Geophysical surveying and mapping services are highly technical professions with complex hazards that most may never even think of. And even when every precaution is taken, workers can be injured, equipment can be damaged and your firm can make a mistake that has serious financial consequences for everyone involved. Which is why your business needs the proper set of insurance coverages in place.
Fortunately, our independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a hand-picked selection of top insurance policies to cover both your business and your employees. But first, let’s talk more about the protection you need and why you need it.
Geophysical Surveyor Risks and How to Protect Them
Geophysical surveying/mapping companies need business insurance to protect them from the costs of lawsuits, accidents, equipment damage, and other unforeseen events that can be financially devastating to a business owner. These companies face risks like:
- Physical harm to employees or customers
- Accidents while driving a business auto
- On-site accidents
- Equipment and property damage
- Lawsuits from unsatisfied clients
Many of these risks can be mitigated with a properly tailored surveyors insurance portfolio that includes:
- Commercial property insurance: Protects from the costs associated with physical damage to equipment and property on the business’ premises. This coverage reimburses you if your building and its contents are damaged or destroyed by fire, smoke, hail, wind, vandalism, theft, and other unforeseen causes of loss.
- Commercial property policies may also include coverage for business interruption, which helps you pay for continued expenses if you can’t operate for a period of time after a covered loss.
- Commercial general liability: An essential business insurance policy for any business owner, it protects you if an employee damages another person’s property or injures a third party. It covers the costs associated with lawsuits, including your legal defense, court costs, settlements, and judgments.
- Inland marine insurance: This coverage is important for any firm that transports expensive equipment from place to place in order to do its job. If you transport surveying equipment from project to project, you need coverage for that equipment while it’s off your business’ premises. Inland marine coverage protects tools, equipment, and supplies that you bring off site; commercial property and commercial auto policies typically exclude coverage for those items once they leave your business premises.
Professional Liability Insurance for Geophysical Surveying Companies
Math errors, equipment malfunctions, erroneous analyses, and any number of seemingly small errors can have huge consequences for your clients and your business. Even the most careful geophysical surveyor can make a mistake; nobody’s perfect. Unfortunately, in your business, a small mistake can have a lasting impact on everyone involved.
Surveyors professional liability insurance is an essential policy that no professional service firm like yours should go without. If you make a mistake, you can be held liable for damages to your client and be sued for damages.
Your professional liability policy should be tailored to your unique exposures; a one-size-fits-all approach just won’t cut it. Most professional liability policies can be written to address the specific risks that any business faces, with exceptions, of course.
Professional liability insurance is often called errors and omissions, or E&O insurance because it protects the insured business if they’re sued for negligence or mistakes in its work. If you’re sued, your legal defense, court costs, and attorney fees are your responsibility even if the lawsuit is unfounded. If you’re found liable for damages, you may also have to pay settlements or court-ordered judgments. Your E&O policy covers most of these costs and protects you from the financial devastation that just one lawsuit can bring.
What Does Professional Liability Insurance Cover?
Professional liability insurance provides protection for you if a client sues you for negligence or other wrongdoing related to your work. It provides coverage in the following cases:
- Actual or alleged errors
- Professional negligence
- Breach of duty
- Misleading statements
- Claims resulting from the performance — or non-performance — of professional services
Insurance companies offer a number of specialized policies that are customized for the particular risks faced by certain professionals, including geophysical surveyors. Coverage is excluded for instances of intentional wrongdoing or illegal acts.
Talk to Your Agent About Other Coverage
Don’t stop with just the basics. Geophysical surveying firms might need other business insurance policies to complete their portfolio.
- Workers compensation insurance: This is typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Employment practices liability coverage: This protects you from employee lawsuits related to discrimination and other employment-related business practices.
- Business auto insurance: This covers your company’s vehicles and drivers (cars, SUVs, vans and trucks) if they’re damaged or injured in a collision or some other type of event. If your employees drive personal vehicles for business purposes, you’ll need to add hired or non-owned auto liability insurance to protect your company from accident-related costs.
- Commercial umbrella insurance: This provides excess liability protection to any of several other policies you might have, including commercial general liability, employer’s liability, and hired and non-owned auto liability. Commercial umbrella insurance starts paying benefits when the limits of your other insurance policies have been exhausted, protecting you from claims that exceed the coverage available from any other applicable policy.
Comparing Geophysical Surveyor Business Insurance Quotes
Our agents will review your needs and help you evaluate the geophysical surveyor insurance coverage that makes the most sense. They’ll also compare policies and quotes from multiple insurance companies to make sure you have the right protection in place. They'll hook you up — in a comprehensive and affordable way.
What's So Great About Independent Insurance Agents?
Independent insurance agents excel at matching the most appropriate policy to the business in need. Shopping around for insurance policies can be tricky, confusing, and time-consuming, and an independent insurance agent's role is to simplify the process.
They’re also there to help make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.