Business Insurance Coverage For The Canadian Database Administrator
Database administrators or DBAs are entirely responsible for certain company’s database software programs. These individuals are in place to ensure that the data analyst can easily and quickly find the information that they need within a company’s database. Simply put, they are an integral part of helping to determine certain decisions that should be made within a company. Not only this, but they are obviously responsible for recording pertinent data within a company’s database. This might not sound too terribly interesting or exciting to some, but you’d be surprised to learn just how pertinent these individuals are in specific business industries.
This is why more and more people are going into the field. While it is a lucrative and rewarding field, one also does need to be aware of the fact that it is not one without specific risks. Risks that could eventually lead to the ultimate downfall of your business if you are not careful. That being said, being careful means investing comprehensive IT business insurance policies while also making sure that you have the proper amount of coverage in place. What are the right insurance policies?
Why Database Administrators Need Proper Coverage
Before you start learning about all the different policies and how they can protect your business it is probably best to discuss why you need coverage in the first place. When it comes right down to it, the reason you need business insurance policies in place is to protect against financial ruin. Financial ruin that might spill over into your family’s financial future. How and why you might be asking? Well, going back to the information above, you already know that data administrators are responsible for tracking information in a database. Just imagine if one calculation in that database got off. It would cause the entire ledger to be wrong.
What if your wrong numbers caused a data analyst of one of your clients to end up losing thousands in profit or making a decision that leads to losses. What if you have a client over at your place of business for a consultation and their vehicle gets damaged while sitting in your parking lot? What if you have a mailman deliver man and he slips and falls on ice outside your place of business? These are a lot of what if’s, but they are all potentials.
Potentials that could eventually lead to lawsuits. Lawsuits, as minor as they might seem can end up costing you and your business thousands in lost revenue. Even if you are not found guilty, you’ll still spend thousands of dollars protecting yourself in the Canadian courts. Thousands of dollars that might ruin your business and the financial future of your family. All of this can be avoided with the right insurance policies in place. And, these are just a few of the instances where you are at risk
Get The Right Policies In Place Quick!
You can already see just how important the right insurance policies can be when it comes to lawsuits. The right insurance policies will protect you from having to pay out those unexpected court fees. Every single time your lawyer goes to court for you, deposes a client, provides advice, or does research, it’ll cost you. This is where the right policies come into play. They will cover these costs. Not only will they cover these costs, but they’ll also cover the financial and medical costs that the injured parties will face.
This alone might be enough to keep the case from going to court in the first place. That aside, each database administration business is unique and will be exposed to different risks. The key is to understand those risks. And, one of the best ways to do just that is by working with the risk insurance providers. Insurance providers like ProfessionalsCoverage are familiar with your industry and the real threats that you face every day. Work with these Canadian insurance specialists and they can help you devise an insurance package that’ll protect you from all unforeseen and foreseen situations.
Errors And Omissions Insurance Protection
Now, going back to oversights and negligence. It doesn’t matter how long you’ve been in business, how good you are at your job, or how many precautions you take, there are times when you are going to make mistakes. As you already know a mistake in a database could be like making a mistake in an accounting ledger. It’ll throw the entire thing off, which will cause tons of problems. Whether you are to blame or not, you’ll end up costing your client money. Money that might end up in a lawsuit. This is exactly where errors and omissions insurance policies come into play, as they protect against lost data or database downtime, accusations of professional negligence, as well as errors and oversights that you do make within a database.
Cyber Liability Insurance Protection
As a data administrator, you’ll be doing a lot of your work on a computer. A computer that will likely be connected to the Internet. There is nothing wrong with this, as it is pretty much the norm these days for storing data. However, it does pose specific risks. There is always the risk that someone could gain access to the computer, thus gaining access to your customer’s information. Maybe they use such information to blackmail the company. Maybe they use the information for personal gain. Whatever the situation, this cyber breach would be considered your fault and end up costing your client financially.
Which in turn, might end up costing your business financially. This is where cyber liability insurance is pertinent. It’ll not only pay for the financial losses your customer stands to lose, but it’ll cover a lawsuit if there is one involved.
Fidelity Bonds Protection
Fidelity bonds are similar to that of cyber liability insurance. The only difference is that they safeguard your company against employee attacks. If one of your employees gets into your databases and steals your customer’s information or sells it to the highest bidder, this policy will offer the protection needed. Once again, it’ll not only cover the financial losses that your clients face, but it’ll cover any lawsuits or court-related costs that are involved with the incident.
Business Owner’s Policy Protection
Business owner’s policy protection is always a neat one because it is bundled. A bundle of general liability insurance as well as commercial property insurance. And, if you remember from the first subtitle, there is that risk of slip and falls or damaged customer property in or on your place of business. You could have a mailman dropping off a pertinent package when he slips and falls on ice outside your store.
Maybe you have a customer over for a consultation and someone runs their vehicle in your parking lot and runs off. Maybe a street light falls on their vehicle. Whatever the situation, they are going to look to you for repairs because this happened on your property. BOP insurance will cover these repairs as well as the court-related costs in the event that the case goes to court. This is a pertinent policy for any business administrator that is going to have his or her own physical brick and mortar store.
Workers’ Compensation Insurance Protection
Going back to employees. Employees are pertinent to any business that wants to get the most out of their business. Employees not only allow you to get your work done more effectively and efficiently, but they’ll allow you to take on more work, thus earning more cash to the point where you can expand and grow. Isn’t this the hope of every businessman? Of course, it is, but employees always come attached with additional risks. You already learned how to protect yourself against the potential that they might steal information or harm a customer, but what about the potential of the employee getting hurt on the job?
That’s right, employees can get injured to the point of becoming disabled even in the data admin field. This is where workers’ comp provides the protection and relief needed. This specific policy will cover your employee’s medical expenses in these very situations as well as their rehab costs to get them back to work. Heck, certain policies with providers like ProfessionalsCoverage will even cover lost wages and part or all of the settlement if the employee sues and is granted the win.
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
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?