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:
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.
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:
Many of these risks can be mitigated with a tailored surveyors insurance portfolio.
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.
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:
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.
Don’t stop with just the basics. Geophysical surveying firms might need other business insurance policies to complete their portfolio.
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.