Insurance for Software Developers
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Up to $20M Professional Indemnity cover
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Up to $20M Professional Indemnity cover
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What is insurance for software developers?
Insurance for software developers is the many types of cover to protect businesses against the common risks, like accidentally damaging someone else’s property while working onsite, a claim made by an unhappy client, and many others.
Coding, programming, testing and debugging are all in a day’s work for software developers and programmers. However, one wrong keystroke and things can go awry.
From accidentally damaging someone else’s property while working onsite to an unhappy client, many IT developers consider business insurance to help protect themselves against financial losses, legal costs and more.
Why do software developers need insurance?
Software devs may need business insurance to cover unexpected legal fees, or meet contractual obligations.
Handle the cost of claims and lawsuits.
Manage a cyberattack or data breach.
Work with specific clients and contracts.
What types of insurance do software developers and programmers need?
BizCover has insurance options for busy software devs and programmers, to cover their advice, stored data, equipment, and much more.
Popular cover types for software developers:
Software developers could also consider:
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How much does software developers’ insurance cost?
The average monthly cost of an insurance policy for Software Developers is $64 per month. However, the cost of your policies will depend on different factors, such as the services you provide, and the size of your business.
Factors influencing cost
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
*Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.
Get cover that works with the risks of your business
Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.
Unsure how much to choose? Think about:
Statutory profession requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
Factors influencing cost
Risk of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.
Get cover that works with the risks of your business
Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How it works – buying online
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How to make a claim online
We’ll assist you through the claims process & manage the claim directly with the insurer.
Let us know Fill out our
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to support the claim
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Claim results We will notify
you of the claim outcome.
3 Steps to get your biz insured:
- Let us know
Fill out our claims form and provide info to support the claim.
- Receive Extra Support
We’ll assist you with your claim.
- Claims Results
We’ll notify you of the claim outcome.
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See how much others have saved while purchasing policy through BizCover
Colette
Disability Care Worker from
NSW
Saved
$1,200
on
Public Liability and Professional Indemnity insurance
Andrea
Beautician from
VIC
Saved
$1,500
on
Business insurance Pack and,
Public Liability and Professional Indemnity insurance
Deborah
Cleaner from
VIC
Saved
$3,600
on
Public Liability insurance
Lance
Electrician from
ACT
Saved
$800
on
Public Liability insurance
Stephen
IT Professional from
VIC
Saved
$1,500
on
Information Technology Liability insurance
Linda
Restaurant owner from
NSW
Saved
$1,000
on
Business Insurance Pack and
Public Liability insurance
^ Savings made from January 2024 to April 2025. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
Frequently asked questions
The work that software developers and programmers do is complex, and sometimes it can be tricky to determine if a claim is a Public Liability one or a Professional Indemnity one. That’s why many insurers offer combined Public Liability and Professional Indemnity policies for software developers.
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. Professional Indemnity protects you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice.
By combining both types of cover into one policy, you may avoid rejected claims if there’s a dispute over which type of event has occurred.
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!
Working in IT, your job often involves creating, managing, or integrating digital systems and sensitive information that are vulnerable to cybersecurity risks. Cyber Liability insurance covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach, including reputational damage, legal defence costs, settlements, and financial losses.
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Pretty damn good UI and process, actually. Good work.
Michael C
Great service. It beats to rigmarole I’ve had to go through previously. Business insurance used to be hard to find.
James H
Excellent service and price. It took me 10 minutes to finalise my PIPL insurance policy. The lowest price in the market. Very happy 🙂
Rabee R
Hard to believe how easy it was to get a quote and even purchase the policy. The cost was less than half of the best price my previous broker could provide for the same cover.
Bevan C
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