For business owners or employees who use technology in day to day operations, there is no mistaking that technology can often lead to costly mistakes. The following three reasons show how technology errors and omissions insurance can protect a business from these costly mistakes.
1. Technology is Not Always Reliable
While the business world has come to depend on technology for a wide variety of tasks, technology is not always as reliable as many would like to think it is. Whether a glitch occurs in the computer system, or an accidental deletion of important data occurs, some technology issues are unforeseeable and can be very hard to resolve. For these mistakes made due to unreliable technology, an errors and omissions policy can do a lot to protect a business.
2. Technology Opens-Up New Outlets for Hackers
While technology often allows for new and improved security methods, it can also leave business owners and employees susceptible to new forms of intrusion. Using outlets like the internet sometimes opens up new pathways for hackers to find their way into private business information. Some technology errors and omissions insurance policies now cover security breaches due to technology errors.
In today’s digital world, companies often have to rely upon technology for many aspects of business. Whether errors occur during data entry, or auto corrections take place that shouldn’t have, technology often leads to some easy-to-make mistakes. Preparing a business to manage these simple errors starts by getting a technology errors and omissions insurance policy.