We are professional liability insurance specialists when it comes to the professionals in the IT Field. Being in business for years has provided us the insurance companies and the appropriate resources to carve the best insurance for our clients. We insure IT professionals across Ontario, Canada and welcome all IT professionals to apply for a free quote. Our company encourages all new professionals in the field as well as those who currently hold an insurance policy to apply for a free quote. Our focus is to provide the best coverage, or beat your current one!
IT Companies purchase Professional Liability Insurance (PLI) coverage to shield themselves from financial liability in the event of a law suit arises against them. Your clients are the reason behind your success but one mistake and the tables can turn. A single lawsuit can jeopardize a business’s future operations as at times lawsuits can reach into millions of dollars.
In many industries this type of insurance is referred as E&O insurance also known as errors and omissions insurance. Having professional liability insurance for an IT Specialist/programmer/analyst/consultant is an absolutely must.
It is often the case that professionals feel they do not require any insurance as they operate from their home or have a few small book of clients. Our response to that is… ABSOLUTELY WRONG. Even if you have 2 clients a year that you are servicing, you are at a risk of a lawsuit coming from those clients. Businesses from thousands of employees to those operating out of home offices require liability insurance to cover their risk exposures.
Not having insurance in place not only puts your business at risk, but also determines your business’s or professional future. A small software error, misleading advice, or any omissions can cause a lawsuit. The right time to get insured is before providing any professional service to the public. It is also best to never ignore the fact that there are no grounds necessarily needed in Canada for one to sue another, so when we say be covered, we mean it.
Types of IT Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of information technology related businesses.
- Telecom Cabling Installers Insurance
- Network Designer Insurance
- Cyber Security Insurance
- Business Intelligence Insurance
- Data Analysis Insurance
- Database Administration Insurance
- Web Hosting Service Insurance
- Network Security Company Insurance
- Mobile App Developers Insurance
- IT Staffing Agency Insurance
- IT Project Management Insurance
- IT Consultants Insurance
- Data Scientist Insurance
- Computer Repair Business Insurance
- Digital Marketing Agency Insurance
- SEO & SEM Consultants Insurance
- Software Developers Insurance
- Technical Writers Insurance
Additional coverages to discuss with your broker or agent
General Liability Insurance
General liability insurance will protect your business in the event any physical damages or bodily injures arise as a result of your operations. Imagine being at a client site and destroying some hardware or dropping a massive hard drive on somebody’s foot. Yeah this may sound unlikely to ever occur, but this is why insurance exists. Oh, and people do sue. Wouldn’t you?
Workers Compensation Insurance
Works compensation insurance provides coverage to employees in the event they get sick or injured while working.
Commercial Auto Insurance
If you travel from one location to another or often use vehicles to commute for work, your auto policy must be upgraded to a commercial auto policy. Regular automobile insurance in most cases does not provide coverage for commercial operations.
Fidelity Bonds
While you go above and beyond to hire trustworthy workers, you never know what they’re going to do. You may be concerned that your workers are going to do something dirty and illegal. If this happens, your company might get into trouble. This is why you’ll want fidelity bonds. These bonds are going to protect your Canadian company in a situation such as if an employee unlawfully accesses data or illegally transfers funds. If you’re dealing with employee theft or fraud, you’ll want to use fidelity bonds to protect your company.
Cyber Liability Insurance
You’re running a business so you’re going to be collecting a lot of names, addresses, and phone numbers. This information will likely be stored in a computer database online. With that being said, you need to make sure that your database is secure. Otherwise, you’re going to be criticized for letting your customers’ information get stolen. To protect your company, you should have cyber liability insurance. With cyber liability insurance, your company will be protected if you experience a data breach and subsequent lawsuit. Furthermore, it can help cover client notification expenses and fraud monitoring costs.
Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance:
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Cost of IT Insurance
Every policy we write is constructed specifically to your business needs. To clarify further, your coverages are tailored specifically to your risk exposures. We do not generalize professionals as in those cases some clients end up paying more for coverages they do not require. Our prices start from $400/YEAR for $1 Million Liability coverage. We can quote liability limits anywhere up to $20,000,000. If you are interested in getting a quote for your business or are unsure about the amount of coverage that is right for your business, please do not hesitate and request a quote below. We are experts when it comes to IT professionals and know the scope of your business.
Need coverage in effect? Compare the market!
Helpful resources for IT professionals and their companies
- Why do I need IT insurance for my business?
- What types of insurance do I need for my IT business?
- Will I be legally required to get insurance to operate as an IT company?
- How do I get the cheapest rate possible as an IT business?
- As an online business, what liability insurance coverages will I need?
- How do I handle a lawsuit that is frivolous or completely fake?
- Want to cancel insurance for your IT Company? Here are reasons to consider!
- Using a change control board for tracking.
- Acceptable use policy – Every business needs it and here is how to write one!
- Want to start an IT consulting business? Awesome! Here is a small guide!
- How much insurance will I need to operate my tech company?
- I am a sole proprietor, how will business insurance work for my IT business?
- How do I choose the right legal corporate structure for my technology company?
FAQ before purchasing IT professional liability insurance
- How much professional liability insurance do I need as an IT professional?
- How do I get an IT professionals insurance policy?
- What does IT professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an IT professional?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for IT professionals
- How does the claims process work if I get sued because of my IT professional services?
- What is the cost of IT professional liability insurance?
- How do I apply for an IT professional liability insurance policy?
- How do I qualify for coverage as an IT professional?
- What is the purpose of getting insured as an IT professional?
- How long will it take to get an insurance quote for my IT business?