IT contractor insurance
What insurance do IT contractors need?
Popular insurance choices for IT contractors include professional indemnity insurance, public liability insurance, business contents insurance and cyber insurance.
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Business insurance for IT contractors
Professional indemnity insurance
Our professional indemnity insurance is one of the most innovative covers available online. It is ideal for those working in software and IT as it provides advanced, all-round protection for the business and products that you build. It covers for any mistakes arising from your services, including compensation payments if your client suffers financial loss, fines, contract disputes, legal costs, IP and copyright disputes.
Public liability insurance
Public liability insurance is a cover to consider if you ever work around other people. If you accidentally injure somebody, or damage their property, you could end up with an expensive claim against you.
Contents and equipment insurance
Our contents and equipment cover can protect your equipment, office furniture, documents and cash. Most of our claims are settled within 48 hours so we will get you up and running again in no time. And unlike many providers, we automatically cover you if you’re based in a co-working space.
Protecting customer and user data is non-negotiable, with cyber-attacks on the rise and the GDPR now in force. Even with the latest security solutions in place, sometimes a breach is unavoidable, which is why cyber liability cover is so important. We will cover any compensation you have to pay as well as penalties and legal costs. Our cyber policy also includes breach response services, helping you get to the bottom of things quickly and avoid damage to your reputation.
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IT contractor insurance FAQs
- The cost of a claim against you could potentially be very expensive.
- Clients will often insist upon some level of cover (of professional indemnity insurance in particular).
To expand on the first point: We all face risk when working. From hot coffee on important equipment to disastrous coding mistakes, accidents happen and when they cause damage or loss to someone, a claim may arise.
When you’re an employee, your employer is responsible for arranging business-related insurance. But as a self-employed professional, it’s all on you.
Because the nature of being an IT contractor (as the name suggests) is heavily contract-based, this leaves you particularly vulnerable to contractual risks. For example: If the terms of a contract cannot be met for whatever unintentional reason, this would leave you as the contractor liable for the alleged cost to the client of your contract not being met. If something were to go wrong during the course of your work for the client (e.g. you accidentally breaking a system, causing downtime), again, this could be expensive for the client and leave you liable for picking up the cost.
To expand on the second point: Clients understand the risks faced by a contractor and how expensive a claim could end up being. This means that regardless of the financial risk to you of facing a claim, you may find that being uninsured means you miss out on being considered for contracts altogether.
Professional indemnity insurance covers claims made against you by clients due to alleged contractual failings on your part, causing the client to lose money.
Key examples of the types of claim are:
- Failure to meet contractual obligations, e.g.
- Project delivery timelines
- Project completion
- Loss of documents or data
- Breach of confidentiality
Intellectual property infringement (covered by media liability which comes as standard with Superscript’s professional indemnity cover)
This depends. If you are working solely from a home office, for example, and never coming into contact with other people while working, then you may feel that public liability isn’t worth having. However, if you’re working among other people at all - whether at a client’s office, coworking space or even a cafe, it’s definitely a cover to consider.