There is no single insurance requirement applying to every IT Professional in Australia.

However, insurance requirements are common in:

• Client contracts
• Tenders
• Supplier panels
• Government procurement
• Subcontracting arrangements
• Particular regulated or higher-risk industries

What insurance requirements can appear? #

Examples include:

• Professional Indemnity Insurance
• Public and Products Liability Insurance
• Cyber Insurance
• Workers Compensation where applicable
• Minimum limits
• Certificates of Currency
• Run-off or continuing Professional Indemnity requirements
• Territorial or jurisdiction requirements
• Subcontractor insurance requirements

Government, healthcare, financial services, defence and critical-infrastructure clients can also impose detailed contractual requirements concerning security, privacy, business continuity and incident notification.

Does meeting the insurance requirement mean the entire contract is insured? #

No.

A contract can also contain:

• Broad indemnities
• Performance guarantees
• Liability for consequential loss
• Unlimited liability provisions
• Warranties
• Obligations that extend beyond the insurance policy

Webber Insurance can review the insurance clauses from an insurance broking perspective and compare them with your existing cover.

Where appropriate, particular insurance clauses can also be referred to an external legal provider.

Contact our team before signing a contract containing unfamiliar or significant insurance requirements.