What is business and professional indemnity insurance for software developers?*
Suitable business and professional indemnity insurance for software developers may provide cover for professional indemnity and public liability cover under a combined policy.
For example, Business and professional indemnity insurance for software developers 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 software developers need business and professional indemnity insurance?*
Software developers need business and professional indemnity insurance to cover for the following business risks:
- Contractual Liability
- Breaches of consumer protection legislation
- Damages caused by faulty software or hardware
- Inadequate support for your software applications
- Business interruption
- Data loss
- Product Recall
- First Party Data Recovery
- Damage and destruction of documents
- Cover for subcontractors
- Data migration issues
Note that software developers can be held liable for the advice or the services they perform that may cause financial loss to a third party. As a result software developers need professional indemnity insurance.
Furthermore, Public Liability insurance is a core cover for all Australian businesses - including for software developers - to cover you against damage to a third person or their property.
If you are a software developers and looking for business and professional indemnity insurance please call 1300 542 573 to TALK to a SMART business insurance broker about a suitable policy at an affordable cost for your business.
What type of software developers need business and professional indemnity insurance?*
All software developers that charge a fee for advice or a service need business insurance and professional indemnity insurance.
For example, any software developers performing the following development services need business insurance and professional indemnity insurance.
- Applications Development – Designing and coding software which is used by humans to solve a particular practical problem. Common application development languages include Java, Visual Basic, VB.NET, and C#.
- Systems Development – Designing and coding software which works behind the scenes. Common systems development languages include C and C++.
- Test Automation – Designing and coding software which tests other software. Common test automation languages include Perl, Visual Basic, VB.NET, and C#.
To talk to SMART business insurance broker about a suitable insurance policy for your software development business at an affordable price please contact us on 1300 542 573 or contact us online.
How much does Software Developer business and professional indemnity insurance cost?*
For many self-employed sole proprietor software developers combined professional indemnity and pubic liability insurance policy start from $680.
Software developer business insurance cost: from $680 for $1 million professional indemnity PLUS $5 million public liability insurance.
Please note : pricing may vary significantly from the above based on your size, clients, experience and specific software developer business activities.
For a software developer professional indemnity and public liability insurance cost for your business TALK to a SMART Business Insurance broker on 1300 542 573
How do I get a Software Developer Professional Indemnity Insurance broker quote?*
Depending on the nature of your software developing activities, the size of your projects , the size and type of clients you service and whether you are a sole trader, or employ staff or sub-contractors , different insurance companies and underwriters are likely to provide suitable and affordable cover.
For a suitable and affordable business and professional indemnity software developer insurance quote TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online.
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations .Talk to a SMART insurance broker on 1300 542 573 for more information.