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As a business analyst you’re a pro at working closely with other companies, and using your expertise to make things run more smoothly. But interacting with others - especially when you’re giving advice - can leave you open to compensation claims.
Insurance for business analysts from Simply Business can protect you from these compensation claims, plus cover things like your business premises and equipment from damage.
In terms of cover types, professional indemnity insurance is usually top of the list for business analysts, as it’ll protect you if a client sues you for negligence or making a mistake in your work. Public liability insurance is for injury or damage claims made against your business, while you can also choose from a whole range of other covers to create a comprehensive insurance policy.
Here’s a summary of some covers that tend to be useful for business analysts, although bear in mind that each business is different, and you should consider your individual business needs when buying your insurance.
Professional indemnity insurance is the core cover for most business analysts. It’s designed for businesses that give advice or offer a professional service, as it can pay compensation payments and legal fees if someone sues you for making a mistake in your work.
For example, you accidentally copy the wrong person into an email containing sensitive client data, breaching confidentiality. The client suffers a financial loss as a result of the mistake, and they sue you. Your professional indemnity insurance could cover the compensation amount and legal fees, up to the limit of your policy.
Public liability insurance is an important cover for most businesses, as it can cover legal fees and compensation costs if you’re sued for injury or damage. Imagine you’re visiting a client and you spill coffee on their computer equipment, causing expensive damage. Your public liability insurance could step in to cover the costs.
In terms of other insurance, employers’ liability insurance is a legal requirement for most businesses that employ staff, while business buildings insurance and business contents insurance can help get your business going again if your premises is damaged by something like fire, flood or burglary. You can also add business equipment insurance to protect the kit that’s essential to your work.
Need more details? Hear more about your business cover options from our expert team in a quick set of videos. Just choose the cover you’re interested in and get some expert insight into how each option can help your business. You can also check out our business insurance FAQs.
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