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Professional Indemnity is primarily designed to respond to financial loss arising from faulty advice, design or specification by the service provider. The design engineer or IT consultant upon whose advice or design the Principal or the Principal's customers rely upon, is the Professional targeted by PI Insurance.
Public Liability and Products Liability insurance is primarily designed to address the personal injury or property damage that may arise from the service providers activities. In other words they deal with the physical outcomes of faulty services.
This type of insurance is available to most professionals and in many professions the professional is required to carry a minimum level of Professional Indemnity Insurance by law.
Why Do IT Consultants need Professional Indemnity (PI) Insurance & Public Liability (PL) Insurance?
IT Consultants and IT Contractors are generally engaged by third parties to provide one or more of the following services:
- Application Service Provider
- Data Communication Services (ISP)
- Database Programming and Applications
- Data Processing/Warehousing Services
- E-Commerce Application Development
- General IT Consulting
- Hardware Sales (own developed)
- Hardware Engineering Maintenance
- IT Education and Training
- IT Facilities Management
- IT Helpdesk and Network Support
- IT Security Systems/Consulting
- IT Systems Analysis
- IT Project Management Outsourcing
- IT Recruitment and Placement Services
- Maintenance and Repair
- Network Consulting
- Network Infrastructure Design or Construction
- Reseller of Third Party Software or Hardware
- Software Sales (own development)
- Systems Integration
- Software Development/Programming
- Search Engine Optimisation
- Telecommunication Services
- Website Design
There is legal uncertainty concerning the activities provided by IT Consultants. In providing software advice or design, are they providing a 'service or a product' and therefore, should the claim be treated as a 'service' which is covered under a P/I policy or should the claim be treated as a 'product' and covered under a Public / Products Liability policy. To avoid this uncertainty, it is recommended that IT Consultants have 1 policy with 1 Insurer covering both sections.
In many cases an Information Technology IT Contractor will not be considered for a contract unless they have a minimum level of Professional Indemnity and Public Liability insurance indemnity insurance.
IT Public Liability and Professional Indemnity Insurance Quote Examples
You can get a fast insurance quote online now.
As an example of an online quote, if you are a General IT Consultant with turnover up to $220,000 pa, $1M Professional Indemnity and $5M Public Liability cover will cost you the following based on the state you operate in:
Why Purchase Insurance For IT Contractors and Consultants Through Express Insurance?
We provide a quick and easy way of securing your required PI and PL insurance and producing a Certificate of Insurance online.
Our online system for IT Contractors PI Insurance has been in operation for over 2 years and we have assisted over 650 Information Techology Consultants, many of whom have provided testimonials attesting to the ease of use and price competitiveness of our products. Refer to our main website for details. Not only can you get a quote and buy online in minutes, we have specialist staff with years of experience on hand to fully support you and answer all of your PI and PL enquiries.
PI premiums are determined by your Turnover and PL Premiums by the number of staff under your employ. All insurers charge a minimum premium in both respects.
We believe we have negotiated highly competitive premiums for both classes of insurance, and will continue to monitor premium levels available in the market to ensure this remains the case.
For your own protection you should have a minimum level of Professional Indemnity(PI) insurance. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the contractor. PI insurance will protect you in the event that this occurs.
In addition, the majority of jobs you are contracted to do, and most tenders you respond to call for proof that you have a minimum level of PI and Public Liability cover.... You will generally not be considered for a job without it !
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove to clients and prospects that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if you do have prior claims or provide services to high risk industries we will contact you to facilitate completion of your application personally with the Insurer.
Your Insurance policy is arranged by Express Insurance acting as an agent of Berkley Insurance Australia, a registered business name of Berkley Insurance Company (ABN 53 126 559 706) and part of the W.R.Berkley Corporation.
Berkley Insurance Australia underwrites a significant portfolio of general insurance business in Australia. They are fully authorised and regulated by the Australian Prudential Regulator Authority (APRA) which is the prudential regulator of the Australian financial services industry.
The financial strength rating of Berkley Insurance Australia is "A+ (Strong)" by Standard & Poor's.
For each IT Contractor Insurance policy completed online we make a donation to the Gutsy Group, our current featured Charity.
The Gutsy Group is a foundation dedicated to raising funds for research, so a betterment of cure can be found for sufferers of Inflammatory Bowel Disease (IBD). IBD describes two diseases, Ulcerative Colitis and crohn's disease, which cause inflammation of the bowel.
There are over 70,000 people suffering from IBD in Australia. They are mostly young people who show great determination and courage in fighting a condition that has no known cause or cure.
Sadly, many patients view the symptoms as undignified, anti-social, and something to hide. There is nothing glamorous about this disease.
IBD affects as many young Australians as other, more publicised conditions, such as Juvenile Diabetes (JD) and Multiple Sclerosis (MS). Fund-raising organisations for JD and MS are currently contributing substantial funds towards research. In comparison, IBD receives little recognition and research is grossly under funded.
The Gutsy Group is determined to make a difference. Raising funds to support vital research and give hope to these brave and "Gutsy" people is why The Gutsy Group was established.
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer. The first step is to lodge your claim as outlined below.