Protect Your Firm with Our Liability Insurance For Engineering
Pen-Ex: A Villanova Insurance Partners Company, Inc. strives to provide the best professional insurance for engineers. By having multiple professional relationships with different insurance carriers, we can easily help you and your business by designing a personalized professional engineer insurance plan that meets all the different needs that you may have.
As an engineering business, you and your firm may be responsible for any number of potential pitfalls that could arise from the work you are contracted to do for a client. Be prepared for any eventuality by calling Pen-Ex: A Villanova Insurance Partners Company’s skilled independent engineering business insurance agents to ensure you have the correct professional engineer liability insurance to suit your business needs.
Do Professional Engineers Need Insurance?
Although professional engineers do not typically have to obtain liability insurance by law, it is still a good practice for an engineer to have insurance coverage available. Liability insurance protects the engineer from claims based upon the actions or inactions of the engineer regarding their professional service. Many clients, contractors, and property owners will require evidence of the engineer’s liability coverage before allowing the engineer to begin any work on the project. Liability insurance allows for financial protection against lengthy and expensive legal defense costs, settlement amounts, and awards if found liable, allowing engineers to protect their business, reputation, and long-term financial stability.
What Does Professional Engineer Insurance Cover?
Business Property
This can include any furniture, office supplies, machinery, or other equipment used by your engineering business to work. This coverage aims to cover any unforeseen costs concerning these items.
General Liability
General liability coverage deals with issues like property damage or medical costs incurred while working at a client site.
3rd-Party Crime
There are some occasions where a worker or employee commits a crime or offense on the property of a client, for which you are liable. Third-party crime coverage covers any costs incurred by such events.
Business Auto
Assuming you have work vehicles, this can be an essential addition to your professional engineer insurance policy.
Worker’s Compensation
Injuries sustained by your employees on the job can cost you big, especially if you do not have adequate insurance coverage. Worker’s Compensation coverage protects you and your business from financial strain in those situations.
Umbrella Insurance For Engineer
Umbrella coverage works to extend your coverage past any existing limits that may exist.
Do You Need Engineering Errors And Omissions Insurance?
Before you jump into your engineering projects without proper professional engineering insurance coverage, you must consider some things. As we are all aware, engineers are humans too and prone to the same mistakes as any other person. However, for engineers, these mistakes can be costly, as a small slip-up in the planning stage of a project can lead to disastrous consequences later down the road.
Unless you are extremely wealthy and have significant savings set aside for emergencies or potential legal issues, you probably need engineering errors and omissions insurance. Engineering E&O Insurance can be affordable and will protect you in every circumstance. It can be a scary prospect to consider paying for extended liability coverage for your business. Still, the costs of fighting potential legal issues are much more expensive and likely to sink your entire business.
How Much Does Professional Liability Insurance Cost For An Engineer?
There is no set amount that any one business may need. However, it is best to consider the risks of your engineering business and how likely it is that a third-party will bring a lawsuit against you because of your professional performance.
Since engineering errors and omissions insurance (E&O) covers you from potential lawsuits, it includes all the costs of attorney fees, court fees, settlement costs, and any other costs incurred during the legal process.
Therefore, it is best not to skimp out on coverage if you can afford it, as it will serve your legal defense better to have higher coverage. It is important to note that this engineering E&O insurance only covers you to a certain limit, so paying for higher limit coverage may be in your best interest.
FAQs For Professional Engineer Liability Insurance
Professional liability insurance for engineers responds when a client or third party alleges that an engineer’s professional services caused financial loss or damage. Coverage typically includes legal defense costs and may apply even if a claim is unfounded.
While professional engineer insurance is not always legally required, many clients, contracts, and licensing boards require proof of coverage. Carrying insurance also demonstrates professionalism and risk awareness.
Yes, professional liability insurance for engineers typically covers attorney fees, court costs, and related legal expenses, even if the claim does not result in a settlement or judgment.
Get the Best Customized Professional Engineer Insurance Coverage with Pen-Ex
Contact our skilled agents at PenEx: A Villanova Insurance Partners Company today for a free quote on professional engineer insurance and to discover what will best work for you and your business.