Professional Liability insurance covers your business against lawsuits over work mistakes, negligence, and other related claims which can lead to financial or reputation damage to your clients. The insurance covers the cost of defense and court costs including litigation and judgment awarded by courts.
General Liability insurance provides protection for your business against general claims such as third-party bodily injuries, personal injuries, libel, slander, and advertising mistakes. The insurance will pay for the defense and court costs including out-of-court settlements.
Cyber Liability insurance covers the costs that are associated with a liability or claim due to a data breach that exposes your business' and customers' information. The insurance will cover the costs of notifying the customers, monitoring costs, and the attorney and court fees when a client sues your business.
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.
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.
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.
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