Business Insurance for IT Project Managers
Why do IT project managers need business insurance?
When your work falls short of meeting a client’s goals, the result could be a lawsuit. Insurance for IT project managers can cover lawsuits from dissatisfied clients, injuries, property damage, and other expenses that can sink a business.
Get the right coverage quickly
6 policies every IT project manager should consider
Clients, landlords, or state laws may require project managers to carry insurance. Business insurance can prevent financial losses in the event of an injury, property damage, lawsuit, or data breach.
General liability insurance
General liability insurance pays costs associated with common business lawsuits. It's often required in project management contracts and commercial leases.
- Accidental client injuries at your office
- Accidental damage to client property
- Libel, defamation, and copyright lawsuits
Errors and omissions insurance
E&O, also called professional liability insurance, can help pay a project manager's legal costs if a client sues over a mistake. You can often add coverage for intellectual property and media liability.
- Projects that don't meet client expectations
- Mistakes or oversights in your work
- Missed project deadlines
Cyber liability insurance
This policy helps your project management business recover from a data breach or cyberattack. It also helps you pay for client lawsuits related to a breach.
- Fraud detection and monitoring services
- Client notification after a breach
- Lawsuits from affected clients
Business owner’s policy
A BOP includes both general liability and commercial property insurance at a discount. Most small project management businesses qualify for this policy.
- Accidental client injuries at your office
- Accidental damage to client property
- Lost or damaged business property
Workers' comp insurance
State law usually requires that IT project management businesses with employees purchase this policy. It helps pay medical costs for work injuries and illnesses.
- Medical bills from employee work injuries
- Partial wages while employees recover
- Lawsuits over work injuries
Fidelity bonds
A fidelity bond provides protection for your business if one of your employees steals from a client. It’s also called an employee dishonesty bond.
- Unlawful access of client data
- Illegal money transfers by your employee
- Other employee theft or fraud
Insurance costs for tech professionals
Average costs come directly from policies purchased by TechInsurance customers.
General liability: $42 per month
Errors and omissions: $61 per month
View more sample costs.
Start a free application to see how much insurance will cost for your business.
Why IT project managers choose TechInsurance
Protect against common risks
A lawsuit or data breach can devastate your project management business. Prevent financial losses with policies tailored for your needs.
