Whether you have a private engineering company or are the owner of a large company with a full staff of highly skilled engineers, you have the same basic job. You have to provide the best possible level of work at all times. While you might like to think that there will never be an error made, the odds are stacked against you. No matter how skilled you or your staff are the risks are high and the costs of even a small mistake can be devastating unless you are covered by engineering insurance.
You Do Not Have Unlimited Financial Resources
If you are like most engineering companies, you do not have access to unlimited financial resources. Should you be sued, whether or not you are found to be at fault, do you have the resources to cover the costs of the legal defense fees, let alone any damages that may end up being assessed against you? Most companies do not. However, if you are carrying the proper engineering insurance policy, this is not something you will have to worry about.
Your engineering insurance policy can be further split into two separate types of coverage and you should carry both to be fully covered. The first is Engineering Professional Liability insurance; this is a form of errors & omissions insurance that will protect you and your company from any mistakes or omissions made in the normal course of your work. You will find that more clients are requiring this when you are a contractor for hire to protect them if you make a mistake and they get sued.
The second form of engineering insurance you should consider carrying is Engineering General Liability insurance. This insurance is intended to cover you against any claims of either bodily injury or property damage that occurs as a result of your work on a project. Many insurers now recommend that you add an umbrella policy that adds more coverage to your general liability insurance in light of the high dollar settlements being awarded in today’s courts.
The Risks are High, Engineering Insurance Helps
No matter how skilled you and your employees may be, the risks associated with this field are high. Assuming that the day will never come that you are sued for making any kind of mistake no matter how big or small can lead to financial ruin. By taking the initiative to protect everyone with a complete engineer’s insurance policy, you and your firm will be able to work with the peace of mind that comes with knowing you are protected.
Finding the right engineering insurance policy for your firm does not have to be a major challenge. Instead of making endless phone calls to a variety of insurance agencies and listening to a litany of quotes and coverages you do not need, there is a better way. At EINSURANCE we do the legwork for you, you simply list what type of coverage you need and let our experts match your needs with those companies who have the coverages you are looking for. We bring you the best possible coverages at prices that will fit into your budget, all from the comfort of your desk.