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Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Why do Research and Development Services need insurance?
Businesses in this industry are committed to research and development. Companies are focused on areas including cognitive development, agriculture, cloning, historic and cultural preservation, learning disabilities, forestry genetics, life sciences, mathematics, protein engineering, and nanobiotechnologies.
Research and development services need insurance as this protects the business from the many known and unknown risks. When a covered risk occurs, the insurance will pay for the covered costs like defense costs, court costs, medical expenses, property damage repair or replacement, and other expenses.
What risks do Research and Development Services face?
Below are some common risks research and development services can face:
Your business' servers have been hacked and all your research data has been stolen. This poses all your clients' data at risk, consequently clients sue your business for the damages.
A client claims that the research you've done for them has caused them to lose more money than they've earned. Your client sues your business for failing to meet the targeted outcome.
Your employee overworks too much and ends up getting sick. As their employer, your business is responsible for the medical payments of your employee.
How much does insurance for Research and Development Services cost?
There is no fixed cost of insurance for research and development services as the cost depends on several factors. The most common factors that affect the price is the size of your business, the number of employees you have, and the coverage required. If you want to find out the cost of your insurance, simply apply online and get your free quote delivered to your inbox in minutes.