Professional Liability (E&O) insurance will protect your business from the expensive legal costs and claims from third parties. This could be anywhere from mistakes your business has done professionally that caused your client financial harm to a breach of contract.
General Liability insurance will protect your business from a variety of claims including personal injury, bodily injury, advertising mistakes, and other “general” lawsuits. The insurance will help pay for the expenses including legal fees and settlements.
Errors & Omissions (E&O) is a type of Professional Liability insurance that protects your business when a client or any third party against an error done by your business that causes your client financial harm or any negligent actions.
Umbrella Insurance is extra liability insurance that protects your business from major liability lawsuits if your existing insurance policies exceeds its limits. It helps your business cover unforeseen events like a tragic accident in which you are held responsible but your existing insurance policy won’t be able to cover due to its limits.
This industry is made of workers that draw layouts, illustrations, and plans of buildings, structures, or components from architectural and engineering specifications.
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.
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:
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