Umbrella Policy adds an extra layer of protection to professionals if a serious event or cumulative claims exhaust your current policy limits. It also covers you for events that would otherwise be excluded from your other policies.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.
Why do Drafting Services need insurance?
This industry is made of workers that draw layouts, illustrations, and plans of buildings, structures, or components from architectural and engineering specifications.
What risks do Drafting Services face?
The most common risk that a drafting service faces is a final draft not meeting the client’s specifications. This usually ends up that the client sues your company for the mistakes on the final draft. Additionally, any services promised to your clients are your responsibility. If a draftsman fails to deliver that promise, you are at risk of a liability lawsuit.
Other risks include:
These are just some of many risks, so it’s best to secure insurance before starting your work.
How much does Drafting Service insurance cost?
The cost of an insurance policy varies from business to business. Typically an insurance carrier will ask for the type of business, the number of employees, your annual profit and the coverage needed before providing a quote. Without these criteria, below are some typical small business policies for draftsman services: