How Much Is Business Insurance
for IT Project Managers and Quality Assurance Professionals?

It's important for IT project managers, QA analysts, and small-business owners to understand the cost of IT business insurance so they can plan their budgets. However, every business has different liabilities and insurance needs. That means that every business owner pays a slightly different cost for their IT insurance.

Nonetheless, we can give a rough estimate for the cost of business insurance for the typical IT project management and QA small business. Let's look at the median cost of small business insurance for IT firms like yours.

HOW MUCH IS
General Liability Insurance?

How Much Does General Liability Insurance Cost?

General Liability Insurance protects IT project contractors and quality assurance professionals from third-party lawsuits over property damage, copyright infringement, and personal injuries. Say you order a new laptop. The UPS driver is bringing the box to your front door when they slip on a patch of ice and dislocate their shoulder. GL coverage can pay for a lawsuit over bodily injuries, and many policies cover the immediate medical costs of treating someone injured at your office.

QA contractors and IT project managers usually pay $424 to $429 in annual premiums for their General Liability Insurance.

Median Premiums, Limits and Deductibles on General Liability Insurance for IT Project Managers and Quality Assurance Professionals
Name USD

Median policy premium:

$425 - $429

Median policy limit:

$2 million

Median policy deductible:

None

To see how the cost of General Liability Insurance for IT project managers and QA professionals compares with other industries, visit Insureon's General Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
a Business Owner's Policy?

How Much Does a Business Owner's Policy Cost?

As an IT project manager or QA analyst, you have a number of basic business liabilities that can be covered with a Business Owner's Policy. That's because it bundles General Liability Insurance (see above) and Commercial Property Insurance together. The best part? The coverage is discounted.

Property Insurance helps business owners replace lost or damaged business property after a fire, theft, or windstorm.

The typical IT project manager pays $500 to $569 a year for their BOP coverage.

Median Premiums, Limits and Deductibles on Business Owner's Policies for IT Project Managers and Quality Assurance Professionals
Name USD

Median policy premium:

$500 - $569

Median policy limit:

$2 million

Median policy deductible:

$250

HOW MUCH IS
Commercial Auto?

How Much Does Commercial Auto Insurance Cost?

If you're driving to a client's office and get in an accident, you need Commercial Auto Insurance to cover the damages. After an accident, this insurance can cover your legal expenses, medical costs, and repair costs.

Typically, IT project management and QA businesses pay $1,211 to $1,563 in annual Commercial Auto Insurance premiums.

Median Premiums, Limits and Deductibles on Commercial Auto Insurance for IT Project Managers and Quality Assurance Professionals
Name USD

Median policy premium:

$1,211 - $1,563

Median policy limit:

Varies

Median policy deductible:

None (liability only)

HOW MUCH IS
E&O Insurance?

How Much Does Errors and Omissions Insurance Cost?

Project managers and quality assurance professionals face countless challenges — code reviews, data security issues, problems with subcontractors — and can be sued if anything goes wrong with the IT project they supervise. Fortunately, Errors and Omissions Insurance covers your legal expenses if you're named in an IT lawsuit. If clients are unsatisfied with your work or sue you for missing a deadline, E&O Insurance can cover the lawsuit.

Project managers and QA experts typically pay $700 to $1,088 in annual E&O Insurance premiums.

Median Premiums, Limits and Deductibles on E&O Insurance for IT Project Managers and Quality Assurance Professionals
Name USD

Median policy premium:

$700 - $1,088

Median policy limit:

$1 million

Median policy deductible:

$2,500

To see how the cost of Errors and Omissions Insurance for IT project managers and QA professionals compares with other industries, visit Insureon's Professional Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
a Fidelity Bonds?

How Much Do Fidelity Bonds Cost?

If you're hired to work on a banking or financial services IT project, may need Fidelity Bond coverage, which reimburses your clients' losses if one of your employees steals from them, commits fraud, or tries to use their data to commit a crime.

Fidelity Bond Insurance is a common requirement for IT professionals that work in the financial services industries, but other clients might require you to have this insurance as well.

IT project managers and QA professionals can generally expect to pay $688 to $1,321 a year for a Fidelity Bond policy.

Median Premiums, Limits and Deductibles on Fidelity Bond Insurance for IT Project Managers and Quality Assurance Professionals
Name USD

Median policy premium:

$688 - $1,321

Median policy limit:

Varies

Median policy deductible:

$10,000

HOW MUCH IS
Workers' Comp?

How Much Does Workers' Compensation Insurance Cost?

Many IT project managers and QA technicians aren't sure whether they need Workers' Compensation Insurance (also called Workers' Comp or Workman's Comp) or not. Your requirements depend on how many employees you have and the employment laws in your state. (You can check them in our state guide to Worker's Comp laws.)

Workers' Compensation Insurance covers your employees' medical costs and lost wages after an injury or work-related illness. Policies with Employer's Liability Insurance also cover Workers' Comp lawsuits.

Workers' Comp costs range from $370 to $639 a year for the typical IT project management / QA small business.

Median Premiums, Limits and Deductibles on Workers' Comp Insurance for IT Project Managers and Quality Assurance Professionals
Name USD

Median policy premium:

$370 - $639

Median policy limit:

$1 million

Median policy deductible:

None

To see how the cost of Workers' Compensation Insurance for IT project managers and QA professionals compares with other industries, visit Insureon's Workers' Compensation Insurance Cost Analysis New browser window icon..

Small Business Insurance Cost Estimates

Small Business Insurance Cost Estimates for IT Project Managers and QA Companies

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