Policies For The Business Intelligence Professional And Why They Need Them
Businesses are running full-fledged in Canada right now. Despite the lockdown over COVID, there are tons of investors and individuals getting into business for themselves. In fact, it was likely the virus that inspired them to go into business for themselves. Or, more likely forced them to go into business for themselves, as COVID has limited work hours and even put some people completely out of a job. Regardless, this should be considered a good thing. Not only will it help these individuals and their families, but it’ll help the economy.
Aside from this, business can be tricky and this is why many people turn to business intelligence firms for advice and information. As a business intelligence firm, it will be your job to advise certain businesses in making decisions across a wide variety of topics. Maybe you are consulted on hiring methods. Maybe you are consulted on a pending lawsuit. Or, maybe you are consulted on how to make a business more efficient. Whatever the situation, it will be your job to provide much-needed advice to help this business get ahead. And, this is exactly where one of your major risks as a business intelligence firm lies.
Errors And Omissions Insurance Policies
Going back to the above scenario, this is where errors and omissions insurance will help. Errors and omissions, also known as professional liability insurance will protect you in the above situation. If you provide advice to a customer that just doesn’t pan out, you can be sued. The customer can claim sabotage or negligence. Regardless if the claim is founded or not, you have to look at the situation from a financial standpoint. You have to hire a lawyer, you have to appear in court, you have to depose clients, and you can see where this is going.
The situation could get expensive quickly. This is where E&O insurance helps. It’ll not only pay for any financial losses that your customers face because of oversight on your part, but it’ll pay for any potential lawsuits related to such cases. Not only this, but it’ll protect your employees in the very same situations. Say that an employee makes an oversight that leads to your customer losing thousands of dollars. This policy will pay for those losses. It’ll also pay if the client wants to take the case to court.
If you fail to meet customer’s expectations, provide inaccurate projections, or simply make oversights, this policy will protect you. It’ll cover any of the financial losses as well as the potential lawsuits. And, the lawsuits are the most threatening. Luckily, that’s where this policy steps in and offers protection, but it’s not the only protection that you’ll need.
Cyber Liability Insurance Policies
Today, a lot of Canadian businesses use technology and computers. Maybe your business uses technology to predict financial projections for the future. Maybe you store your customer’s information on your network. Whatever the situation is, any time computers and technology are involved there are potentials for tons of risks. Risks that other individuals can get a hold of the information that you are storing. If this information is manipulated, held over your customer’s head, or used against you, you can be sued.
Cybersecurity is something that should be taken extremely seriously these days. It doesn’t matter how much encryption software you have or how many firewalls you have, there is always the potential for breaches. Breaches, as you already know can lead to lawsuits. Cyber liability insurance policy is a type of insurance that will pay for recovery costs after a data breach or cyberattack at your firm. It’ll also recover you from lawsuits that are related to the breach.
Fidelity Bonds Insurance
Not only are you at risk of potential outsiders breaching and stealing your customer’s information, but you are always at risk of employees stealing your customer’s information. If an employee sees the potential to steal your customer’s information and sell it to a competitor, they’ll always have that option. Not only this, but there is the potential that a client can claim your employee stole information, whether or not they actually did. Regardless, this is all eventually going to lead to financial loss and lawsuits. This is where fidelity bonds insurance plays a pivotal role.
It will protect you in these situations, regardless if your employee is at fault or not. It’ll also cover illegal money transfers. If your client logs into your customer computer and transfers money, this policy will pay for the money that is stolen. Pretty much, any theft that your employees could commit will be covered under this policy. And once again, it’ll cover any related lawsuits with the case.
Business Owners Policy Insurance (BOP)
There is simply no denying that insurance is confusing. This is especially true when it comes to Canadian business insurance. That being said, the business owner’s policy insurance is one of the reasons that business insurance is confusing. And, this is because it actually combines two policies together. This means that in order to understand the BOP policy, you must understand general liability insurance as well as commercial property insurance. Business owner’s policy insurance is a compilation of both general liability insurance and commercial property insurance. So, how do these policies protect you? To start out, general liability insurance protects you from accidental client injuries at your office, accidental damage to customer’s property, as well as libel, defamation, and copyright lawsuits.
Commercial property insurance pretty much protects you against the same situations, with an added benefit of lost or damaged business property.
Workers’ Compensation Insurance
Being that you are located in Canada, workers’ compensation is a policy that you won’t be able to get around. That’s right, Canadian law requires you to own workers’ comp if you have employees. Why? Because it protects your employees in the event that they are injured on the job. However, this is a policy that you wouldn’t want to skimp on even if it wasn’t required by law. And, this is because it also protects you for potential lawsuits. The first thing you need to know about this policy is that it protects when employees are injured on the job.
Given that you are in a low-risk industry for these types of risks you might not think that you’d need a policy like this. Unfortunately, that is not the case. As you just learned, this is one that is required by law, but it only takes a slight wrong move and you could slip a disc. Whatever the situation, this is all going to result in time out of work and medical expenses for your employee. Medical expenses that you’d have to pay without this coverage. This coverage will not only cover the medical expenses, the rehab costs to get the customer back to work, but it’ll also cover the potentially related lawsuit associated with the case.
Sometimes employees might choose to sue when they are injured on the job. Maybe the current workers’ comp policy doesn’t cover as much as they think they are owed, maybe it doesn’t cover them long enough, or maybe it won’t even cover them at all because they were drunk or high on the job. Whatever the reasoning, there are a number of reasons that a customer might choose to sue over a workers’ comp claim. This is where this IT business insurance steps in and offers coverage.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance:
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
How Much Will These Policies Cost?
Now, the pertinent question really becomes how much will these policies cost. Unfortunately, this is where things can get even more confusing. And, this is because different providers charge different rates. For instance, providers like ProfessionalsCoverage might base their rates on the number of employees you have as well as the total revenue that your company brings in. Others might base their rates on the types of clients that you serve. This is why you’ll get different quoted prices with different companies.
Need coverage in effect? Compare the market!
Helpful resources for IT professionals and their companies
- Why do I need IT insurance for my business?
- What types of insurance do I need for my IT business?
- Will I be legally required to get insurance to operate as an IT company?
- How do I get the cheapest rate possible as an IT business?
- As an online business, what liability insurance coverages will I need?
- How do I handle a lawsuit that is frivolous or completely fake?
- Want to cancel insurance for your IT Company? Here are reasons to consider!
- Using a change control board for tracking.
- Acceptable use policy – Every business needs it and here is how to write one!
- Want to start an IT consulting business? Awesome! Here is a small guide!
- How much insurance will I need to operate my tech company?
- I am a sole proprietor, how will business insurance work for my IT business?
- How do I choose the right legal corporate structure for my technology company?
Other types of IT Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of information technology related businesses.
- Telecom Cabling Installers Insurance
- Network Designer Insurance
- Cyber Security Insurance
- Business Intelligence Insurance
- Data Analysis Insurance
- Database Administration Insurance
- Web Hosting Service Insurance
- Network Security Company Insurance
- Mobile App Developers Insurance
- IT Staffing Agency Insurance
- IT Project Management Insurance
- IT Consultants Insurance
- Data Scientist Insurance
- Computer Repair Business Insurance
- Digital Marketing Agency Insurance
- SEO & SEM Consultants Insurance
- Software Developers Insurance
- Technical Writers Insurance
FAQ before purchasing IT professional liability insurance
- How much professional liability insurance do I need as an IT professional?
- How do I get an IT professionals insurance policy?
- What does IT professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an IT professional?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for IT professionals
- How does the claims process work if I get sued because of my IT professional services?
- What is the cost of IT professional liability insurance?
- How do I apply for an IT professional liability insurance policy?
- How do I qualify for coverage as an IT professional?
- What is the purpose of getting insured as an IT professional?
- How long will it take to get an insurance quote for my IT business?