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It doesn’t matter whether you’re employed as a consultant, contractor or simply work for one company, as an IT professional, plenty rides on your knowledge and expertise. Businesses are often reliant on their IT systems working seamlessly, so when things go wrong, it can cause a massive disruption to the operation of the company. This is why it’s vital for IT professionals to have good business insurance coverage.
You can compare quotes for all types of business insurance here with Savvy. Just answer a few simple questions about the work you do, or the consultancy business you run, and you’ll have a range of quotes from some of the most respected insurers to compare instantly. Use our quick and easy comparison service to help you find the best value insurance for your IT business today.
The types of business insurance you should consider if you run an IT business include:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the advice, recommendations or service you provided were either incorrect or negligent. It’s an important type of insurance to have for anyone who offers advice or services in the IT industry because there are so many moving parts, many of which may be out of your control (such as network outages or the failure of satellite or telecommunication services). Cover is available starting from $250,000 up to $10 million or more.
What it covers
Public liability insurance
Public liability insurance is essential for anyone who deals with members of the public, including your customers or clients. It will cover you against claims that your business activity caused injury to a member of the public or damaged their property. Because this insurance involves cover for personal damages allegedly caused by your business activity, there can sometimes be an overlap with professional indemnity insurance arising from the work of an IT professional. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
Cyber liability insurance
As an IT professional, you know the risks posed by various forms of cybercrime. For this reason, cyber liability insurance is also a very important form of insurance for all IT consultants and IT contractors, as well as those who run their own IT business.
What it covers
General business insurance
General small business insurance may also be worthwhile if you run your own office or have portable equipment such as laptops which you wish to insure. Commercial vehicles aren’t included, so you may need separate commercial vehicle protection for your work vehicle.
What it covers:
What isn’t covered under my IT professional’s business liability insurance?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. The cost of insurance will be different for a single IT contractor as opposed to someone running an IT consultancy company. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, the location of your business does influence the cost of your insurance. For example, an IT company’s quote for insurance in Tasmania may be different to one for a business located in Western Australia.
You can find out how much insurance will cost for your particular business by comparing quotes right here with Savvy.
You’ve worked hard to set up your IT consultancy business, so it makes sense to want protection in case anything does go wrong. We all know that cybercriminals are active, so it makes good sense to ensure you have maximum protection in case criminals do get through your defences or manage to access your confidential client information.
Most IT professionals who run a consultancy business have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe. If you have strong business insurance coverage, you can enjoy the peace of mind that comes with knowing you’re fully protected just in case your worst-case scenario does occur.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
