Let’s get techy… Technology E&O and Cyber Insurance to the rescue

Let’s get techy… Technology E&O and Cyber Insurance to the rescue

By |2020-07-15T02:26:40+00:00June 30th, 2020|

MUNIRevs has both technology errors & omissions and cyber insuranceOne of the joys of being an agency that insures small businesses is working with entrepreneurs who are willing to take the risk of starting their own enterprise.  For those of us at The Insurance Place working with our commercial insureds as they grow and expand is exciting and challenging.

For Erin Neer with her skills in software design as well as her CPA background there was a need in the public marketplace that she felt could be met and so she founded MUNIRevs in 2011.  If you are a municipality searching for a system that simplifies the process of paying and collecting business taxes, MUNIRevs is the source for your solutions.  All of us are always looking for ways to simplify our operations and processes. It is no different for the business community and for the municipalities where they reside when it comes to paying or receiving, processing and analyzing tax revenues.

Erin and her team have grown MUNIRevs from an idea to a resource that serves over 50,000 business across the country.  As the insurance agent for MUNIRevs our job has been to insure that the proper coverages are in place to not only protect MUNIRevs but the municipalities that they serve by complying with various public entity contracts.

Key insurance coverages we recommended for MUNIRevs include Technology Errors & Omissions (E&O) and Cyber insurance.

While web software developers do extensive testing of software before its release, there is always the issue of one error that can have compound effects on the users’ transactions.  Many times users of the software may not have specified their requirements accurately or completely resulting in disputes with developers and, thus, E&O coverage provides defense for breach of contract claims as well.

We all know the importance of Cyber Security.  In the past we have heard about severe data breaches such as Target and Equifax where millions of personal identifiable information records have been stolen by hackers.  While that continues, more recently hackers have moved on to smaller businesses where they lock companies out of their own systems and demand ransom payments to unlock the data.  Under cyber liability, 3rd Party coverage is for impact to a business’s customers while 1st Party coverage is for the forensic work and tech support to decrypt the data and/or pay the ransom. Both forms of cyber insurance can be a wise investment for many businesses.

We salute Erin and her team for their success and for their service to businesses and communities across the country.

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