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Technology Liability Insurance for ITP Members

insuranceIf you're contracting or own your own business, you need liability insurance. As well as being a requirement for most contracts, liability insurance gives you a level of peace-of-mind if things go wrong.

Insurance has to be as simple and straightforward as possible and the ITP Liability Programme range is just that - designed for tech consultants.

And with the ITP programme, as you grow your policy grows with you with a multitude of flexible options. Now you have the freedom to choose the level and type of cover you want at an absolutely unprecedented cost - you really can have your cake and eat it too.

Why do you need insurance?

Working for yourself can be hugely rewarding, but it's not without its risks.

Mistakes at work could prove costly, damage your business, your reputation and put your livelihood at risk. And maybe you'll get away with putting the mistake right - but if your client can demonstrate that your mistake caused them financial loss (from unrealised revenues or damage to reputation) you could be faced with the kind of claim that could put you out of business (including footing the bill for legal costs).

Even worse, defending a claim can be hugely expensive whether you're in the wrong or not.

With the ITP Liability Programme now available at a hugely reduced premium there's simply no need to unnecessarily risk your business, livelihood or reputation.

The ITP Liability Package

ITP's Technology Insurance Package is designed to meet the needs of IT Contractors and small companies alike, and contains the following components:

  1. Professional Indemnity (Covering errors and omissions in advice or work)
  2. Public Liability (Accidental injury or property damage)
  3. Statutory Liability (Defending against breach of statute, legislation, or act of parliament)

The ITP package also covers work outside New Zealand - everywhere except USA and Canada (available at extra cost).

The programme works in a number of ways:

  • If a mistake is made, it will help cover you for any damages you then become liable for, subject to the level of cover you have chosen. It also helps to fix any mistake on your part so there is not as much loss, financially or even legally.
  • Even if you have done nothing wrong, but a client alleges negligence on your part, the policy will still protect you and pay the legal costs in defending you.
  • Public Liability covers you for property damage or bodily injury you cause while on your client's site - typically we think of spilling liquid on a clients computer that goes up in pretty white smoke, or an accident caused by your "stuff" that you left lying around.
  • Statutory cover is also included providing cover for the legal costs and expenses to defend yourself against an unintentional breach of Statute, Regulation or Act of Parliament.
  • Other benefits include retroactive cover, worldwide cover (excluding USA and Canada), sub contractor cover, low excesses ($2,000 for PI and $500 for PL and SL) and an automatic reinstatement on the Professional Indemnity section, all with a simple online application form that takes 5 minutes to complete.

As well as offering quality cover, you get a quick, hassle free service where quotations and cover can easily be arranged within 24 hours.

Please see the brochure for more information.

So what does it cost?

Cost depends on a number of factors. The following is an indication only, and may be different depending on your individual circumstances (please see below for the main reasons premiums are higher than listed here).

ITP Members who are accredited with Chartered IT Professional NZ
Chartered IT Professionals are those that have been independently accredited by IITP as meeting the professional standards expected of senior IT Professionals.

Those with CITPNZ represent a lower risk for insurers meaning a lower premium:

Annual Turnover
$1M Cover
$2M Cover
> $2M Cover
Excesses
$0-$250k
$295 pa
$375 pa
Contact us
$2000 PI, $500 SL and PL
$250k-$500k
$395 pa
$475 pa
Contact us
$2000 PI, $500 SL and PL
> $500k Contact us

All prices exclude GST

ITP Members without Chartered IT Professional NZ accreditation
ITP Members without CITPNZ are still eligible for the package at a hugely reduced rate:

Annual Turnover
$1M Cover
$2M Cover
> $2M Cover
Excesses
$0-$250k
$395 pa
$475 pa
Contact us
$2000 PI, $500 SL and PL
$250k-$500k
$495 pa
$575 pa
Contact us
$2000 PI, $500 SL and PL
> $500k Contact us

All prices exclude GST

Eligibility for the Technology Liability Package

Any individual (or via their own company) that is a Member or Corporate Partner of the ITP that performs an IT role whether it be directly to a client or through a recruitment agency and that has no more than five staff and/or Directors.

Only ITP members are eligible for the package, no exceptions. Corporate Partners are also eligible if they meet the same turnover and staff requirements.

Members and Corporate Partners exceeding the maximum turnover or with more than 5 Staff or Directors are more than welcome to inquire about the Corporate Technology Liability Package, including a 10% ITP discount off the quoted premium.

Additional Premiums

The following referral criteria means that an additional premium may apply or further underwriting may be required:

  • Prior Claims
  • Turnover in excess of $500,000
  • Involvement in the sale, supply, installation or manufacture of goods/services within the Medical, Financial or Aviation Industry or if you are involved in Network Security
  • Project Managers

Is the policy from a reputable provider?

The ITP Liability Package is underwritten by Chartis New Zealand, one of the largest insurance underwriters in the world. Chartis has a Standard & Poor's insurer rating of A+ (strong).

The programme is provided and managed by i2i Insurance Broking Ltd for ITP.

More information

The programme is brokered, provided and administered by i2i Insurance Broking Ltd, and all enquiries should be directed to them. Please email insurance@itp.nz or call Kirsty Young on 04 479-5378.

You can also download the brochure for more information.

Apply Now

(Or download and return the Application Form to i2i Insurance Broking Ltd)

 
 
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