Archive for the ‘Professional Liability Insurance’ Category

Covering Your Clients With Professional Liability Insurance

Professional Liability Insurance

As an engineering firm owner, you understand how much your clients rely on you and your team to come up with the designs commissioned. From calculations that drive design choices to detailed drawings, there is a strong focus on the specifics because they make all the difference between a design that works and one that doesn’t. What happens when a mistake in your analysis or an oversight leads to a faulty design, especially one that results in damages or losses?

Understanding Engineering Liability Insurance

Mistakes do happen, but the consequences of mistakes in engineering and design can be disastrous. It’s important for you to have professional engineering liability insurance that protects your company from lawsuits and claims by a third party due to losses incurred from errors and omissions in your work. This type of protection is also known as Errors and Omissions (E&O) insurance and can help cover your operations:

  • Mistakes in design
  • Omissions in deliverables
  • Wrong professional judgment calls or recommendations

This coverage inspires confidence with your clients in the way you do business as you have a policy that addresses your deliverables and claims that may arise.

Getting the Right Protection

Professional engineering liability insurance should not be confused with general liability that covers property damage or accidental falls. E&O insurance specifically addresses your work product and can cover legal defense costs and settlements. You owe it to yourself to buy a policy that is tailored to your firm’s specific needs.

Professional Liability Insurance for Architects

insurance for architects

Architects are charged with many important responsibilities in designing and remodeling properties. Owners, developers, and contractors rely on architects’ guidance in determining how to undertake and complete projects. A mistake can result in costly delays, change orders, or property damage. Architects need to take active steps to protect themselves from liability relating to errors or omissions made in the design process.

Understanding the Importance of Coverage

Architect liability can extend to property managers, developers, owners, and even engineers and contractors. In the event that one or more of these parties makes a claim against an individual architect or an architectural firm, there could be costly legal fees and damages. Professional liability coverage will help to address these expenses and safeguard their business.

Coverage as a Prerequisite to Contracts

Many developers or property owners can’t begin a contract with an individual or firm that doesn’t have adequate professional liability insurance. Not having any coverage or not having sufficient coverage levels could ostensibly cause an architect to miss out on important business development opportunities.

Even in the absence of any type of negligence, architects could potentially face claims resulting from their work. It’s advisable to work with an insurer who is experienced in serving clients in the field of architecture to obtain affordable financial protection from liability in the event of a claim or litigation.

Professional Insurance for Marine Surveyors

Marine Surveyors

As a surveyor of marine vessels, your reputation and the quality of your work are of utmost importance, because boat buyers rely on your assessment to know the facts about the investment they are about to make. From maintenance issues and necessary equipment overhauls to market value, the information they get from you plays a major role in their decision to make an investment or to let a deal fall through. If you work with commercial customers who regularly buy and sell vessels, it can even be the basis of professional relationships that provide for a lot of your repeat business. That’s why you need professional liability insurance that will protect you and your customers in the event of a problem that you bear some liability for.

Industry-Specific Professional Insurance

Professional liability insurance is at its most useful when it is crafted to suit a specific industry, rather than trying to generalize risks. That means your best policies will be from marine surveyor insurance providers with a history of providing for the industry. It’s especially helpful if they have experience with both surveyors and also several other types of marine business because it shows they understand both your business model and that of your likely commercial clients. The more your insurer understands about how your industry works, the more useful, specific, and cost-effective their policies can be.