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As an engineer, having professional liability insurance is important, no matter the size, experience, etc. Architect and Engineers errors and omissions insurance will give your firm protection against claims alleging negligence, omissions, and errors. The decision to purchase professional liability insurance is a defining moment for most architects as it often signals that they were awarded with a project of significant scale or budget. No matter the case, liability insurance is always something to look into.
The reason why many inexperienced firms don’t seek out engineer professional liability insurance is because they think that small projects are low risk or believe their assets are so limited that they don’t stand much to lose. A key benefit of architect/engineer errors and omissions insurance is coverage for legal costs. This will help you fend off any claim that might arise. Professional liability claims against architects are more likely to come from a failure to manage expectations rather than a significant construction failure, especially when the client has little to no experience with other construction projects.
It’s not uncommon for young engineers to be caught off guard when they learn that they could potentially be held liable for the negligence of others. There are also instances where claims could be based on planning studies and wouldn’t require that the architect be the architect of record for that specific project, causing an overall headache for everyone.
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Engineers Insurance Coverages
Insurance exists for the purpose of protecting persons and organizations from the adverse financial consequences of certain unpredictable events, regardless of the coverage line being considered. For general liability insurance, the unpredictable event that constitutes the subject of the insurance is a claim of legal liability arising out of a company’s operations, premises, products, and completed work.
Umbrella liability insurance and excess liability insurance are two forms of secondary coverage—that is, they both sit above one or more underlying liability policies and do not attach until the underlying policy’s limit of insurance has been exhausted.
The Commercial Auto policy will pay “sums” for which the insured is legally liable because of bodily injury or property damage to which the insurance applies. Therefore, while covered bodily injury or property damage is required to trigger coverage, recovery under the policy can actually go beyond these types of damages.
Employee Benefits Liability insurance provides coverage to an employer for errors or omissions in the employer’s administration of its employee benefit program.
The Employee Benefits Liability coverage would pay for the benefits that would have been payable under the health insurance plan but for the employer’s error.
Commercial property is the policy that an organization purchases to pay for damage to its own buildings and the personal property in them. A commercial property policy can also cover loss of income or increase in expenses that result from insured damage to buildings and their contents.
A business income coverage form is an extension of the commercial property type policy which funds a company’s loss of income due to a slowdown or temporary suspension of normal operations which stem from damage to its physical property. Coverage typically includes the loss of income but excludes ordinary operating expenses.
Crime and Fidelity Insurance protects the actual money you have in the operating account and reserve accounts. Crime and Fidelity Insurance protects the money from embezzling, check fraud, invoice padding or false invoices, computer fraud and wire fraud.
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