Why You Need Cyber Insurance for your IT Consulting Business - Contractors Insurance Australia

November 28, 2019

As an IT consultant, you help a range of businesses navigate the complex information technology landscape to help them overcome any issues and use technology to benefit their business. Like any business, you need to have insurance in place to cover your risk exposures and an essential policy that you need to consider is cyber insurance. Today, we’ll be looking at just some of the reasons why your IT consulting business needs to have cyber insurance in place.

Cyber-attack is on the rise

Unfortunately, cyber-crime is on the rise and businesses of all sizes can be target. With cyber criminals using increasingly sophisticated techniques to disrupt businesses, it makes sense that your IT consulting business has cyber insurance in place. While you’re likely better placed than other businesses when it comes to preventing cyber-attack due to your IT knowledge, breaches can still happen no matter how careful you are. With hacking, online scams, identify theft and other attacks on computing system being very real threats, cyber cover is essential for your business.

Protects against employee error

Of course, cyber insurance doesn’t just cover external cyber-attack. It can also protect against errors made by employees, whether it be malicious or accidental. When you’re dealing with sensitive client data, all it would take is for an employee to breach privacy for you to be at the receiving end of an expensive claim. Cyber insurance can help protect against the financial implications of a data breach and is particularly important if you have a number of employees.

Meets client expectations

In the digital age, your customers need to know that they’re protected. Having cyber insurance in place doesn’t mean that you’re expecting something to go wrong – it just means that you’re prepared if it does. As an IT consultant, you understand better than anyone the risks associated with cyber-crime which is why your customers expect you to be covered for this eventuality.

Not included in general insurance

It’s a common misconception that costs associated with cyber-crime is included in general insurance cover, such as public liability insurance. However, this is not the case and specialised cyber insurance is required to ensure targeted protection. Cyber liability insurance will include cover for specific scenarios such as fines and penalties, business interruption, data recovery, extortion and legal expenses.

At Contractor Cover, we provide a range of insurance policies to contractors across Australia to ensure all areas of risk are covered. To make things easier, we’ve bundled together the most common insurances for contractors into one convenient package so you know that all of your bases are covered. We’re backed by one of the world’s largest insurers so you can be assured of quality insurance at the best price.

For insurance for your IT consulting business, contact Contractor Cover today on 1300 438 268 or fill in our easy online enquiry form.

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