BOXX Insurance has introduced a new Technology Errors and Omissions (E&O) insurance designed specifically for tech companies of all sizes. The goal is to offer protection that keeps up with the fast-changing world of technology, covering startups, mid-sized businesses, and large enterprises across a variety of fields such as SaaS, AI, digital infrastructure, and traditional software.
Traditional E&O insurance often falls short when it comes to modern tech risks. BOXX’s Chief Underwriting Officer, Phil Baker, explained that older policies were not built to handle challenges like algorithmic bias, data poisoning, or technology discrimination—issues that are very real today. Recognizing these gaps, BOXX developed coverage that directly addresses these new risks.
Erik Tifft, Head of Products at BOXX, emphasized the importance of covering emerging tech exposures like artificial intelligence and large language models. He pointed out that their new policies clearly include protections for these areas because they are now a daily part of many tech companies’ operations.
One standout feature of the new coverage is Technology Discrimination Liability. This offers protection against claims arising from AI models and algorithms that might inadvertently discriminate against certain groups, something that is becoming more common in the digital age. Tifft noted that BOXX is leading the way in offering this kind of coverage, which fills a significant gap in the market.
With AI growing quickly across industries, concerns about discrimination and accessibility have intensified. The policy provides a safety net even for companies that have done everything right but still face legal challenges. BOXX’s approach is summed up in their motto: predict, prevent, and insure. They work with their insureds to minimize risks and step in if problems arise.
The policy also responds to new cyber threats beyond the usual data breaches. It includes coverage for instances like data poisoning, where attackers corrupt data sets rather than stealing information. The form also addresses other modern concerns such as blockchain risks, Internet of Things exposures, and new cyber extortion methods.
BOXX has been careful to make sure their terms are clear and specific. Tifft said that companies want to see exactly what is covered, without ambiguity or guesswork, and BOXX’s wording reflects that need.
In addition to broad protections, the policy offers several unique coverages: Technology Discrimination Coverage for claims under laws like the Americans with Disabilities Act; Social Engineering Coverage to protect executives from cyber scams; Cryptocurrency Theft protection against fraud; retention waivers for quick cyber incident reporting; and broad media and intellectual property coverage that includes online and offline content issues.
This new Tech E&O product by BOXX aims to offer a comprehensive solution for digital risks, combining precise wording with insights drawn directly from cybersecurity and IT experts. The company listens closely to those who build and protect technology to stay ahead of emerging threats.
With the U.S. tech startup scene flourishing, this type of specialized insurance is becoming more essential. Tifft highlighted that the policy is built from the ground up to close gaps, reduce exclusions, and provide a full approach to managing digital risks.
For anyone interested in learning more about how BOXX’s Tech E&O protects against real-world tech threats, the company is offering an exclusive webinar. This product marks a significant step forward for tech companies looking for coverage that matches the pace and challenges of today’s technology landscape.