Even the best-laid plans can go awry. And as an engineer, your day-to-day actions can involve many different types of jobs. There are engineers who build skyscrapers and museums. Some design machinery and develop new mechanical innovations. And some handle city layouts and oversee public events. And mitigating their diverse range of risks can be tough.
Thankfully, our independent insurance agents are up to the task. They’ll help eliminate the hassle of searching on your own by walking you through a hand-picked selection of top business insurance policies to cover both you and your employees. But first, let’s talk about the risks and the coverages you need to consider before taking that next step.
While all businesses have their own share of risks, the world of engineering is a bit more complicated. Even within the profession, there are a number of different types of engineers who work on all sorts of projects.
If you manage an engineering firm, you need a comprehensive insurance policy that can mitigate both standard business risks and those specific to the work that you do.
It’s important to work with an agent who can both help evaluate your risks and identify the types of coverage you need to protect what you do.
As an engineer, your professional liability risks are significant. It only takes a small mistake or error in judgment to throw off an entire project. A safety concern could be introduced by a change of building plans, or a delay by mismanagement and employee turnover.
"Errors and omissions insurance," or E & O, protects you against legal claims in a number of scenarios.
A lawsuit is very expensive and can cause severe financial challenges for your business without the right protection. Engineer professional liability insurance covers your legal defense fees. If the court rules in the client’s favor, your insurance can also help to pay the settlement or judgment amount.
Remember, if you work in the design phase of engineering, there are design professional liability insurance policies developed specifically for your field. Be sure to work with an experienced insurance agent, who will ask you the right questions and match you with the appropriate policy recommendations.
You should also be aware of what your coverage limits are and how they work in specific situations. If the settlement amount is $2 million but you only have $1 million of liability insurance, you’re responsible for the remaining $1 million. Some client contracts will specify a desired amount of insurance. You may also want to consider business umbrella insurance for additional liability protection.
Our agents will review your needs and help you evaluate which engineering insurance policy makes the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.
Independent insurance agents have experience in dealing with all kinds of businesses and insurance policies. They 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.