Data is a hot commodity in the business world. In 2011, the market was worth about https://www.statista.com/statistics/254266/global-big-data-market-forecast/" $7.6 billion.
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?
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.
Since http://study.com/articles/Database_Designer_Job_Description_and_Education_Requirements.html database designers “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.
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 https://thejournal.com/articles/2017/07/18/average-cost-per-record-of-us-data-breach-in-ed-245.aspx around $245 , any database designers who work with private data must make sure they’re taking cybersecurity precautions and have a backup plan ready against the financial consequences.'
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!
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