A small oversight, system failure, or cyber incident can lead to costly legal battles and financial losses. Below are real-world scenarios demonstrating how our Technology E&O and Cyber Liability coverage safeguards businesses against risk.
Account: Managed IT Provider
Claim
A threat actor used stolen credentials to gain unauthorized access to an internal company server that hosted the software development platform. Before being detected, the bad actor encrypted the Insured’s servers rendering them useless and leaving a ransomware note to unlock.
Loss
Multiple insuring agreements implicated due to the breadth of impact on the Insured’s operations:
- Expenses for breach counsel and a forensics firm to assess what occurred and whether any viable backups are available
- Budget for threat actor negotiations and ransom payment
- Costs to attempt to restore certain services and systems back online, including email, but other data remained encrypted
- In this situation, lost data was successfully restored, and the Insured was able to continue operations without causing delay in the delivery of professional services to their clients
Account: Recognition Platform Provider
Claim
The Insured is in the business of operating a recognition platform for others by tracking sales and distributing incentives via checks to qualified participants.
Loss
A source code issue resulted in duplicate payments to a large number of qualified participants causing significant financial losses to the clients of the Insured.
Account: Point of Sale Technology Provider
Claim
A threat actor was able to gain access into the Insured’s system via email spoofing and redirected vendor payment instructions to an alternative institution, resulting in cyber crime losses in excess of $100,000 after partial payments were recovered by the Financial Institution.
Loss
Cyber Crime losses in excess of $100,000 resulting from Cyber Crime as well as forensic and legal expenses to ensure no additional data was compromised.
Account: Payment ProcessorÂ
Claim
Cyber security incident involving an unauthorized access of one of the Insured’s servers.
Loss
Legal and PCI Forensic Investigation expenses to determine the scope and impact of the data breach.
Breach counsel expenses in the determination of notification requirements to relevant states and to address any regulatory inquiries.
Notification expenses arising from the contractual obligations of the Insured to notify clients and affected individuals.
Claim scenarios are for illustrative purposes only and are hypothetical in nature and do not serve as basis for coverage determination. Please review the full terms, conditions and exclusions of your issued policy with your agent or broker.
