More in Politics
Related Blogs
Archives
Social Share
What you should know engineering professional liability insurance?
Posted By Zachary Bannerman
Body
Professional liability insurance works based on the kind of business and its name also depends on that. For instance, engineering professional liability insurance is for engineers and medical malpractice insurance is for medical professionals. Professional liability insurance is a special coverage not given under endorsements of the house owners, in-home business policies or any policies of the business owners.
Professional liability insurance for engineers policies are primarily claims made that imply coverage is best for claims made and the events that are occurring when the policy is active. You may also get the occurrence policies which means you will get the coverage when any incident occurs when you had the coverage, even if you allow your policy to expire and a client files a claim against you after its expiry.
Professional liability insurance engineering assists in protecting your business and the design professionals from all kinds of lawsuits about professional services. You might also hear some other names for this coverage such as
- Professional indemnity insurance
- Errors and omission insurance
- E&O insurance
This kind of business insurance is vital to have. Even if you do not make any mistakes in your professional services, you will still get sued. Without any coverage, you might be responsible for expensive claim costs.
- Professional liability insurance for engineers can assist your business when
- A building is built incorrectly as you had some wrong dimensions in the blueprint
- The storage building of your client collapsed as a result of the design of your firm
- Your engineer offers you incorrect advice after not doing a complete inspection of the property before the construction.
A few final words to conclude
Professional liability insurance offers the required coverage to small businesses to protect them against all kinds of professional mistakes. It is one of the important coverage as mistakes happen no matter how careful or experienced you are as a professional. As an engineer, you often offer clients advice and apply your professional expertise to the projects. This forms a unique set of risks, as an acquitted issue or misunderstanding between you and the client can result in any liability claim. This is where professional liability insurance for engineers could assist.
Comments