Insurance for market research analysts protects you from possible allegations of negligence and breach of a professional duty. Unfortunately, the basis of your analysis, strategies, and survey reports are dynamic. Business trends, marketing and distribution methods evolve non-stop. As a result, specific issues may come up, leading to costly claims and as well as legal fees to defend allegations.
FD Beck Insurance Brokers in Australia can help find and customise covers suitable for your profession. If there are claims made against you, having an insurance policy in force can help by covering legal defence and indemnity costs.
With peace of mind in regard to the financial burden, you can then devote your time to clients. During these difficult times, insurance makes it easier to protect your business and ultimately your reputation.
Why Market Research Analysts Need Insurance
As a specialist, you need insurance protection to help you with the cost of legally defending an allegation and in the event of a professional breach amount you may be required to pay as compensation. With this protection, you may also reduce the time it takes to defend a legal claim and can use the time saved to continue your job.
Often, because the Professional Indemnity insurer’s legal firms specialise in PI insurance claims, they may be able to resolve the matter quicker that what otherwise could be achieved, allowing you to get on with business.
Types of Insurance for Market Research Analysts
Practitioners and companies can choose from several types of insurance. One is not better than the others as each policy provides unique protection plans. Some practitioners, for instance, choose two or more to cover more bases.
A client who loses money based on your data and report puts you at risk of legal complaint. In this case, a Professional Indemnity (PI) Insurance may cover you from:
– Alleged negligence, breach of a professional duty, or wrongful acts
– indemnity paid to third parties
Generally, PI insurance contains two clauses:
– Defence Costs Clause. This section details your legal defence coverage and other expenses incurred to defend or manage a claim against your business for a professional breach.
– Indemnity Clause. This section includes the provisions of payments to a third party as compensation resulting from a professional breach.
As you visit your customers in their place of business, your acts may potentially cause injury to someone else. Likewise, if an accident happens when your clients visit your office and are injured, you can be held responsible. Public liability insurance covers you from allegations of negligence that result in personal injury.
Public liability insurance can also cover third party property damage you caused in the course of your business, e.g. like breaking a valuable item.
Key Exposures for Market Research Analysts
Despite your best intentions and efforts in providing services, no one or no business is immune from an allegation of a professional breach. Given these points, insurance coverage limits your exposure if a claim is made against you or your business.
These unfortunate events include:
Arrange a Suitable Cover with FD Beck
FD Beck Insurance Brokers in Melbourne VIC can assist you in customising insurance coverage that is arranged according to your needs and level of exposure. Our team of qualified insurance brokers can recommend suitable insurance plans and provide insights on the type of cover you may need.
Explore our online form to get insurance quotes.
1. Do market research analysts need professional indemnity cover?
All professionals, market research practitioners included, need professional indemnity cover. Some professional bodies or regulators in Australia make it mandatory for some professional to secure PI insurance.
2. How much professional indemnity cover do you need?
In Victoria and many other states, the professional indemnity cover offered by insurance companies ranges between $500,000 $5,000,000. The PI policies, however, are flexible. As such, you can have a customised Limit based on your individual requirements. To get more advice about policy limits you can also refer to our blog “How much professional indemnity does a consultant need.”
3. How much does professional indemnity insurance cost?
The cost of professional indemnity cover depends on several factors. Generally, the higher your professional fees, the higher PI pricing because you have higher risk exposure. For example, if you were a National company with hundreds of client, your exposure would be significantly higher than a consultant with a couple of clients. Check out our video on How much does professional indemnity cost?
4. Can you get a customised plan to fit your budget?
FD Beck’s services include helping you source the best insurance policies that fit your budget. We can assist you in deciding after assessing risk exposure and other needs.