Insurance for Engineering Companies

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Protect your business with General Liability Insurance For Engineers

As an engineer, you are engaged in providing top notch services to your clients. Engineering professionals have enormous responsibilities that include providing expert consultation, preparing detailed drawings and budget estimates, creating project specifications to project execution. While you are focused on building your business and reputation in the industry, one of the most important things that you cannot ignore is the risks and liabilities you face.

These risks arise as your profession involves meeting clients either at their location or in your office, working on your client’s property, carrying out your business activities in third party locations, and advertising your business. Accidents can, unfortunately, happen in your office or in your client’s location or you may unintentionally copy another brand’s logo or design.  These are some of the instances that can attract lawsuits where the third party entity or your client can claim compensation for damage to reputation, bodily injury or property damage.

We offer engineering insurance policies – general liability insurance and professional liability insurance for engineers that can cover you against wide-ranging risks that you may face as a professional.

Why Should Get Engineering Insurance for Your Company?

All businesses and companies need insurance, and engineering companies are no exception. Even if you and your employees try to deliver the best service possible to each client, accidents and unexpected events can still have a negative effect of your business.

If you were supposed to deliver your project by a certain date, but you couldn’t due to circumstances that were out of your control, you could get sued by your client. When your engineering company works for a client, it’s expected that you’ll deliver on what you told the client you would do. Failing to provide your deliverables within the project deadline can have an adverse effect on your client’s business. In this situation, they are more than likely to sue your company.

There are other ways your engineering company risks getting sued as well:

  • Purchasing expensive materials that aren’t used.
  • Purchasing incorrect materials that affect project delivery.
  • Bad weather causing delay.
  • Misrepresentation of the client.

Essentially, any time your client or a third party feels affected by your company’s services, then can sue you for compensation.

An insurance for engineering companies protects your interests, your finances and your assets if this happens. Your insurance carrier will provide payments related to any lawsuits, attorney fees, Court costs, compensation, and more. You can even get sued when your engineering company did nothing wrong. An insurance for engineering companies is an important part of risk management where you protect your company’s finances in the of a lawsuit.

Protect Your Engineering Business today.

What are the Different Types of Insurance for Engineering Companies?

For engineering companies, two kinds of insurance holds real value. These are:

  • General Liability Insurance: This protects your business in case any property damage or physical harm befalls the client or a third party. The insurance covers slips and falls, negligence, personal injury, misrepresentation and slander through and while offering professional services. A general liability policy can be extended to include employees, contractors and others as well.
  • Professional Liability Insurance: This is an Errors and Omissions insurance policy that protects your engineering company and your employee should there be a lawsuit regarding the professional services offered by your company.

Other than this, you should also consider other relevant insurance for engineering companies. These include:

  • Property Coverage: Protect any property that is owned or leased by your engineering company. This includes buildings, computers, equipment, tools, furniture, fixtures and inventory.
  • Management Liability Insurance: Insure the key stakeholders and management officials in your engineering company to keep the company safe should anyone sue the management.
  • Cyber Liability Insurance: With cyber attacks on the rise, engineering companies need to protect their data as well. Increase your cyber protection with cybersecurity insurance for engineering companies.
  • Workers’ Compensation: People who work as engineers are even more likely to experience repetitive motion injuries. A workers’ compensation insurance protects your employees by providing medical coverage alongside other protection for injury or damages sustained through work.

An insurance for engineering companies will protect your interests and finances if you face any lawsuits.

What Does Insurance for Engineering Companies Cover?

Insurance for engineering companies covers:

  • Attorney and defense costs
  • Reimbursement up to a reasonable amount if you have to miss work or travel due to the lawsuit.
  • Settlement and compensation cost up to a certain amount.
  • Pre-claims assistance where if your engineering company gets wind of a potential lawsuit, you can work with your insurance carrier to preemptively stop it.
  • Assistance with past claims if the date of the claim falls within your policy’s retroactive date period. If the past claim is from further back in the past than the retroactive date, then your insurance carrier can’t assist you.

Aside from this, insurance for engineering companies covers costs for property damages, bodily injury and financial claims that arise due to work. Either you or your employer could be held responsible. But if your employee if the one being sued, then your insurance policy should cover them as well for to get reimbursement. Many insurance for engineering companies can be extended to include employees, as well as independent contractors and consultants.

How Much Does Engineering for Insurance Companies Cover?

The amount of coverage your insurance for engineering companies will give you depend on the policies you choose and the premium you pay.

Some engineering companies have to pay higher premiums than others. Why? Because they’re deemed as high risk companies who stand a higher chance of being sued. This has nothing to do with the work performance of a company, but is factored through calculating various data. This includes:

  • Size of Engineering Company: A larger company that hires more employees has a higher risk. This is as the greater the number of employees, the higher the chances of one of them getting sued.
  • Sales and Profits: If your engineering company is thriving and making large sales, this would make your insurance carrier see you as a high risk company. As more clients purchase your products and services, one of them could become dissatisfied and sue your company.
  • Engineering Specialization: There are various different kinds of engineering companies. Some offer combines access to specialists across the discipline, and others are focused on more niche areas. Your premium could differ based on what products and services your engineering company offers.
  • Past Claims History: Your insurance carrier will also go through your past claims. If your engineering company doesn’t have any, then it won’t affect your premium. But unpaid claims can affect how much coverage your engineering company gets.

Insurance for engineering companies is necessary if you want to ensure that your company thrives even if there are lawsuits. A lawsuit can take away thousands of dollars out of your company’s pocket. An insurance for engineering companies gives you an effective way to avoid damages to your company from lawsuits and court cases.

Get insurance for your engineering company from Engineers Insure and ensure that you protect your company, your employees, and your success.