Why do data analysts need business insurance?
Your clients rely on your data to make informed business decisions. If there's an error, your business could face a lawsuit. Insurance for data analysts can help pay for client lawsuits, injuries, property damage, and other risks.
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6 policies every data analyst should consider
General liability insurance
This policy protects you from the most common liability risks faced by data analysts. It's often required in client contracts and commercial property leases.
- Accidental client injuries at your office
- Accidental damage to client property
- Libel, defamation, and copyright lawsuits
Technology errors and omissions insurance
Technology E&O, also called professional liability insurance, can help cover legal costs if a data analyst is sued over a mistake. Intellectual property (IP) and media liability coverage can often be added.
- Data mistakes and miscalculations
- Failure to deliver on client expectations
- Accusations of professional negligence
Cyber liability insurance
This insurance policy helps data analysts recover from a data breach or cyberattack. It can also protect your business against lawsuits from clients affected by a breach.
- Fraud detection and monitoring services
- Client notification after a data breach
- Lawsuits from clients affected by a data breach
Business owner’s policy
A BOP bundles general liability with commercial property insurance. Data analysts can get a discount on business insurance if they qualify for this policy.
- Accidental client injuries at your office
- Accidental damage to client property
- Damaged business property
Workers’ comp insurance
If you employ other people, you'll probably need to purchase this policy to comply with state law. It covers medical bills for employees injured on the job.
- Medical bills from employee work injuries
- Partial wages while employees recover
- Lawsuits over work injuries
Fidelity bonds
If one of your employees steals from a client, this policy reimburses the client for the amount that was stolen. It's also called an employee dishonesty bond.
- Unlawful data access by your employee
- Illegal money transfer by your employee
- Other employee theft or fraud
Technology business insurance costs
Average costs come directly from policies purchased by TechInsurance customers.
General liability: $30 per month
Errors and omissions: $67 per month
View more expected costs.
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Protect against common risks
A lawsuit or data breach can devastate your data analysis business. Prevent financial losses with policies tailored for your needs.
