You have worked hard to establish your business, so get the right insurance to protect your business and give you peace of mind.
Chimera have experience in arranging tailored cover for a broad range of IT Consultants and IT Contractors including Professional Liability Insurance for Software Developers and IT Contractor Professional Indemnity Insurance. Other occupations we can assist with:
- Information Technology (IT) Consultants and Contractors
- Network Developers and Consultants
- Hardware/Software Resellers
- Software Developers
- Hardware Manufacturers
- Internet Service Providers
- Web Hosting
- Internet Services
- Telecommunication Services
- Systems Integration
- Maintenance and Repair
- Data Processing
- Data Warehousing/Bureau Services
- Education and Training
- Facilities Management and Outsourcing
Professional Indemnity
Provides essential financial protection for IT professionals, securing the insured entity, its directors and staff from claims arising from an alleged breach of professional duty owed to a third party.
The policy responds to protect you against the legal costs of involved in defending yourself or businesses from claims made against you (even in the case where these claims are false) and the payment of compensation owing to the third party in the event you are proven negligent.
Public and Products Liability
Is designed to address the personal injury or property damage that may arise from the insured’s activities. To put it simply, Public and Products Liability insurance provides cover for the physical outcomes of faulty services.
Get the Right Cover to Protect Your Business
To ensure that your business is adequately covered, we at Chimera Insurance Brokers offer a combined Professional Indemnity, Public Liability and Products Liability Insurance Package designed specifically for Information Technology risks.
In our experience, there can be legal uncertainty regarding the nature of the activities provided by IT professionals, specifically whether their advice, design or implementation is characterised as a ‘product’ or a ‘service’. This uncertainty can lead to major issues in the event of the claim with some consultants finding they have the wrong cover for the circumstances that arise.
Combining both Professional Indemnity and Products Liability policies with the one insurer avoids any doubt in respect of whether a loss has arisen from a professional service or the supply of a product. With a combined insurance policy with the one insurer this is not a concern.
Want a quote online for Information Technology Combined Professional Indemnity & Liability Insurance? Need IT Professional Indemnity Insurance Australia? Click here to get started
IT Combined Professional Indemnity & Liability Insurance Includes:
- Up to $10M Professional Indemnity Cover
- Up to $20M in Public and Products Liability Cover
How your consulting business is covered
In our experience, we have seen that legal uncertainty exists over the character of some of the activities provided by Information Technology consultants. When providing software advice and/or design, are you providing a service or a ‘product’? Understandably, this uncertainty has caused confusion in the handling of claims, and some consultants may find they have the wrong cover for the circumstances that arise.
Should the claim be treated as a ‘service’ and therefore be covered under a Professional Indemnity policy? i.e. the claim arose from a breach of the Insured’s professional duty. Alternatively, should the claim be treated as a ‘product’ under a Public & Products liability policy i.e. the claim arose out of a product or manufacturing fault? The solution is to combine into one policy professional indemnity and products liability with the one insurer. This avoids any doubt.
Combining the professional indemnity and liability insurance with the one insurer also avoids the potential for a dispute between two differing insurers. Potentially those contractors arranging separate professional indemnity and liability policies with differing insurers risk falling into a dispute between insurers as to who is responsible for claim i.e. the professional indemnity insurer views a loss as a product, whereas the liability insurer views the loss as a service. By simply combining the cover under one policy this potential problem is avoided. IT Professional Indemnity Insurance Australia is available right here.
Customer Profile – here’s what we do well:
- Computer Consultants
- Hardware/Software Resellers
- Software Developers
- Hardware Manufacturers
- Internet Service Providers
- Web Hosting
- Internet Services
- Telecommunication Services
- Systems Integration
- Maintenance and Repair
- Data Processing
- Data Warehousing/Bureau Services
- Education and Training
- Facilities Management and Outsourcing
Why do I need this insurance?
Please see below the various claim scenarios specific to Information Technology, which resulted in significant losses under either professional indemnity or liability. These examples clearly demonstrate the potential complexity around financial losses and why professional liability insurance for software developers (for example) is of paramount importance.