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Business Insurance for Data Scientists
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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.
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6 policies every data scientist should consider
Clients, landlords, or state laws may require insurance for data scientists. Business insurance could prevent financial loss in the event of an injury, property damage, lawsuit, or data breach.
Errors and omissions insurance (E&O)
E&O insurance can pay legal costs if a data scientist is sued over a mistake or oversight in their data. This policy is also called professional liability insurance.
BEST FOR
- 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.
BEST FOR
- Fraud detection and monitoring services
- Client notification after a breach
- Lawsuits from clients affected by a breach
Fidelity bonds
A fidelity bond protects your business if a client accuses one of your employees of theft or fraud. It covers the cost of compensating the client for their loss.
BEST FOR
- Unlawful data access by your employee
- Illegal money transfer by your employee
- Other employee theft or fraud
Business owner’s policy (BOP)
A BOP includes both general liability and commercial property insurance. Data scientists often receive insurance at a discount if they qualify for this bundle.
BEST FOR
- Accidental client injuries
- Accidental damage to client property
- Damaged business property
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.
BEST FOR
- Accidental client injuries at your office
- Accidental damage to client property
- Libel, defamation, and copyright lawsuits
Workers’ compensation
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.
BEST FOR
- Medical bills from work injuries and illnesses
- Partial wages while employees recover
- Lawsuits over work injuries
Looking for different coverage? Check out our other policies.
Insurance costs for tech professionals
Median costs come directly from policies purchased by TechInsurance customers.
General liability: $28 per month
Errors and omissions: $61 per month
View more sample costs.
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Why data scientists choose TechInsurance
Protect against common risks
A lawsuit or data breach can devastate your data science business. Prevent financial losses with policies tailored for your needs.
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