Data is a hot commodity in the business world. In 2011, the market was
By 2026, estimates predict the market size for big data will be somewhere
around $92.2 billion. Companies now, more than ever, need specialists who
can organize their data, whether they handle IT and data analysis in-house
or outsource to another firm or contractor. After all, data is only useful
if it can be interpreted and put to use in actionable ways.
Database designers have the training and skill set to help organizations
manage their troves of data. It’s a great job for someone with an
analytical mind and a penchant for problem solving. But what if you’re held
responsible for misinterpreted data and face a lawsuit? What if a freak
accident puts your workspace temporarily out of commission? What if a
hacker accesses the data you handle?
Business insurance for database designers
addresses various unpredictable elements of doing business by offering
financial protection against claims of liability, negligence and more. Keep
reading to learn more about why commercial insurance is a must-have in
today’s data landscape.
A data mistake costs your client money
“specialize in managing, creating, and analyzing information collected in
databases,” they tend to be responsible for preparing large amounts of
stored data, plus finding insights, trends, anomalies and more. If a
database designer makes an error anywhere in the process, the information
they provide to clients may be flawed. If a client bases a decision on
faulty or misinterpreted information and experiences a financial loss, they
are likely to sue.
If you carry professional liability insurance,
your policy will cover
legal fees, court costs and damages as a result of “negligence, inaccurate
advice, misrepresentation” and more. If you don’t carry this coverage, you
may face staggering out-of-pocket costs and subsequent reputational damage.
A malicious hack compromises your data stores
While it’s a huge benefit to have centralized data systems nowadays, it
also opens data up to malicious hacks and detrimental breaches. Even secure
cloud-based programs may face cybersecurity threats. Cyber insurance for your database
designing business can provide first-party and third-party protection in
the event of a cybersecurity incident. Since the average cost of a stolen
record in 2017 is
, any database designers who work with private data must make sure they’re
taking cybersecurity precautions and have a backup plan ready against the
A natural disaster interrupts your workflow
Sometimes the natural world is simply at odds with manmade structures. If
your workspace sustains damage from a fire, burst pipe, lightning strike,
theft or other incident, you’ll suddenly be saddled with replacement costs
and the challenge of continuing your projects without your usual setup.
Database designers can protect their facilities, equipment and income by
carrying property insurance with business interruption coverage. You can
find these protections—plus general liability insurance—bundled in a
Business Owners Policy (BOP).
Looking to protect your livelihood with the right business insurance for
database designers? Find the coverage
you need at an affordable rate with CoverHound!