12 May Insurance for Engineering Firms
Insurance for Engineering Firms
Engineering Firms can provide a wide range of services. With that said, every Engineering Firm has different Insurance needs that need to be addressed.
While these Insurance needs vary from company to company, there are many important coverages that every Engineering Firm should carry.
Insurance for Engineering Firms – Professional Liability
Professional Liability is absolutely critical for any Engineering Firm, regardless of operations. Professional Liability is so imperative because it is a coverage designed to protect you against claims that arise from advising, consulting or professional service that are provided. Professional Liability
costs can vary dramatically based on types of engineering and experience of those applying for coverage. When shopping for Professional Liability, take extra time to prepare a comprehensive resume and business outline. Simple changes like these may motivate underwriters approve quotes that may otherwise be declined.
Insurance for Engineering Firms – Business Owners Policies
There are many great Business Owners Policies available for Engineering Firms. Business Owners Policies include General Liability and Business Personal Property in a single, affordable policy. In many cases, engineering offices can purchase a Business Owners Policy with a $2,000,000 General Aggregate for just $500 a year. If your Engineering Firm owns expensive computers, tools, or diagnostic equipment you can have these items scheduled onto the policy to assure you received a full replacement cost in the event of a loss.
Insurance for Engineering Firms – Other Important Coverages
There are additional important coverages to consider when purchasing Insurance for your Engineering Firm. If the firm has employees, they must be covered under a Workers Comp policy. If your firm has designated business vehicles, they must be covered under a Business Auto policy. If you have Business Property that your business relies on for income, you should consider purchasing Business Income coverage, which will pay you for lost income in the event of a covered property loss.
There are a lot of coverages to consider for Engineering Firms. If you would like to discuss your Insurance needs, give us a call at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.