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Just because you’re busy programming, coding, testing, debugging or doing other techy stuff doesn’t mean you can’t get the right insurance. Being the IT person that you are, we don’t need to convince you that getting multiple quotes online, in minutes, is the quickest and most efficient way to secure the right cover for you.
For some IT professional claims there can be a grey area as to whether the claim falls under a Professional Indemnity or Public Liability policy so it’s wise to consider a liability package with combined Professional Indemnity and Public Liability cover from the same insurer. That way there will be no dispute between insurers as to which cover should respond to the claim.
The IT world is a fast changing environment, and whether you’re involved in project management, development, testing or analysing systems this kind of work can be risky business. Has the software, product or project you were involved in failed to deliver? Have you breached intellectual property or confidentiality? Was there a loss of documents or data? As the saying goes, the problem with troubleshooting is that trouble shoots back.
Professional Indemnity insurance provides essential financial protection for IT professionals, securing them against potential losses arising out of acts, errors and omissions over a wide variety of IT services. Also, more and more companies require independent contractors to hold Professional Indemnity insurance before being considered for a contract.
Chances are you spend most of your time visiting your client’s onsite. Public Liability insurance will protect you from financial losses arising from a claim of 3rd party accidental damage or injury resulting from you going about your business – like that hot cup of coffee you accidentally knocked over damaging your client’s laptop.
If any of the following circumstances relate to your business then you should consider Business Insurance to ensure you are adequately protected:
Consider the client information and data you are storing. If there was a breach of confidentiality by being hacked what would that do to your career and your reputation?
An IT contractor was engaged to recommend and provide a management system for professional services client.
There were a number of problems with the system including crashes and loss of company and customer data. The client lodged a claim against the IT contractor for breach of contract and compensation for damages due to the lost data and loss of revenue whist the client was unable to service his customers.