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Insurance for the IT Professional

07.30.2014 By Elliott Insurance Insurance News

There are a number of risks for contractors in the information technology field. No matter how careful you are, there is always the risk that something could go wrong, from losing data, downtime or business interruption as a result of your work or advice to accidentally damaging a client’s property whilst you are on their premises. Thankfully, you can protect your IT business with specific insurance.

Types of insurance for your IT business

  • Public Liability

    Public liability ensures that IT professionals are covered in the case of physical property damage and injury. In the case of an IT professional, the risk is fairly low for incidents involving physical damage or injury therefore this translates to low premiums for you, compared to someone such as a tradesman where the premiums are significantly higher.

  • Professional Indemnity Insurance

    Professional indemnity insurance is very important for an IT contractor or consultant. As you are providing a skill and advice on a particular topic to your clients, you have a professional duty to your clients. If one of your clients was to take your advice and suffers a loss due to your professional advice or negligence, you might find yourself liable to pay for their costs.

    Professional indemnity insurance protects you and your business for the above situation, and covers both your own legal costs and your client’s costs.

    It’s also important to note that Professional Indemnity Insurance can deliver protection for a false claim being made against you. The legal defence costs when a client make accusations against you and pursues legal action can run into the hundreds of thousands. Regardless of the size of the business you are, you are insuring for the potential loss your client could have, so it’s your clients, not your business that determines the level of cover.

    Professional indemnity and public liability insurance can be combined to create an IT contractor policy for our clients. This in turn can deliver extra savings to you and your business.

  • Insurance for your equipment

    IT equipment can be very pricy to replace if lost, stolen, or damaged. You may have equipment such as laptops, computers, smart phones, or printers which will need protection in such an event.

    General property cover will usually be included in your overall business insurance package; however it is good to make sure this is present and which exact events are covered. Events such as accidental damage, fire damage, water damage, or theft are just some of the options which can be included in the policies. Making sure you are not under-insured is one of the best things your can do for your business.

If you need some advice to make sure that your IT business is covered to the best degree, contact us at Elliott Insurance Brokers today and we will be happy to answer any of your questions.