Why do data scientists need business insurance?
Your clients rely on your data to make key decisions. An error could have tremendous repercussions – and lead to a lawsuit. Insurance for data scientists can help pay for client lawsuits, injuries, property damage, and other risks.
Get the right coverage quickly
6 policies every data scientist should consider
General liability insurance
General liability insurance protects your business from the most common liabilities faced by data scientists. It's often required in client contracts and commercial 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 pay legal costs if a data scientist is sued over an error or oversight. Intellectual property (IP) and media liability coverage can often be added.
- Incomplete or inaccurate data
- Incorrect data-based predictions
- Failure to deliver on client expectations
Cyber liability insurance
This policy can help your data science firm bounce back after a data breach or cyberattack. It can also cover lawsuits from clients affected by a breach.
- Fraud detection and monitoring services
- Client notification after a breach
- Lawsuits from clients affected by a breach
Business owner’s policy
A BOP includes both general liability and commercial property insurance. Data scientists often receive insurance at a discount if they qualify for this bundle.
- Accidental client injuries
- Accidental damage to client property
- Damaged business property
Workers’ comp insurance
If your business has employees, you'll probably need to purchase this policy to comply with state law. It covers medical costs from work injuries and illnesses.
- Medical bills from work injuries and illnesses
- Partial wages while employees recover
- Lawsuits over work injuries
Fidelity bonds
Also called an employee dishonesty bond, a fidelity bond protects your business if one of your employees steals from a client. It compensates the client for their loss.
- Unlawful data access by your employee
- Illegal money transfer by your employee
- Other employee theft or fraud
Data scientist insurance costs
Average costs come directly from policies purchased by TechInsurance customers.
General liability: $30 per month
Errors and omissions: $65 per month
View more expected costs.
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Protect against common risks
A lawsuit or data breach can devastate your data science business. Prevent financial losses with policies tailored for your needs.
