Earlier this month, the Dow Jones Industrial Average plummeted almost 1,000 points in a matter of minutes. Sources report a trader attempting to short-sell 16 million shares of S&P 500 stock entered a “b” for billion instead of an “m” for million. This slight human error, exacerbated by a market made more volatile by high-speed trades and automatic sale orders measured in milliseconds, caused traders to scurry and liquidity to vanish. Stocks that were selling for $40 at 2:47 pm were worth no more than a penny at 2:48 pm. The Securities and Exchange Commission (SEC) has begun reviewing the potential problems caused by high-frequency trading. Yet, the impact of human error on this volatile market is daunting.
Protect your clients with comprehensive Technology Insurance from Stuckey & Company. Even on a smaller scale, a slight human error can cause great harm to businesses and consumers. For technology companies of all sizes, the risk of errors and omissions is often greater than general liability exposure - and without adequate professional liability coverage, companies may be vulnerable to expensive lawsuits.
Technology Professional Liability coverage from Stuckey & Company protects your clients from claims alleging negligence in the provision of technology products and services. The line is designed for a broad range of clients, from funds transfer software to database design and everything in between. Click here for a complete list of eligible classes.
For more information about Technology Professional Liability coverage, submission requirements and eligibility, click here or call 1-800-828-3452 and ask for Maggie Hammett, Rachel Brengartner or Dwight Stuckey.
