Many AI risks result in claims that might already be covered by different insurance policies. A list of few such insurance policies are -
- Employment Practices Liability Insurance (EPLI) might cover claims for the mistakes an AI in any employment related practices such as hiring new candidates using Automated Employment Decision Tool (AEDT), emplopyee scoring tools etcetera.
- Cyber Insurance might cover claims for the mistakes by an AI such as if the AI leaks personally identifiable information (PII) data or personal health information (PHI) or other form of data breach.
- Directors and officers liability (D&O)
- Media liability for the companies that publishes content for their clients produced using AI.
- Tech Errors & Omissions (E&O) for the mistakes by an AI of SaaS companies etcetera.
- General Liability for the mistakes by an AI that leads to property damage or bodily injury.