#USA #Miami #Cyber Insurance #BOXX Insurance #Tech E&O

A New Era in Risk Management: BOXX Insurance Unveils Tech E&O for Tech Companies

In a significant enhancement to digital risk management, BOXX Insurance, a leader in comprehensive cyber insurance, has introduced a revolutionary Tech Errors and Omissions policy specifically designed for technology companies, catering to businesses of all scales from nascent startups to established enterprises. This innovation responds to the rapidly evolving landscape of technology that includes Software as a Service (SaaS), Artificial Intelligence (AI), and digital infrastructures.

The Tech E&O by BOXX is not just another insurance product; it represents a paradigm shift in how tech companies can safeguard against a spectrum of evolving risks. Unlike traditional E&O policies, which often lag behind advancements in technology, this new form features enhanced terms and broad wording tailored to the actual exposures present in modern technological operations. In particular, it addresses contemporary challenges such as algorithmic biases and data security issues that are now pivotal in the tech sector.

Phil Baker, Chief Underwriting Officer at BOXX Insurance, emphasizes the necessity of this new policy: "Traditional E&O wasn’t crafted with the realities of today’s algorithm-driven environments in mind. We developed Tech E&O with broader, more robust terms that resonate with the rapid pace of innovation, instilling confidence in brokers and their clients from the outset."

Moreover, Erik Tifft, Head of Products at BOXX, underscores the comprehensive nature of this policy, stating, "We meticulously constructed this offering from the ground up, identifying and addressing coverage gaps while minimizing exclusions and broadening triggers that activate coverage. This ensures that brokers now have an all-encompassing response to the intricate digital risks faced by their tech clientele."

The features offered by Tech E&O by BOXX are particularly compelling. Some key coverages included in this policy are:

• - Technology Discrimination Coverage: Protects against allegations of discrimination related to algorithms or technology under laws such as the Americans with Disabilities Act (ADA).
• - Social Engineering Coverage: Safeguards senior executives from personal cyber theft losses incited by fraudulent scams targeting them.
• - Cryptocurrency Theft Coverage: Covers losses incurred due to fraudulent manipulation activities in crypto.
• - Retention Waiver: Simplifies claims processes for cyber incidents by waiving retention fees if the incident is reported within 24 hours, subject to terms.
• - Broader Media IP Scope: Ensures coverage against IP infringement, personal injury, and negligence across various media, both online and offline.

In addition to robust coverage, every policy also comes enriched with complimentary access to BOXX's risk management platform, which arms clients with essential tools and expert support round the clock, particularly in the event of a cyber incident. This proactive approach is about fortifying client operations and ensuring resilience in a rapidly changing digital landscape.

Businesses are being called upon to adapt swiftly to the realities of modern digital threats. Many traditional insurance products have struggled to keep pace with innovations and the associated risks—making the launch of Tech E&O by BOXX a timely and necessary addition to the industry's offerings. Companies built upon both traditional foundations and emerging technologies can now find solace in the comprehensive coverage without fears of ambiguity or exposure gaps.

For any tech business looking to secure its future amidst these complexities, Tech E&O by BOXX presents a promising solution and an opportunity to confidently navigate the intricate landscape of digital protection. To explore binding a Tech E&O policy, visit the product page on BOXX Insurance's website.