Geophysical Surveyor Insurance

How to Insure the Unique Needs of Geophysical Surveyors

Geophysical surveying and mapping services are highly technical professions with complex hazards. Business owners engaged in this type of work need to assess those hazards with the help of an independent insurance agent and find tailored surveyors insurance that meets their unique needs.

Geophysical surveyors use magnetic surveys, gravity surveys, seismic surveys, and electrical or electromagnetic surveys to gather, interpret and map geophysical data. Businesses that specialize in geophysical surveying often use their expertise to measure subsurface resources like oil, gas and minerals. They also conduct surveys for engineering purposes.

Surveying and mapping companies provide surveying and mapping of the earth’s surface and the sea floor and engage in identifying and mapping view easements, land parcels and underground utility easements.

Other geophysical firms may engage in these activities:

  • Soil mechanics
  • Drilling and materials testing
  • Site investigations
  • Environmental impact studies
  • Plan and specification Reviews
  • Construction review and inspection

Geophysical surveying is a highly technical profession, and one that is faced with risks that can have serious financial consequences for the business owner. Your clients — often construction companies or those involved in land development — face serious consequences if they come across unexpected conditions underground as they work on a project. Your job is to produce quality work, and you must put in place safeguards that minimize the risks to all parties.

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.

Coverage Overview for Geophysical Surveyors

Geophysical surveying and 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 numerous risks including these:

  • 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 tailored surveyors insurance portfolio.

  • Commercial property insurance protects a geophysical surveying company from the costs associated with physical damage to equipment and property at their business premises. This type of 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 cannot operate for a period of time after a covered loss.
  • Commercial general liability is an essential business insurance policy for any business owner. It protects you if you or 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 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 is not on 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 and Mapping Services 

Math errors, equipment malfunctions, erroneous analyses and any number of seemingly small errors can have huge consequences for your clients and for 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 services firm like yours should go without. If you make a mistake, you can be held liable for damages to your client or others and be sued for damages.

Your professional liability policy should be tailored to your unique exposures; a one-size-fits-all approach is not sufficient. 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 (E&O) insurance because it protects the insured business in the event that it is sued for negligence or mistakes in its work. If you are sued, your legal defense, court costs and attorney fees are your responsibility even if the lawsuit is unfounded. If you are 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
  • Omissions 
  • Professional negligence 
  • Breach of duty 
  • Misleading statements 
  • Claims resulting from the performance — or nonperformance — of professional services

Insurance companies offer a variety 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 is typically required for any business that has employees and pays for lost income and medical expenses for employees who are injured on the job.
  • Business auto insurance covers your company’s vehicles and drivers (cars, SUVs, vans and trucks) who are damaged or injured in a collision or some other type of event. If your employees drive personal vehicles for business purposes, you must have nonowned or hired auto liability coverage to protect your company from accident-related costs.
  • Commercial umbrella insurance provides excess liability protection to any of several other policies you might have, including commercial general liability, employer’s liability, and hired and nonowned auto liability. By purchasing one commercial umbrella policy, you essentially get higher limits on all of those policies rather than having to raise the limits on each policy individually. Commercial umbrella insurance starts paying benefits when the limits of your other applicable insurance policies have been exhausted, protecting you in the event that a claim exceeds the amount of coverage available from any other applicable policy.

Geophysical Surveying Firms Need Tailored Business Insurance Solutions

A firm like yours faces complex risks that are highly unique. Rather than settle for cookie-cutter coverage that can leave you with gaps, enlist the help of a Trusted Choice® agent, who can help you find the right solutions from reputable insurance companies. An independent agent will get to know your business and will search for solutions that fit your business, not ones that fit everyone else.

You can easily find a local Trusted Choice agent, who will become a long-term adviser and partner in your success.

Now, who's ready to get their insurance problems solved?