IT Business – Professional Indemnity Insurance

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A suitable IT professional indemnity and business liability insurance may provide cover for IT service providers for professional indemnity and public liability cover under a combined policy.

For example, IT professional indemnity and business liability insurance cover for Information Technology Professionals and businesses may include*:

Financial loss arising from software/system defects
Financial loss due to lost or corrupted data
Failure to perform and deficiencies
Breach of intellectual property
Personal injury or property damage resulting from a hardware/product defect
Inappropriate or incorrect advice leading to financial loss

Why do IT service providers need IT professional indemnity and business liability insurance?*

IT service providers can be held liable for the advice or the services they perform that may cause financial loss to a third party. As a result IT service providers need specialist business insurance for IT companies.

Public Liability insurance is a core cover for all Australian businesses – including for IT service providers – to cover you against damage to a third person or their property.

Furthermore IT service providers need IT professional indemnity and business liability insurance to cover for the following business risks:

Contractual Liability
Breaches of consumer protection legislation
Product Recall First Party
Data Recovery Damage and destruction of documents
Cover for subcontractors

If your Information Technology business needs cover for some or all of the above IT related risks please call 1300 542 573 to TALK to a SMART business insurance broker about a suitable policy at an affordable cost for your business.

Who needs IT professional indemnity and business liability insurance?*

All IT service providers that charge a fee for advice or a service need IT professional indemnity and business liability insurance.

For example, any IT service providers performing the following IT services need IT professional indemnity and business liability insurance:

Data storage, processing and warehousing
Hardware maintenance and installation services
IT & T consulting
IT Helpdesk and network support
IT project management
IT Recruitment and Placement
Services Software Development,
Design Analysis and Programming services
Systems Integrations Services Telecommunications Services
Value Added Reselling Services
Website Design and development Website Hosting
E- commerce application development
ISP
SCADA/PLC services

To talk to SMART business insurance broker about a suitable IT professional indemnity and business liability insurance policy please contact us on 1300 542 573 or contact us online.

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Why use an IT insurance broker?*

When deciding on whether to use an insurance broker for your IT business it is important to consider that brokers act in the interests of the small business owner. Direct insurers and agents act for the insurer. This can be important especially if you need to claim.

Brokers can help IT service providers by sourcing multiple competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.