The industrial robots you installed in a food manufacturing facility might malfunction and cause financial losses. A person visiting your workshop or office might slip and sustain injuries. Your assistants might even get careless and electrocute themselves while testing a robot.
Consider purchasing insurance as a robotics engineer. Robotics insurance consists of policies that guard against liability claims, property damage, workplace injuries, and other risks. Read to know the inclusions, the cost of premiums, and the best companies.
CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
Waiver of subrogation included? | Yes | No | Included | Can be included | No |
Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
Deductible | $0 | $0 | $0 | $0 | $0 |
General liability policy is an inclusion in robotics insurance that protects your business from third-party liability claims focused on injuries and property damage. Some examples of coverage include:
Your robotics service harms a customer, and they sue for medical costs
A client falls while visiting your robotics lab and damages their spinal column
Participant accident–Covers clients and participants in robotic demonstrations if they get accidentally injured or experience an unexpected death
Excess liability–Adds additional protection so you can get coverage beyond your policy's typical coverage limits
Your general liability policy often has a coverage limit of $1 million per occurrence and $2 million in aggregate.
Yes, many general liability policies can help you with a claim of reputational harm. For example, your robotics business might say a defamatory statement in an interview that hurts someone’s reputation.
CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
Professional liability insurance protects your business from breach of confidentiality, breach of contract, inaccurate advice, and negligence claims. You purchase this as an occurrence or claims policy. Professional liability insurance covers defense costs, settlements, and judgments.
Extended reporting–You can file claims after your policy expires
Prior acts–This lets you file claims for incidents before your current professional liability policy took effect
A typical professional liability insurance coverage limit is $1 million per occurrence and $1 million in aggregate.
Yes, even if you are subjected to a frivolous lawsuit, you will still want professional liability insurance. This is because lawyer and court fees can easily add up and result in significant financial losses.
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CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|---|
Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
Business interruption floater | Excluded | Included | Included | Included | Excluded |
Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
Commercial property insurance protects your business building and property from physically damaging events. Some coverage examples include:
Your robotics workshop catches fire due to an electrical issue
Someone steals some of your property from your building
Flood insurance–Protects your business property in the event of rising flood waters. Many standard commercial property policies will exclude flood coverage
Business interruption–Helps protect business income, relocation costs, and loan payments if your business operations are interrupted by a covered peril
Your commercial property insurance will provide about $50,000 in coverage for your building and $50,000 for your business property.
Yes, robotic engineers must often insure their tools, materials, supplies, and buildings from catastrophic damage. Robotics engineers will need space to design prototypes, maintain software, and build and test machines. You will want this protection to mitigate the risks of replacing valuable equipment you need for your business.
CoverWallet | Thimble (Best) | NEXT | Hiscox | The Hartford | |
---|---|---|---|---|---|
General liability aggregate limit | $2,000,000 | $2,000,000 | $2,000,000 | $300,000 | $1,000,000/$2,000,000 |
Commercial property coverage limit | $50,000 | $500,000 | $260,000 | $25,000 | $75,000 |
Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner’s policy coombines for general liability and commercial property insurance. You can also add additional coverages to your business owner’s policy. Examples of situations to get coverage will include:
A customer injures themselves and your property while on the premises of your business building
Someone breaks the windows of your office and causes other damage to your commercial building
Cyber liability–Covers damage to your robotics business when it becomes the target of a cyber-attack, data breach, or internet threat
Commercial crime–Protects your business from the results of employee theft or fraud that damages your business
Your BOP has around $1 million in general liability protection and $20,000 or more in commercial property coverage.
NEXT | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|
Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
Deductible | $500 | $500 | $0 | $0 |
You will use tools and equipment insurance to protect the various equipment from damage even while using them away from your commercial building. Example coverage includes:
While traveling to a robotics demonstration, one of your vital equipment pieces gets stolen
A fire or lightning cause irreparable damage to a tool you utilize in your work
Equipment breakdown coverage–Insures your tools and equipment against internal forces of damage like mechanical breakdowns and incidents caused by power surges
Installation floater–Covers materials and commercial equipment when transported or installed at one of your job sites
Tools and equipment insurance will offer $5,000 and $20,000 of coverage for each item.
Your tools and equipment are covered while at your business property or office and when it is used away from these premises within your policies coverage territory. Equipment is often covered in instances of breakage, damage, theft, fire, and more.
Commercial auto insurance is a policy that applies liability and physical damage coverage for your business vehicles. Some times to utilize this insurance includes situations like:
While driving to a robotic demonstration, your business vehicle collides with another vehicle on the road
Some break your business vehicle’s windows in an act of vandalism
Commercial auto insurance is comprised of many components, but the most common ones are outlined below.
Auto liability–Protects you against liability claims related to your business vehicle
Collision–Covers the cost to repair your vehicle when it gets damaged in road collision incidents
Comprehensive–Comprehensive coverage covers virtually all other physical damage to your vehicle, like vandalism, theft, and fire damage
Uninsured/underinsured motorist–Helps compensate for the coverage gap left by another driver's insufficient insurance to cover your medical expenses or repair your vehicle
Rental reimbursement–Pays you for using rental cars or public transportation while your vehicle is being repaired or replaced
Liability coverage of commercial auto policies will be around $100,000 to start with, but getting at least $500,000 to $1 million in total coverage is recommended to be safe.
Yes, often, your commercial auto insurance will be tax-deductible. This allows you to reduce the money you pay on your taxes when using vehicles for business use. You may also deduct other related items from business expenses like depreciation, gas, renting, tires, registration fees, and lease payments.
Workers’ compensation is an insurance policy that protects injured or sick employees. It mainly covers wages and medical costs. Employees who are injured or get sick from their work duties will receive coverage. Examples of situations include:
An exhausted worker makes a mistake on a project that causes them to injure their hand
One of your employees falls and hurts their back. This injury requires surgery and causes them to miss work
Suppose your stress levels affect your ability to carry out your regular duties. In that case, this can be included under workers comp coverage. Mental causes of disability can be harder to prove. You need a review by the insurer, which can reject your claim if it is insufficient.
Several factors influence workers comp premiums. Insurers calculate the cost of workers comp by examining the risk of the industry and the work your workers do. A National Council on Compensation Insurance code determines this. They then apply a modifier based on your previous claims history. After that, they apply another modifier based on your payroll costs to get a final result of a premium.
Cost per Month | Cost per Year | Deductible | |
---|---|---|---|
General liability insurance | $30 | $360 | $0-$500 |
Professional liability insurance | $40 | $480 | $500-$1,000 |
Commercial property insurance | $50 | $600 | $1,000-$2,000 |
Business owner's policy | $80 | $960 | $1,500 |
Tools and equipment insurance | $33 | $396 | $500-$1,000 |
Commercial auto insurance | $44 | $528 | $500-$1,000 |
Workers compensation insurance | $473 | $5,676 | $2,500-$5,000 |
The average robotics insurance cost is $30 per month or $360 per year for a $1 million general liability coverage. Factors that affect premiums are claims history, business history, policy limits, deductibles, number of employees, location, and annual revenues. Here’s a table showing the cost of a $1 million general liability policy from the best robotics insurance companies:
Cost per Month | Cost per Year | Best for | |
---|---|---|---|
NEXT | $16 | $192 | Best overall; Fastest general liability insurance for robotics engineers |
The Hartford | $18 | $216 | Workers compensation insurance for robotics engineers |
CoverWallet | $20 | $240 | Comparing robotics insurance quotes online |
Tivly | $23 | $276 | Comparing robotics engineer insurance quotes over the phone |
Thimble | $25 | $300 | On-demand coverage for robotics engineers |
Hiscox | $28 | $336 | Worldwide coverage for robotics engineers |
Get all the best quotes from leading providers in a click of a button!
Here are the best robotics insurance companies to consider working with. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for robotics engineers
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is an insurer founded in 2016. This company is an A- AM Best-rated insurer offering tailored policies for your robotics business insurance. The company offers general liability insurance, professional liability insurance, workers' compensation, and other critical policies. Next is accredited by the Better Business Bureau with a score of B+ rating.
Best for: Best overall; Fastest general liability insurance for robotics engineers
Average cost: $16 per month
Our rating: 10/10
Additional benefits for AARP members
Has been in the insurance business for over 200 years
The Hartford helps you cut business costs through intelligent policies
Some policies aren’t covered in all states
The Hartford is a long-standing insurer with a reputation that has stood the test of time. This company has over 200 years of experience in the insurance industry and made more than $11 billion in direct premiums in 2022. The Hartford scored an A- for long-term financial security with AM Best.
Best for: Workers compensation insurance for robotics engineers
Average cost: $18 per month
Our rating: 10/10
Digital platform with multiple insurers
Speedy process for getting coverage
Excellent variety of insurance policy options
Easy online policy management
Not an insurance company but an insurance broker
CoverWallet offers insurance protection from over ten top-rated partners like Hiscox, Progressive, Travelers, and Chubb. The options CoverWallet offers include business interruption insurance, general liability, commercial property, crime insurance, and workers' compensation.
Best for: Comparing robotics insurance quotes online
Average cost: $20 per month
Our rating: 10/10
Customize the policies to get the coverage you need
Saves you time by matching you with the ideal robotics insurance policies and insurers
A partner of many reputable insurance companies
You need to talk to a representative to get a quote
Tivly is a digital insurance platform that provides insurance solutions with policies like workers comp, commercial auto, general liability, and more. This company uses flexible targeting to help you get policies with the necessary coverage. Tivly is a fast-growing insurer that has 20 years of underwriting experience. Call now to compare quotes over the phone.
Best for: Comparing robotics engineer insurance quotes over the phone
Average cost: $23 per month
Our rating: 10/10
A simple platform that is easy to use
Scalable policies allow you to upgrade when your business expands
Allows you to set short-term policies
You can’t reach customer service by calling
Thimble is your go-to insurer for getting a policy as quickly as possible. Their purchasing process is quick, offering options like business equipment, general liability, cyber insurance, business owner’s policy, and commercial property insurance. Thimble is a highly-rated insurer with an A+ score from the Better Business Bureau. Customers highly recommend their policies because of the flexibility Thimble offers.
Best for: On-demand coverage for robotics engineers
Average cost: $25 per month
Our rating: 10/10
Easy policy customization
Generous 14-day refund policy
Flexible payment options for small businesses
Some policies are sourced from partners
Hiscox offers coverage for insurance policies in 49 different states. You can call to speak to an agent who will help develop an insurance plan for your personal situation. Their workers' compensation policy is comprehensive and tailored to fit the needs of your employees and the industry you are in. AM Best gave Hiscox an A rating.
Best for: Worldwide coverage for robotics engineers
Average cost: $28 per month
Our rating: 10/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!