What Does Professional Liability Insurance For Engineers 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, which you are liable for. 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: Umbrella coverage works to extend your coverage past any existing limits that may exist.
Pen-Ex: A Villanova Insurance Partners Company, Inc. strives to provide the best insurance solutions for the architecture and engineering industry. By having multiple professional relationships with different insurance carriers, we can easily help you and your business by designing you a personalized 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 insurance agents to ensure you have the correct professional engineer insurance to suit your business needs.
Do Professional Engineers Need Engineering Errors and Omissions Insurance?
Before you jump into your engineering projects without proper 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 insurance. 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 Professional Liability Insurance For Engineers Do I Need?
There is no set amount that any one business may need. However, it is best to consider the risks of your 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 insurance only covers you to a certain limit, so paying for higher limit coverage may be in your best interest.
Get the Best Customized Insurance Coverage with Pen-Ex: A Villanova Insurance Partners Company
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.