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What is IT consultant insurance?
Matt Hands, VP, Insurance
IT consultant insurance (also referred to as information technology insurance or IT professional insurance) is a type of business insurance specifically designed to protect information technology professionals from potential risks. As a business owner, it’s important to protect yourself from financial loss with insurance, and working in the IT industry brings unique factors that need to be considered.
If an app you built or consulted on doesn’t perform as expected or an unfixed bug leads to a huge loss in revenue, IT services insurance can protect you financially thus sustaining your business for the years ahead.
The most common types of coverage for IT services insurance include:
- General liability insurance
- Professional liability insurance
- Business contents insurance
- Cybersecurity liability insurance
Why do I need technology insurance in Canada?
Every business comes with risk, but a technology or IT services firm presents a different array of possibilities. You wouldn’t want one mistake or accident to result in an expensive lawsuit that prevents you from operating, so having coverage in place can save you money over time. It’s also important to protect yourself to recognize the unique risks that come in your line of work. Here are a few situations where IT insurance can help:
- You forget to back up your client’s valuable data before a server migration
- A competitor claims IP infringement on an app you designed for a client
- A hacker breaks into your network and holds your client’s banking data for a ransom
- Your consulting services on a new product backfires and results in financial loss
Who needs IT insurance in Canada?
If you provide technological services on an individual basis or operate your own firm, technology and IT insurance can protect you or your business from any potential costly claims and expensive lawsuits. This includes a large range of job titles in the technology industry, including:
- Software developers
- Software consultants
- Web developers
- Web designers
- IT project managers
- IT support specialists
- IT consultants
- Data consultants
- Computer programmers
- System analysts
- Technical analysts
Standard technology insurance coverage
General liability insurance
Professional liability insurance (E&O)
Contents insurance
Cybersecurity liability insurance
How much does technology insurance cost?
Depending on the type of technology business you run and the potential risks that come with it, IT consultant insurance can cost anywhere between $600 to $5000. Insurance providers look at serval factors to determine your IT services insurance quote while adding or taking out coverages also changes the cost. Get a free quote today.
start my quoteFactors that impact your IT insurance quote
The cost of your insurance for your technology or IT services business varies according to several factors. Generally, the more risk, the higher the cost of your insurance. Here are the most notable factors your broker will look at to determine the exact cost of your IT services insurance quote.
Industry sector
All technology businesses bring some form of risk, but not all risk comes at the same level. A technology consultant working on projects with millions of dollars on the line would pay more for IT services insurance than a local business owner for cell phone repairs.
Years of experience
With more experience comes less risk. A decades-old web developer may make fewer mistakes than a recent graduate looking to start their own IT service. Therefore, having more years of experience in your line of work can lower your IT services insurance quote.
Number of employees
The more people you have working for you, the higher your IT services insurance will be. This is because having more employees means there are more people that could cause an issue, resulting in a professional liability or general liability claim. Employing multiple IT consultants that each work with their own set of clients brings a higher likelihood of a claim than solely operating with one client by yourself.
Revenue
An IT service business with higher revenue means there’s more at stake for your company if something were to happen, resulting in a higher cost for insurance. Additionally, if someone decides to hold your business liable and sue, they could potentially ask for more money, knowing your business revenue is high enough to sustain their ask.
Location
If your business operates in a specific place as either an office or a storefront, its location is a large factor in determining your IT services insurance quote. Areas with high crime rates and areas that are commonly hit with natural disasters, such as floods and earthquakes, will cost more to insure due to an increased level of risk.
Business insurance history
Your insurance company will use your past insurance claims for your IT business as an indicator of what’s to come. Having numerous claims in the past shows a greater risk of potential claims in the future, increasing your IT services insurance quote.