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What is insurance for project managers?

Project managers insurance (the many types of cover made for project managers) helps your business handle the cost of everyday risks, like negligence claims, cyberattacks and more. 

Your role as a project manager brings a great deal of responsibility to deliver results. But what would you do if a client alleged financial losses due to a failed campaign or incorrect advice? 

Make sure you have the right insurance to protect your wallet and your reputation. 

What is insurance for project managers

Why do project managers need insurance?

Project managers may need business insurance to meet contractual obligations, and protect themselves from the cost of unexpected legal claims. 

Work with specific clients

Handle claims and lawsuits

Manage a cyberattack

Want to cover your Project Management business? 

Start a quote to find your occupation, compare coverage options and buy online in minutes.  

Types of project managers we cover 

BizCover provides business insurance options for project managers working in various industries. 

Architectural Consulting Services

Construction Project Management

project manager insurance

Did you know?

The nature of work undertaken by some IT professionals means the difference between a public or professional indemnity claim can be difficult to determine. BizCover offers a liability package with combined Professional Indemnity and Public Liability insurance from the same insurer. That way, there can be no dispute between insurers as to which policy should respond to a claim.

What types of insurance do project managers need? 

We offer a range of policies to cover your business, advice, and stored data. Build an insurance package that suits your needs and buy in minutes. 

Public Liability

Covers costs and legal fees if you negligently cause injury to a member of the public or damage to property.

Public Liability insurance

Professional Indemnity

Covers losses and legal fees as a result of alleged or actual negligence in your professional services or advice.

Management Liability

Covers the risks that arise from running your business, including unfair dismissal, harassment claims, and tax audit.

Management Liability

Cyber Liability

Protection against claims and supports your profitability following a broad range of cyber events.

Cyber Insurance

How much does Insurance for project managers cost?

The average cost of business insurance for project managers can vary. The cost of your policies will depend on factors such as the services you provide, and the size of your business.

how much project manager insurance cost

How is the cost of insurance calculated?  

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.

Cover levels to choose from

  • $5M
  • $20M

Cover levels to choose from

  • $250K
  • $10M

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

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.

Cover levels to choose from

  • $5M
  • $20M

Cover levels to choose from

  • $250K
  • $10M

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.

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We’re not ones to blow our own trumpet, but we are pretty proud of our innovative insurance platform, outstanding team, and stellar workplace.

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

Disability care worker
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VIC

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Business insurance Pack and,
Public Liability and Professional Indemnity insurance

Andrea, Beautician saved $1,500 on Professional Indemnity, Public Liability and Business Insurance
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Public Liability insurance

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Electrician from

ACT

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Electrician saved $800 on Public Liability insurance
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IT Professional from

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Information Technology Liability insurance

IT Professional saved on IT Liability with BizCover
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Restaurant owner from

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Business Insurance Pack and
Public Liability insurance

Restaurant owner saved in Business Insurance with BizCover

Frequently Asked Questions

Public Liability and Professional Indemnity insurance provide essential, yet different types of cover for project managers. 

Public Liability insurance is important to your project management business. It is designed to provide protection for you and your business in the event a client, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities. 

On the other hand, Professional Indemnity Insurance is designed to respond to claims against your business for losses arising as a result of actual or alleged negligent acts or omissions in the provision of your professional consulting service or advice.  

Take the time to think about the client data or personal information you may be storing and the severe consequences if it were compromised. 

Cyber Liability insurance is a type of business insurance product which protects your business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. In the event of a data breach, theft or loss of client information, this insurance will come in handy.  

Your role as a project manager brings a great deal of responsibility. Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business. 

Hear from our customers

BizCover NZ Rating 4.7/5 on Feefo

Brilliant. It was so easy to get this done and it was the lowest quote. I spent a whole day getting multiple quotes but BizCover found the best one for me!

M Fernando

Simple, easy to navigate. Great Value!

Robbie D

Really easy and no long forms or wait times like other providers of PI.

Phillip B

So quick and easy to create my personalised business cover, I would definitely recommend BizCover to anyone looking for insurance. Thank you!

S Macabulos

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