How Much Is Business Insurance
for Business Intelligence & Data Mining Companies?

As a data mining professional, you know it's important to review the data carefully before delivering a cost estimate — that's why we've looked over the prices of thousands of data mining insurance policies. We crunched the numbers prepared these insurance cost estimates for your review.

The numbers below are only median estimates, but they should give you a general idea of what data mining business insurance costs. Remember: depending on the size of your data mining / BI firm and your liabilities, the rates you pay could be significantly different.

HOW MUCH IS
General Liability Insurance?

How Much Does General Liability Insurance Cost?

General Liability Insurance is one of the most common small business insurance policies because it protects against a wide variety of lawsuits that can happen to any professional. It covers third-party (nonemployee) injuries, property damage, and copyright infringement lawsuits. So if a deliveryman tumbles down your stairs and dislocates his shoulder, General Liability Insurance can pay for the cost of the resulting lawsuit.

This liability policy pays for lawyers' fees, settlement costs, damages, and other expense related to a general liability case. Many policies also cover the immediate medical costs of someone injured on your premises.

General Liability Insurance for the typical data mining company costs between $425 and $429 a year.

Median Premiums, Limits and Deductibles on General Liability Insurance Policies for Business Intelligence & Data Mining Companies
Name USD

Median policy premium:

$425 - $429

Median policy limit:

$2 million

Median policy deductible:

none

Coverage note: Landlords often require you to have GL Insurance. Before you sign a lease, you might need to show a Certificate of Liability Insurance, which proves you're covered. Once you have coverage, insurance certificates are easy to get. If you're unfamiliar with them, visit our page on Certificates of Liability Insurance for IT companies.

To see how the cost of General Liability Insurance for business intelligence and data mining firms compares with other industries, visit Insureon's General Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
a Business Owner's Policy?

How Much Does a Business Owner's Policy Cost?

With its discounted price, a Business Owner's Policy makes sense for many data mining small businesses. This policy bundles General Liability Insurance (see above) with Property Insurance in one package with reduced premiums.

Property Insurance insures the property your business owns: computers, office furnishings, equipment, commercial buildings, and more.

The typical business intelligence / data mining company can expect to pay $500 to $623 in annual BOP premiums.

Median Premiums, Limits and Deductibles on Business Owner's Policies for Business Intelligence & Data Mining Companies
Name USD

Median policy premium:

$500 - $623

Median policy limit:

$2 million

Median policy deductible:

$250

HOW MUCH IS
Commercial Auto Insurance?

How Much Does Commercial Auto Insurance Cost?

Auto accidents, vehicular damage, and auto lawsuits can all be covered under a Commercial Auto Insurance policy. Data mining businesses that frequently travel to visit clients or move between office locations can invest in this policy to cover their driving risks.

Typically, Commercial Auto coverage ranges from $1,562 to $2,317 in yearly premiums for data mining businesses.

Median Premiums, Limits and Deductibles on Commercial Auto Insurance Policies for Business Intelligence & Data Mining Companies
Name USD

Median policy premium:

$1,562 - $2,317

Median policy limit:

Varies

Median policy deductible:

None (liability only)

HOW MUCH IS
Errors & Omissions Insurance?

How Much Does Errors and Omissions Insurance Cost?

For business intelligence and data mining companies, Errors and Omissions Insurance is a necessity. Your clients often require you to have this coverage. Why is that? A little mistake can ruin big data, so clients want to know that your work is insured.

E&O coverage covers the cost of a client lawsuit. If you make a mistake or a client is unsatisfied with your work, E&O pays for your legal expenses and the damages you owe. E&O Insurance also has third-party cyber liability coverage, which pays for lawsuits when a client sues you over a data breach on their own networks.

Data mining companies can expect to pay between $700 and $1,546 in annual premiums.

Median Premiums, Limits and Deductibles on Errors and Omissions Insurance Policies for Business Intelligence & Data Mining Companies
Name USD

Median policy premium:

$700 - $1,546

Median policy limit:

$1 million

Median policy deductible:

$2,500

To see how the cost of Errors and Omissions Insurance for business intelligence and data mining firms compares with other industries, visit Insureon's Professional Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
a Fidelity Bond?

How Much Do Fidelity Bonds Cost?

A Fidelity Bond is an insurance policy that protects your business if one of your employees is dishonest and commits theft or fraud. If you work with financial services clients, they often require you to have a Fidelity Bond. These bonds are standard practice in certain industries.

To insure a contract with a Fidelity Bond, data mining / BI firms typically pay $690 to $1,681.

Median Premiums, Limits and Deductibles on Fidelity Bonds for Business Intelligence & Data Mining Companies
Name USD

Median policy premium:

$690 - $1,681

Median policy limit:

Varies

Median policy deductible:

$10,000

HOW MUCH IS
Workers' Compensation Insurance?

How Much Does Workers' Compensation Insurance Cost?

Business intelligence firms have to follow their state laws, which usually means they have to cover employees with Workers' Compensation Insurance (also called Workman's Comp or Workers' Comp). This policy pays an employee's medical costs and partial lost wages if they're injured during work or develop an illness due to work.

Workers' Comp also protects you as an employer. Policies with Employer's Liability Insurance pay for Workers' Comp lawsuits.

A Workers' Comp policy typically costs between $374 and $754 for business intelligence and data mining firms.

Median Premiums, Limits and Deductibles on Fidelity Bonds for Business Intelligence & Data Mining Companies
Name USD

Median policy premium:

$374 - $754

Median policy limit:

$1 million

Median policy deductible:

None

If you are unsure about your legal requirements, see our state guide to Worker's Comp laws New browser window icon..

To see how the cost of Workers' Compensation Insurance for business intelligence and data mining firms compares with other industries, visit Insureon's Workers' Compensation Insurance Cost Analysis New browser window icon..

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Free Insurance Quotes for Data Mining & Business Intelligence Companies

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