Tech Insurance Terms to Know

Specialised technology insurance is relatively new and the terminology is still evolving as more claims are handled and new exposures are discovered. As a result, the terminology can be confusing and hard to understand. The following terms are some of the most common you will need to know to best understand your technology insurance protections:

Cyber liability 

A cyber liability policy is a cover that protects against damage from cyber-attacks, data breaches and other basic risks that result from using electronic communications and data storage. They often cover the cost of recreating damaged or lost data or systems, but do not include the costs that stem from the loss or damage, including legal expenses and data notification costs. Sometimes the term cyber liability is used broadly to describe technology related risks and technology specific insurance in general.

Cyber property

The intangible property your company owns. This can include websites, data and networks. These intangible assets can all be damaged. To protect your cyber property you may need to broaden the property enhancements on your existing policy. Also, check if you have any cover that would protect if your company or an employee caused damage to another organisation’s cyber property.

Technology E&O 

Technology errors & omissions (E&O) cover protects against claims by a client that they suffered a loss due to mistakes by your company. These mistakes must be due to error or oversight in a product such as a software programme or web service.


Media and intellectual property liability

All content on the Internet is considered to be published, meaning it is subject to copyrights and infringement. Negative content about a person or company can be considered libellous. Take caution when publishing or posting anything to websites, forums or social networking sites.


The exposures and threats of technology business operations will continue to grow as the technology industry does. Hayes Parsons Insurance Brokers can help you keep your business protected against these specialised risks. 

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Tags: Insurance cover, Technology

Categories: Technology and Life Science

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