Engineering firms and business owners work closely with clients to design various types of projects. Sometimes, this kind of work can lead to mistakes. When it does and results in a client suffering a financial loss, they can sue your business. That’s why professional liability insurance for engineers is important.
Professional liability insurance helps protect your business and design professionals from lawsuits related to the professional services given. You may have heard other names for this coverage, such as:
This type of business insurance is important to have. Even if you don’t make a mistake in your professional engineering services, you can still get sued. And without coverage, you may be responsible for costly claims costs.
Professional liability insurance for engineers doesn’t cover every kind of claim. You’ll need to have other types of business insurance for engineers to get comprehensive coverage. Some types of insurance you may want to consider are:
General liability insurance to help protect your business from claims that it caused:Workers’ compensation insurance to help your employees recover from a work-related injury or illness. This coverage gives benefits that can help pay for:
Commercial property insurance, which helps protect your owned or rented building and business property used to operate your business. This includes:
Commercial auto insurance to help protect you and your employees on the road if you drive a company-owned vehicle for work.
Every business is unique, so the professional liability insurance cost for engineers varies. You may pay between $300 and $4,000 a year for professional liability insurance, but your specific cost depends on different factors. Insurance companies can use these factors to determine costs:
The best way to find out your engineering business’ coverage cost is to get a professional liability insurance quote.
When it comes to protecting your business, it’s important to partner with an experienced insurance carrier that you can trust. We know every business is different and faces unique risks. That’s why our specialists work with you to get the coverages that are right for your business. Whether you have questions about professional liability insurance or how to file a claim, we’ve got your back.
Get a professional liability insurance quote today.© 2024 The Hartford
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
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