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.Â
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.Â
| 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.Â
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 perilÂ
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.
