IT Business Insurance

In today’s fast-paced digital world, IT (information technology) companies face unique risks that can impact their operations, reputation, and growth. Having business insurance helps protect your IT company from unexpected challenges, giving you peace of mind and more room to focus on business operations.

Smart Business Insurance may be able to assist in finding suitable insurance coverage to meet the individual needs of your IT businesses.

Many Business Owners are UNSURE if they are COVERED PROPERLY. We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

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Does my IT Business require insurance? *

Whether you’re a small startup, a software developer, an IT consultant, or a larger IT services provider, insurance helps shield your business from a range of risks, including professional negligence, third-party injury and damage, cyber-attacks/incidents and property risks. If your providing technology products and services there is a real risk that your clients may make a claim against you for system failure, loss of data and damage, therefore it’s imperative to have appropriate risk management procedures in place, which can include business insurance.

What insurance does my information technology business require? *

Smart Business Insurance provides various insurance options that may cover specific risks in the IT industry:

IT Liability Insurance:
IT Liability Insurance is a specifically designed product for information technology businesses. It includes both professional indemnity and public liability, which helps avoids the gaps in cover from having them separate.

Professional Indemnity – Provides protection for claims arising due to a negligent act, error, omission in the cause of your business. This tends to cover financial losses suffered by your clients due to your professional negligence. Professional Indemnity on an IT liability policy may also include additional sections of cover such as contractual liability and infringement of intellectual property rights.
Public and Products Liability – Provides protection for third-party bodily injury or property damage claims arising as a result of your business activities. This can include your product (e.g., manufactured hardware) causing injury or damage and slips trips and falls in the premise.

Cyber Liability Insurance:

Cyber insurance protects your business if a cyber event impacts your operations. A cyber event can be an attack, phishing attack, malware infection, computer virus etc. Cyber cover includes cover for incident response costs, losses to your business, losses to other businesses (e.g., your clients) and can pay for direct financial losses if cyber-crime is elected. With some insurers, cyber insurance can be included on the IT Liability Insurance Policy.

Office Insurance:
If your business is operating out of an office, you may require cover for damage to your contents and stock, glass breakage, theft, machinery breakdown and business interruption. Often, businesses which lease an office need to take out glass replacement and/or contents insurance as part of their lease agreement.

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What are the Costs of IT Business Insurance? *

The cost of IT business insurance can vary based on factors unique to your business, such as:

Business Size and Scope: Larger businesses or those with a broader range of services may require higher coverage limits, impacting premiums.
Type of Services Provided: Certain business such as managed service providers, are viewed as high risk, and therefore the policy premiums are rated accordingly.
Coverage Choices: IT companies can take out IT liability only which includes professional indemnity and public and products liability. The policy premiums will be higher if cyber insurance is included and other businesses insurance is taken out, such as office insurance.
Types of Clients: Often businesses with government contracts or contracts with large corporates require higher limits of coverage due to their contractual requirements.

To help determine the estimated costs for your business, consider contacting Smart Business Insurance to source suitable and competitive coverage. We strive to provide coverage options that cover you properly and are competitively priced, with Australian-based support to guide you through the options.

What are some claims examples? *

Third-party data loss – companies which provide software as a service risk permanent data loss for clients if they fail to backup important data.
System Migration resulting in damage/loss to client data – companies who provide system migration services risk suffering claims for lost or damaged client data due to errors in the migration process.
Software failure – software developers are at risk of their software not performing how it’s supposed to. This may result in clients making a claim against the software developer for losses caused due to the software failure.

Benefits of Choosing Smart Business Insurance *

Suitable Cover Policies: At Smart Business Insurance, we understand that no two IT companies are the same. We work with you to source insurance options that reflect the unique needs of your business and cover your services suitably.
Australian-Based Support: With local expertise and understanding of Australian regulations, we aim to provide you with guidance tailored to your business environment.
Easy Quote Process: Get a quote quickly and efficiently by discussing your business needs with our team. We aim to make it simple to find suitable coverage for your IT business.

Get a Business Insurance Quote for Your IT Company Today *

Navigating insurance options can be complex, especially when dealing with specific needs in the IT industry. Contact Smart Business Insurance to help you source suitable coverage for your technology business. Protect your business and focus on what you do best—driving innovation and success in the digital world.