Insurance for business analysts
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Insurance for business analysts – why is it important?
Analytics might not carry much obvious everyday risk, but even the simplest of accidents can set the business back. From an expensive indemnity claim to losing your phone or laptop, analyst insurance covers your priorities, with the option to choose the level of protection that suits your contracts.
- professional indemnity insurance for business analysts up to £5 million
- cover for the essentials from the contents of your office to legal expenses
- public liability insurance between £1 million and £5 million
What does analyst insurance cover?
We’ll start with insurance for your professional services – our analyst insurance policies focus on professional indemnity (PI for short), providing between £50,000 and £5 million in cover. Along with professional indemnity and public liability insurance, business analysts often choose to include employers’ liability cover, which is a legal requirement for most employers.
Public liability insurance business analysts
In case your business causes an injury or property damage.
Employers’ liability insurance
In case an employee gets sick or injured while working for you.
Business analyst professional indemnity insurance
In case there’s a claim for negligence, or breaches in your duty of care.
Business and office equipment insurance
In case something happens to equipment like your office hardware.
Portable equipment insurance
In case something happens to your equipment while you’re off-site.
Legal expenses insurance
In case you’re faced with legal costs from running your business.
Personal accident insurance
In case you or anyone you’ve covered has an accident, at work or off duty.
Public liability insurance business analysts
In case your business causes an injury or property damage.
What’s typically covered by public liability insurance?
Claims against your business for:
- injury or damage to someone’s property, caused by you or as a result of your work
- accidental damage or injury caused by your employees, if you have any
For example:
- while visiting a client’s office you leave your laptop cable lying across the room, causing someone to trip and fracture their knee
- during a presentation you spill coffee on a client’s laptop and designer bag, causing permanent damage
Read more about public liability insurance
Employers’ liability insurance
In case an employee gets sick or injured while working for you.
What’s typically covered by employers’ liability insurance?
Claims against your business for:
- an employee suing you because they’re injured or fall ill as a result of working for you (includes temp staff and casual workers)
**Employers’ liability insurance is required by law if you have people working for you. Without it, you could be fined up to £2,500 a day for each employee.**
For example:
- your employee is carrying a box of presentation materials to the next meeting and pulls a muscle in their back
- a contractor you’ve hired traps and fractures their hand in the faulty office door, which you’ve been meaning to fix
Business analyst professional indemnity insurance
In case there’s a claim for negligence, or breaches in your duty of care.
What’s typically covered by professional indemnity insurance?
Claims against your business for professional negligence or a loss-causing breach of contract. This can include:
- advice which turns out to be incorrect
- mistakes in your work that cost others money to fix
For example:
- after following your advice for their new business startup, your client suffers a substantial financial loss and holds you responsible
- you provide data to your client following a review of their business model, but this turns out to be inaccurate and causes a financial loss
Read more about professional indemnity insurance
Business and office equipment insurance
In case something happens to equipment like your office hardware.
What’s typically covered by business and office equipment insurance?
- theft of the operational equipment you use to run your analysis business
- accidental loss of your equipment
- flood, fire, or accidental damage
For example:
- you lock your office up for Christmas and return to find severe flooding has damaged your hardware
- during a break-in, your team laptops and fan system are stolen from your office
Read more about business and office equipment insurance
Portable equipment insurance
In case something happens to your equipment while you’re off-site.
What’s typically covered by tools insurance?
- loss, damage, or theft of your portable equipment such as your laptop, tablet, or phone
For example:
- you leave your laptop under a table in a train station, along with your charging cable and headphones
- someone steals your bag from the overhead baggage, which contains your laptop and your business partner’s tablet
Read more about portable equipment insurance
Legal expenses insurance
In case you’re faced with legal costs from running your business.
What’s typically covered by legal expenses insurance?
- legal costs that you’re responsible for, within your business
- property damage, nuisance, or trespass – specifically, the associated legal claims and compensation payouts
- tax and compliance disputes and investigations you need help with
- access to expert advice – including a tax advice phone line, confidential 24/7 legal phone line, and crisis PR support to help you protect your professional reputation
For example:
- a contractor raises an employment dispute with you, and you need to defend your legal rights
- you need to engage legal representation ahead of an HMRC investigation into your latest tax return
Read more about legal expenses insurance
Personal accident insurance
In case you or anyone you’ve covered has an accident, at work or off duty.
What’s typically covered by personal accident insurance?
- accidental injury or death of anyone you’ve chosen to cover in your policy – whether this happens at work or elsewhere
- lost income, hospital bills, or other medical costs associated with the accident
For example:
- while on holiday you trip down some steps and break your right arm, meaning you can’t drive or work at full capacity for a while
- your employee traps their hand in the car door while commuting to the office – they need several stitches and a week off work
Read more about personal accident insurance
This content has been created for general information purposes. Make sure you have the right level of business insurance by checking your policy documentation for details. Read our full Terms and Conditions
How much does analysts insurance cost?
Find out how much you’ll pay by comparing prices from a range of trusted insurers. You choose what goes into your policy, so you only pay for what you need.
Prices start from £6.56 per month
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How we work out example prices We take the highest price from the bottom 10 per cent of all our customers paying in monthly instalments (based on data from 1 January - 31 August 2021). Most customers pay more than this but some pay less.
Example business analyst insurance quotes, real prices
£17.17 /month
£23.94 /month
A self-employed business analysts working in the local community
- 2-3 years' experience
- Sole trader
- No employees
- Based in Southend-on-Sea
Public liability
£1,000,000
Employers’ liability
Not included
Professional indemnity
£100,000
£101.04 /month
£898.14 /month
A small business analyst firm who work with medium sized companies to help them improve their processes and systems
- 5+ years' experience
- Limited company
- 2 employees
- Based in Sheffield
Public liability
£2,000,000
Employers’ liability
£10,000,000
Professional indemnity
£1,000,000
Contents & business equipment
£10,000
How we work out example quotes These examples are real quotes from our online system (created 05/03/2021). They’re based on a range of factors, like employees and location. Your own quote will be based on what you tell us about your business. Prices may go up or down from day to day, so the prices you’re quoted may differ to the ones you see here.
What kind of excess should I expect?
An excess is an amount you pay towards any claim you make on your insurance. For example, if your excess is £250 and you make a claim worth £1000, your payout will be a maximum of £750.
| Insurance cover | Lowest excess | Highest excess |
|---|---|---|
| Professional indemnity | No excess | £2500 |
| Public liability | £200 | £750 |
| Contents | £100 | £750 |
| Portable equipment | £100 | £500 |
| Employers liability | No excess | No excess |
The figures above are for guidance only and any excess applying to your quote may differ. You’ll get a breakdown of the excesses for each quote when you compare with us.
How it works
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How do I choose insurance?
Making sure you have the right type and level of business insurance can be the difference between getting a claim paid and having to cover the cost of an expensive accident yourself. Read our tips for guidance on what to consider when buying a policy.
Which type of workers do I need insurance for?
Does business analyst insurance cover my work correctly?
Do I need cover for other types of work?
Which public liability cover limit should I choose?
Which type of workers do I need insurance for?
Employers’ liability insurance is a legal requirement if you employ people.
If you have people working for you, including bona fide subcontractors (BFSC), labour-only subcontractors (LOSC), part-timers, or full-time staff, employers’ liability insurance is required by law.
Read on for our simplified guide to the difference between labour-only subcontractors and bona fide subcontractors.
Does business analyst insurance cover my work correctly?
Make sure you're picking the right cover to protect you properly. It's important to know that if you have another trade or job, you'll need additional cover. For example, do you need to consider business consultant insurance or marketing consultant insurance?
Do I need cover for other types of work?
If you provide these services alongside building work, make sure you’re covered:
Other types of insurance
Which public liability cover limit should I choose?
Think about the maximum possible loss your business could face in the event of a claim, and make sure you take legal fees and damages into consideration. You can choose from three levels of coverage – £1 million, £2 million, or up to £5 million.
Talk to an expert
Our team of UK-based insurance experts are here to help, Mon 09.00am - 05.30pm, Tues 09.00am - 05.30pm, Weds 09.00am - 05.30pm, Thurs 09.30am - 05.30pm, Fri 09.00am - 05.30pm, Sat 09.00am - 02.00pm
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How do claims work?
Unlike price comparison websites, we take the hassle out of claims for you. We know how important it is to get your business back on track quickly – and with a minimum of fuss. That’s why you get access to your dedicated claims any time, day or night. Call them on 0333 207 0560 or claim online. They’ll do their best to be fair and supportive. The figure below is rounded across our range of products. Our claims process may vary for different products and operates on a ‘claim by claim’ basis.
£28 million in claims paid out in 2021
Paying 80% of settled claims within 24 hours in 2021
Example claim
Having business analyst insurance through Simply Business has saved professionals thousands of pounds when the unexpected happened.
Greg saved more than £3,900
Greg (not his real name) was commuting by train to a client’s office when his laptop bag was stolen from the luggage rack above his seat.The optional business and office equipment cover in his freelance business analyst insurance policy helped cover the replacement costs.
Insurance payout
£3,910.00
Covering the cost of theft
Greg’s costs
£100
The excess amount stated in Greg’s policy terms
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Insurance for business analysts FAQ
Whether you’re new to buying business insurance or you’ve been trading for a while, here are the answers to some commonly asked questions about analytics insurance, professional indemnity, and other cover features.You can also check out our business insurance FAQs.
Professional indemnity insurance (PI for short) can cover business analysts for common professional risks. You may be providing an advisory service, so incorrect or poor advice, delays, failures in duty of care, or negligence and other risk factors can result in extremely expensive claims, if the claimant can prove you’ve caused them a financial loss.
This depends on your business, your clients, and the contracts you’re taking on. If you're certified by your industry body, then you may need professional indemnity insurance in order to operate. But even if it's not mandatory for your job, professional indemnity cover will still be a priority for most analyst businesses. For example, your client may require you to have £250,000 of professional indemnity insurance in place before taking on their project. We offer between £50,000 and £5 million in PI cover, so it should be a quick job to find the right level for your policy.
Yes. You may start offering additional services that require you to use different skills or carry out different tasks. If you find yourself in this situation, it’s important to give us a call on 0333 043 8527 to update your policy before you take on this new work. If you don’t have the correct type of cover in place for the work you do, you may be unable to claim on your policy if something goes wrong.
You can choose the payment type that suits your business and cash flow best. Some customers prefer to pay in one go, while others prefer to pay a regular monthly amount, like you do with lots of other bills. Simply Business offer three ways to pay for your policy:
- one-off credit or debit card payment
- BACS payment
- Direct Debit
If you choose to pay by Direct Debit, our credit provider, Premium Credit, pays Simply Business the full amount for your policy up front. You then repay Premium Credit in 10 monthly instalments.
If you change your business legal structure from sole trader to limited company mid-way through your policy, give us a call straight away on 0333 043 8527. It’ll only take us a few minutes to cancel your existing policy and replace it with one that correctly covers your new legal structure. It’s worth bearing in mind that your insurer and premium amount may need to change.
This will depend on whether you have employers’ liability insurance in place. Public liability insurance is designed to protect your business against the consequences of legal action brought by members of the public for injuries or damage to their belongings. But when it comes to your employees causing injury or damage, this protection only activates if you also have employers’ liability insurance.
If you employ people, you’re required by law to have employers’ liability insurance.
There’s one exception here. Family businesses that aren’t incorporated as a limited company are not legally required to have employers’ liability insurance. The government defines a “family business” as one where all your employees are closely related to you (as a spouse, civil partner, sibling, child, parent, grandparent, grandchild, step-parent, stepchild or half-sibling). So if you run an unincorporated family business and you choose not to get employers’ liability insurance, it’s important to know that your public liability insurance wouldn’t cover you against damage or injury caused by your team.
We create this content for general information purposes and it should not be taken as advice. Always check policy documentation for details and seek professional advice. Read our full Terms and Conditions
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