Our Professional Engineer Insurance Policies Cover:
- Business Property: This can include any furniture, office supplies, machinery, or other equipment that is used by your engineering business to work. This coverage ensures that any unforeseen costs are covered in relation to these items.
- General Liability: General liability coverage functions to deal with issues like property damage or medical costs that are 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 for 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.
Peninsula Excess Insurance Brokers, Inc Brokers, Inc. was created 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 PenEx’s skilled independent insurance agents to make sure you have the correct professional engineer insurance to suit your business’ needs.
Do Professional Engineers Need Insurance?
There are some things to consider before you jump into your engineering projects without proper insurance coverage. As we are all aware, engineers are humans too and prone to the same mistakes as any other person. For engineers, however, 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 situations 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, but the costs of fighting potential legal issues are much more expensive and likely to sink your entire business.
How Much Engineering Errors and Omissions Insurance Do I Need?
There is really 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 to not 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.
What are the Differences among the Major Types of Insurers in the United States?
The insurance industry is typified by insurers with a number of different organizational forms. Stock insurers are corporations owned by the shareholders of the firm. The shareholders hire managers to run the company and the insurance product is sold to customers who may or may not be shareholders in the firm. Mutual insurers are companies which are owned by their customers. Any policy owner of the company also owns a portion of the company. Reciprocal insurers or reciprocal exchanges are insurance companies where the policy owners of the exchange agree to insure one another. They are very similar to mutual companies.
Lloyd’s associations are insurance companies where the manager who makes the decisions for the firm also has his/her own personal wealth at stake in the firm. Blue Cross/Blue Shield insurers are typically nonprofit (some may now be for profit), community oriented health insurance providers. Blue Cross/Blue Shield companies typically offer traditional indemnity health insurance.
HMO’s, or Health Maintenance Organizations, are companies which provide comprehensive health care coverage to their customers. HMOs, in their simplest form, provide prepaid health care coverage. Once you pay your premium you can use the services of the HMO at little or no further cost to you.
Get the Best Customized Insurance Coverage with PenEx
Contact our skilled agents at PenEx today for a free quote on professional engineer insurance and to discover what will best work for you and your business.