Professional Liability Insurance for Engineers

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Many business owners, professional engineers included, think of insurance as just another bill they have to pay that affects their profits in a negative way. Unfortunately, as a professional architect or engineer, you face many risks within your industry that the insurance will cover should a claim arise. Have you ever been in a situation where a project you were working on got delayed? Was the customer happy about it? Probably not. There are some risk management techniques you can utilize. Protect yourself, your business, and your profits by purchasing coverage that is specialized for your industry. Professional Liability insurance for engineers is an Errors and Omissions insurance policy that will cover situations that arise out of your work.

What Are Common Professional Liability Risks Engineers Face?

As mentioned above, project delays are one of the most common issues. Sometimes you cannot predict problems that could arise during a project. Even things as simple as the weather can cause a snowball effect delaying your work and causing an unhappy client. We live in an extremely litigious society, so it is essential that you have Professional Liability for engineering companies. Another common risk that engineers, architects, and even civil engineers can face is a disagreement overpayment. Having proper contracts in place can help mitigate this risk, but won't get rid of it altogether. If you select the incorrect materials, whether you intended to or not, this could also cause a lawsuit to pop up. Sometimes you might come across a client that is just unhappy, and no matter what you do, you will end up getting sued.

What Does Professional Liability Insurance for Engineers Cover?

Now that you know that there are risks that you face and that there is a solution, what does the solution cover? Professional Liability insurance for engineers covers:

  • Negligence - Negligence will cover anything from being careless or not delivering on your promises. This could include taking longer than you promised or blaming you for future issues that arise such as water damage causing mold.
  • Defense Costs - Guilty or not you will end up paying. Court costs and attorneys fees can be costly, so protect your firm's wallet by purchasing a Professional Liability policy.

What Does Professional Liability Insurance for Engineers Cost?

While there are many things to take into account when thinking about price, you can plan on paying an average of $1,700 a year. While this may sound like a lot, defense costs alone on just one lawsuit can be ten times that amount. The insurance company will consider past claims history, coverage limits, deductibles, size of your business, and your location when they are calculating the cost. The good news is that CoverWallet works with several insurance companies that provide a multitude of coverages, so our team will work tirelessly to get you a competitive price.

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Frequently Asked Questions About Professional Liability Insurance for Engineers

1. Who can be covered by the Professional Liability policy for engineers? Any professional engineer can be covered under Professional Liability insurance. Including but not limited to architects, civil engineers, design professionals, aerial mappers, and HVAC.

2. Is Professional Liability insurance for engineers claims-made? Yes, and this means that if you have a claim, for it to be covered your policy must be active. Even if you go out of business there could be claims that pop up from your past work, so be sure to talk with your insurance agent about tail coverage, which can protect you.

3. Is bodily injury covered with Professional Liability for engineers? Bodily injury that occurs due to your actual work would be covered under Professional Liability, but slips and falls that are not due to your work would be covered under General Liability.

4. What other insurances do engineering firms need? You need to protect yourself and your business as much as possible. You should also have the following insurances at a minimum:

  1. General Liability - For those slips, falls, and property damage issues that can pop up.
  2. Workers Compensation - If you have employees, most states require this and you can be fined if you don't provide your employees with this necessary coverage should they get hurt on the job.
  3. Commercial Auto You probably have to drive to your job sites and are therefore using your vehicle for small business. Most Personal Auto policies will exclude coverage if you are using your car for work.
  4. Employment Practices Liability - A growing issue these days is lawsuits related to employment practices. Things like wrongful termination and wage issues are becoming more common.

CoverWallet's team of educated advisors are standing by to offer you a no-obligation quote on all of these essential insurance policies. Call us today, or even apply online.

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The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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