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Why do IT professionals need it?

In today’s digital world, many businesses and organisations are heavily reliant upon the advice and services provided by IT Consultants. No matter how good you are at your job, IT projects don’t always go to plan and hitting ‘Ctrl+Alt+Del’ is, unfortunately, not a solution.

Having the right insurance however, will protect your business and give you peace of mind should the unexpected happen and a claim be brought against you.

BizCover offers the quickest, easiest and most efficient way to secure insurance for your business. You can compare quotes from leading NZ insurers and get covered in a matter minutes.

Did you Know?

For some IT professional claims, there can be a grey area as to whether the claim falls under a Professional Indemnity or Public Liability policy, so it’s wise to consider a liability package with combined cover from the same insurer. That way there will be no dispute between insurers as to which cover should respond to the claim.

Insurance for IT Professionals

Professional Indemnity Insurance

Professional Indemnity (PI) insurance provides essential financial protection for IT Professionals against potential losses arising out of their professional service or advice. This can include but is not limited to: acts, errors or omissions made by you or your employees; loss of documents or data; and intellectual property disputes among others.

IT professionals generally require a set level of PI cover to comply with professional association requirements; professional standards legislation; or to meet the requirements of various clients. More and more companies that hire independent IT contractors insist their contractors hold PI insurance before considering them for a contract.

Public Liability and Product Liability

Public and Product Liability Insurance covers IT Professionals for their legal liability in the event of personal injury or damage to property of others during the course of normal business operations or as a result of a product defect.

If your business/practice requires your customers or members of the public to visit your home or business, or if you visit their premises or if you supply computer hardware to your customers, you should take out public liability insurance for your protection.

Other Insurance to consider

Cyber Liability covers the costs that are incurred following a data breach or having your system hacked. It typically covers investigation and data recovery costs, business interruption costs, extortion costs, fines and penalties, and PR/crisis management costs.

Statutory Liability protects you, your business and your employees, including directors, trustees and managers, against certain unintentional breaches of New Zealand Acts of Parliament.

Employers Liability covers your business if an employee sues you for damages if they’ve suffered an injury or illness as a consequence of working for you, but your liability is not covered by the ACC.

Our offer covers a broad range of Occupations and activities

BizCover understands the insurance needs of IT Professionals, and that’s why our comprehensive insurance offer includes Professional Indemnity, Public Liability, Statutory Liability, Employers Liability and Employee Disputes Liability coverage. Our offer covers occupations/activities such as:

  • Data Processing/Warehousing Services
  • Education & Training
  • Facilities Management or Outsourcing
  • Hardware Installation, Maintenance and Repair
  • Hardware Sales
  • ISP/Web/Internet Service
  • IT Consultants
  • IT Recruitment & Placement Services
  • Project Management
  • Software Development
  • Software Installation
  • Software Maintenance
  • Software Sales – Customised/Own Developed
  • Software Sales – Packaged/Third Party Software
  • Systems Analysis
  • Systems Audit
  • Systems Integration
  • Telecommunication Services
  • Troubleshooting

Having the right insurance pays off

A software and hardware design company won a government contract to manufacture and install alcohol interlock devices on a branch of government owned vehicles. Within six months it became apparent that the calibration on the devices was incorrect following a minor traffic incident. The company’s Professional Indemnity policy responded and covered the cost for devices to be fixed by another firm, as well as the resulting damage from the error.