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As an engineer, you build a lot of things. We couldn’t even list them all here, but they can include cars, promotional materials, buildings, and so much more. You are an expert in design and layouts, and ensuring that the final product is strong.
However, you probably aren’t so much of an expert in small business insurance.
Let Simply Business build an engineering insurance policy that’s personalized just for you.
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Professional Liability insurance - which is also referred to as errors and omissions insurance (E&O insurance) - is a type of policy that provides coverage in the event a customer alleges negligence from your professional services. If your customer decides to sue your business for mistakes related to your services, your professional liability insurance policy may cover damages and legal costs that you might be ordered to pay due to negligence.
Additionally, if an engineering service goes wrong for any number of reasons, you may be susceptible to a lawsuit from a customer, whether or not negligence occurred.
General Liability insurance - also known as commercial general liability (CGL) - protects your business from third-party claims of bodily injury or damage to someone else’s property. Your job is to design, whether on a notepad, a computer, or on a physical site, and so there may be many areas that are high-risk for accidents.
General liability insurance is sometimes bought in conjunction with professional liability insurance, but be sure you check your specific policy to see if it includes both coverages. Depending on the type of work you perform, both policies may be required to provide the best level of coverage in the event your business experiences a claim.
Learn more about commercial general liability insurance.
Do you have full-time employees, part-time help, or even a subcontractor? If that’s the case, you’ll want to include workers compensation coverage. If someone who works for you gets hurt on the job, this coverage typically provides assistance with medical bills, lost wages, and legal costs that relate to the injury.
Most states require any business with employees must have workers compensation insurance, so consider whether your business requires it!
Learn more about workers compensation insurance.
Not sure how much you might pay for coverage for your engineering services? While there’s no one answer for how much your policy will cost, your final premium will usually be determined by:
Want to find out how much your accounting business insurance might cost? Just click here to answer a couple of questions about your business.