Managing an IT project can be exciting and stressful. You have to work diligently every day to ensure that your clients receive excellent results. Although you work hard for your workers, things can still go wrong. There is a risk that you won’t be able to finish the project on time. Or, you may not be able to satisfy the customer. Some clients are very picky and will always find something they do not like. So, you need to shield yourself from these risks and others.
Someone working in your field should obtain IT project management business insurance. IT Business insurance will give you peace of mind so you can focus on helping your Canadian clients and helping ensure they receive a great service. Within this guide, you’re going to learn more about the insurance requirements of IT project management businesses.
Business Insurance For IT Project Managers
IT project managers work hard to ensure that projects are completed successfully and on time. Nevertheless, you may experience problems along the way. You may not be able to get the project finished in time. Or, you may have a car accident. If it was your fault, your company may be sued by the victim. You have to protect your company by having IT project managers insurance. Which insurance products are most important for your business? You’ll want to protect your business by acquiring the following insurance products.
Errors And Omissions Insurance
You try your hardest every day but things can still happen. You may run into major problems making it impossible to finish the project on time. Or, the client may say that you didn’t live up to your promises. You never know what is going to happen so you need to prepare for the worst. A mistake on your behalf could cause your customer to lose a lot of money and you don’t want to be held responsible for that. With that being said, you need to protect your company with errors and omissions insurance. This insurance is great for all business owners including IT project managers. With this insurance, you can protect your company from simple mistakes, late completions, and more. If your company is accused of neglect, errors and omissions insurance will prove to be helpful.
Cyber Liability Insurance
Managing an IT project means that you’re going to be handling a lot of data. That information will be stored in an online database. This is convenient since it allows you to access the information from anywhere. The only issue is that others may be able to access this information too. You’ll want to protect your database using the latest security technology. Furthermore, you’ll want to protect your company with cyber liability insurance. If someone breaks into your database, it could create a nightmare for you, your company, and your workers. With this in mind, you should use cyber liability insurance to protect against data breach lawsuits and similar problems.
You’ll also want to acquire a fidelity bond. Your workers are a major part of your business. If you don’t have fidelity bonds, there is a risk that you’re going to be forced to pay out of pocket to take care of problems caused by untrustworthy employees. A worker may decide that they need extra money so they’re going to withdraw your company’s money to their private account. This could cost your company a lot of money. With fidelity bonds, you’ll be covered. You won’t have to worry about these issues as much since the insurance will protect you.
General Liability Insurance
You’re running an IT project so you can guarantee that your customers are going to visit your place of business. They’ll do so to check the progress of the project and provide feedback. Unfortunately, this can create problems. When visiting your place of business, a customer’s vehicle might be damaged by a company vehicle. Or, the customer may fall after entering your store. Since you cannot stop such problems, you need protection in the form of general liability insurance. This insurance offers protection from injuries, property damage, and other problems. It will cover you from libel and slander lawsuits too.
Workers’ Compensation Insurance
Without your workers, your company would be in big trouble. You wouldn’t be able to manage and handle the project alone. With that being said, you should do your best to protect your workers. One of the best ways to do that is by taking advantage of workers’ compensation insurance. You’ll have to have this insurance if you’re going to run a business in Canada. Plus, it’ll show your workers that you sincerely care. If they get injured at work, this insurance will make a big difference.
Commercial Auto Insurance
Finally, you’ll want to make sure that your company has commercial auto insurance. You’re running an IT project so you’ll likely have to travel to speak with your team members. You’ll want to make sure that you’re protected if you get into an accident while driving your company vehicle. Commercial auto insurance can make a big difference. If you or one of your workers get into a vehicle accident while driving your company’s vehicle, your commercial auto insurance policy will protect you. Don’t let anyone drive your commercial vehicles until you have a commercial auto insurance policy.
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
Knowing The Cost Of IT Project Manager Insurance
IT program manager insurance is worth it. Nevertheless, you’ll want to learn more about the costs. By learning more about the costs, you’ll know how much you’ll be required to pay. The only problem is that the price is not universal. It varies depending on the size of your business and your location. Furthermore, the premiums will be determined based on the assets your company has. If you have more equipment and property, your premiums will be higher.
Do You Need IT Project Manager Insurance?
As someone who is running a new IT project management business, you’ll likely be short on money. So, you’ll want to do your best to save as much as you can. Still, you should not skimp on insurance. Doing so will come back to haunt you. Get covered so you can survive anything that comes your way.
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?
Other 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
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- SEO & SEM Consultants Insurance
- Software Developers Insurance
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