Your clients depend on your data insights to make important business decisions, which means a simple error could have a lasting financial impact. Business insurance covers legal defense costs from clients who claim that your advice caused harm, as well as other expenses like property repairs.
These insurance products cover the most common risks of data analysis.
Tech E&O covers legal costs related to your work performance, such as an incorrect conclusion from your data analytics team. It's sometimes called professional liability insurance.
This policy covers basic third-party risks at a data analytics firm, such as a client who slips and fractures their arm in your office. It's often required for a commercial lease.
This policy covers the cost of a data breach or cyberattack at your data analysis company. It's strongly recommended for any business that handles sensitive information.
This policy covers the cost of accidents involving a vehicle owned by your data analysis firm. Most states require this coverage for business-owned vehicles.
Most states require workers' comp for data analysis companies that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
Fidelity bonds compensate your clients if one of your employees steals from them. Your clients might require you to purchase a bond, especially if you work in financial services.
It's easy to get insurance for your small data analysis or data science firm if you have your company information on hand. Our insurance application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
Insureon's licensed agents work with top-rated U.S. insurers to find coverage that fits your data analysis or business intelligence company, whether you work independently or hire employees.
Independent contractors and consultants face many of the same risks as bigger businesses, but with their own personal assets at stake. Business insurance can help cover medical expenses, legal defense costs, and expensive repairs.
Data analysts and data scientists may need general liability insurance to qualify for a lease or loan, or they might need a fidelity bond to fulfill the terms of a contract.
Tech E&O is also crucial, as it protects against claims that your advice caused financial harm or that your data was flawed.
Even when it's not required, you may want to invest in workers' comp to guard against costly medical bills from a workplace accident. Personal insurance policies like homeowner's insurance usually don't cover work-related incidents, which is a big reason why contractors often buy commercial insurance.
Depending on the specifics of your data analysis business, you may want to consider additional policies, such as: