Digital risk insurer Safeonline has launched SafeEnterprise, an errors and omissions (E&O) and internet media liability product to protect against third party claims arising from the use of technology.
SafeEnterprise, which will be underwritten by Faraday Syndicate 435, will be aimed at medium to large businesses and technology companies that provide services including e-commerce, electronic data processing, software design and network solutions.
David Umbers, the head of Enterprise Digital Risk Services, a Safeonline division, said: "Economic downturn has sparked a surge in law suits, while conventional insurance policies are now limiting or excluding these new technology-related risks.
"Every business that uses technology is susceptible to claims and should ensure they have the correct coverage in place as traditional policies may not cover them."
SafeEnterprise offers comprehensive coverage against:
technology errors and omissions, negligent acts;
defamation, invasion of privacy, libel and slander, plagiarism, infringement of intellectual property rights;
inadvertent transmission of a virus or other malicious code;
failure of security measures to prevent the following: denial of service, unauthorised access, or theft of electronic data.
Coverage applies on a worldwide basis, with levels ranging from $500,000 (£348,250) to $5m (£3.5m). Higher coverage limits are available on request.
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