BOXX Insurance has unveiled a new, specialised Errors & Omissions (E&O) coverage designed specifically for next-generation technology companies, including SaaS providers, AI developers, and digital infrastructure firms. The product, known as Tech E&O by BOXX, combines traditional E&O protection with the company’s flagship cyber insurance offering, Cyberboxx Business, providing comprehensive coverage for both operational and cyber risks.
Phil Baker, Chief Underwriting Officer at BOXX Insurance, explained that the introduction of the new product comes in response to the evolving risks faced by modern technology companies. He noted that traditional E&O coverage was not equipped to address the challenges posed by emerging technologies, such as AI errors, data poisoning, or technology-based discrimination.
“Updated policies are essential to reflect the new, complex risks associated with modern technology,” said Baker. “For example, traditional E&O coverage simply wasn’t designed for issues like AI errors or data-related incidents, which are increasingly common.”
The Tech E&O by BOXX policy offers several key coverages, including:
- Technology Discrimination Liability: Protection against claims under anti-discrimination laws, such as the Accessible Canada Act.
- Social Engineering of Key Personnel: Safeguards for senior executives against personal cyber theft losses.
- Cryptocurrency Theft Coverage: Protection against fraud or market manipulation related to cryptocurrency transactions.
In addition, the policy includes a Retention Waiver for incidents reported within 24 hours, and an expanded Media & IP scope, which covers intellectual property, personal injury, and negligence across both online and offline content.
Jonathan Weekes, President of BOXX Insurance for Canada, emphasised the growing demand for clear and comprehensive coverage for tech firms. “This product is straightforward, compelling, and provides a thorough approach to managing the evolving risks in the digital sector,” said Weekes. “We are meeting the increasing need for a policy that covers both traditional operational risks and the new-age cyber threats emerging with technologies like AI and blockchain.”
All Tech E&O by BOXX policies come with Cyberboxx Assist, a suite of cybersecurity tools and services aimed at helping businesses manage and mitigate cyber threats. This includes risk assessments, compliance tools, and 24/7 expert support.
The launch of Tech E&O by BOXX comes at a time when demand for specialised insurance products is on the rise, as the adoption of technologies like AI, blockchain, and SaaS increases. These technologies have exposed businesses to unique operational and cyber risks that traditional insurance policies are often ill-equipped to cover.
Brokers are facing increasing pressure to provide solutions that blend operational risk, regulatory compliance, and cyber protection. Insurers are keen to develop products that can address complex, emerging exposures without creating gaps in coverage.
By offering a unified solution, Tech E&O by BOXX helps brokers meet the growing demand for forward-thinking protection, while also supporting insurers in capturing opportunities in the rapidly expanding technology sector. The product reflects a broader market trend where tailored policies and integrated cyber-insurance offerings are becoming critical to managing risks in high-growth, high-tech industries.