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BASIC
Essential coverages to meet client demands
Includes:
STANDARD
Protect your business against professional errors
All Basic plan benefits and:
PRO
When you also have equipment or work from an office
All Standard plan benefits and:
CUSTOM
When you have specific requirements
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Architects and Engineers are an essential part of our growing economy. The important service opens up potential for miscalculation of a design, loss of client information, or other faulty work. Many detailed risks could cause an engineering firm to fall completely, and proper coverage can keep you out of court for unforseen issues.
Professional Liability insurance is all about protecting the engineer's professional services risk. Many scenarios exist where engineers are in need of insurance like claims of poor project management, inadequate design or specification, incorrect certification and these can pose great financial risk when their client files a lawsuit. Insurance is the safety net to make sure you financially survive a lawsuit, win or lose.
Engineers deal with higher-stake risks than most other businesses because their work can affect the safety of their clients and the people around them. A common source of lawsuits against engineers is miscommunication. When clients expect one thing and engineers expect another, the stage for a claim is set. Engineers are liable for contracted work done. They are legally responsible for mistakes and oversights that can occur.
For starters, General Liability is often required when renting an office space. It costs around $400-$500 annually. To protect your professional service, Professional Liability (Errors & Omissions) insurance is needed, which can start as low as $1,000/year. Depending on the nature of your services the cost can climb above $10K annually. When you drive a car for business purposes, Commercial Auto insurance is recommended with a cost varying depending on vehicle and coverage requests.
Following industry best pracitces and staying up to date with the profession's newest ways to work is a good start. Implementing clear contracts and setting customer expectations also helps. After that, a comprehensive insurance program can keep you in business when the rainy days come.
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
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