Insurance for Software Developers
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Why do software developers need insurance?
Coding, programming, testing and debugging are all in a day’s work for software developers and programmers. But one wrong keystroke could lead to a big headache—or worse—for your business. That’s why many IT developers consider business insurance to help protect themselves against financial losses, legal costs and more.
Anything can happen when you’re running a computer programming company. From accidentally damaging someone else’s property while working onsite to an unhappy client, business insurance is available to help you handle the worst!
BizCover offers software developer liability insurance to help you manage unplanned expenses. Compare policies online, get instant cover and save!
Did you know?
IT professionals provide unique services, and it’s sometimes difficult to determine which policy a claim should be made under. That’s why many insurers offer combined Professional Indemnity and Public Liability policies, so there’s no dispute over who should respond to claims.
What types of insurance do software developers and programmers need?
Software developers and programmers may consider many types of insurance, such as:
Professional Indemnity insurance
Professional Indemnity protects you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. Subject to applicable limits, your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
Professional Indemnity is considered essential cover for many IT developers, and the clients you work with may require you to have it. It’s one of the most common policies chosen by software developers and programmers.
Public Liability Insurance
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.
Another common policy for software developers, Public Liability provides protection when you’re working in a client’s offices or other premises. It may also be required by clients and may also be mandatory if you lease commercial space for your business.
Business Insurance
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
Your Business Insurance package can be customised to fit the needs of your software development company. Choose the options that make sense for your business and create a convenient cover bundle that makes protecting your business property and assets easy!
Cyber Liability insurance
Cyber Liability insurance covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
As an IT developer, you already know how devastating cyberattacks and data breaches can be for small businesses. Cyber Liability insurance can help keep your business from becoming a cybersecurity statistic by helping manage the costs, like investigating incidents and notifying affected clients.
How much does insurance cost for software developers?
Every software developer is different, and so are their businesses. What makes your software company unique may be considered by insurers when deciding how much you’ll pay for software developer liability insurance.
Factors used to calculate premiums may include:
- Industries you work with – Providing software development services for some industries may be considered a higher risk than others.
- Size of your business – Increased revenue or accepting large contracts may impact your insurance premiums.
- Services provided – The services you provide, such as app development, might affect the price of your insurance.
- Cover amount – Higher cover limits typically mean you’ll pay more for your insurance.
- Claims history – A software developer with multiple past claims may pay more than one who has never made a claim.
Compare quotes with BizCover to better understand how much you are likely to pay for software development liability insurance.
How to get programming and software development insurance
Ready to protect your computer programming company? BizCover is here to help!
We offer cover tailored for software developers, web developers, programmers and other IT professionals. Get quotes and buy instant cover in minutes—no complicated paperwork required. We’ll even send the policy documents right to your inbox.
Compare business insurance quotes in minutes and save today with BizCover!
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