Big data has been called the "hottest" IT sector by Forbes magazine and is slated to grow to a $50 billion industry over the next few years. A report by the global management consulting firm McKinsey & Company predicts the US could face a major shortage of contract business intelligence analysts by 2018 because of this growing demand.
There should be no shortage of business intelligence contract jobs, but that growth also means more risk for analysts.
One work mistake could result in an expensive lawsuit. And the costs don't end there. You'll spend hours working with lawyers to prepare for even a small case, which is time you can't spend working (and earning).
The good news? Business intelligence insurance can cover many of the lawsuits your company might face. It can help resolve disputes quickly so you can get back to work faster.
Common Risks Contract Business Intelligence Analysts Face
Before you decide what type of business intelligence analyst insurance is right for you, consider the situations that can lead to a lawsuit or loss for your business. Some of the professional risks you might face while working in big data include…
- Professional mistakes. Clients place a lot of trust in you. If your work is late or your advice causes clients to make a bad business decision, it could lead to more than a lost client. You might also get sued. Errors & Omissions Insurance can help pay for your legal expenses if a client claims you made a mistake or didn't hold up your end of the bargain.
- Data breaches. Clients trust you with sensitive, proprietary information on a daily basis. If your computer systems experience a data breach, you could be on the hook for some serious cleanup expenses. Cyber Liability Insurance can help. You can lower your risk even more by educating your clients on best practices to protect their data. Send them to our Small Business Guide to Identity Theft Prevention and Data Security to help them get up to speed.
- Third-party injuries or property damage. Accidents happen in every business. You might damage a client's computer or a client could trip over a cord in your office and get hurt. That's why most businesses buy General Liability Insurance or a Business Owner's Policy to protect their company, just in case.
- Injured employees. If you have employees, your state may require you to purchase Workers' Compensation Insurance. In most states, Workers' Comp policies also typically include Employer's Liability Insurance, which can cover your legal expenses if a work-injured employee sues you.
- Employment disputes. If a current or former employee sues you over discrimination or improper termination, Employment Practices Liability Insurance can help cover legal costs.
- Financial theft. If you work with a client in finance or banking, they may require you to purchase Fidelity Bond Insurance. It can protect their business in case you or one of your employees steals from them.
Risk Management Resources for Contract Business Intelligence Analysts
Business intelligence analyst insurance is one tool in your risk management toolkit, but it shouldn't be the only one. Check out some free resources to help you manage your business risks.
Browse our website for articles about reducing independent contractor risk, preventing data breaches, and improving client relations. Or visit our resources page for even more tips.