Whether you are part of a big engineering firm, a small group of engineers, or you have just started an engineering company, it's important that you have an Errors and Omissions policy that is tailored to your needs and provides coverage to meet the scope and size of your business. Circumstances arise during the course of completing an engineering product that show you how very limited a general professional liability insurance, or PLI, policy can be in certain regards. Something else to consider is that fact that E&O insurance is made on the basis of "claims made." As a result the brokerage and carrier who handles your policy needs to be there for many years to come to ensure that you will be protected, as claims can come at any undetermined point in the future.
What to Look for in E&O Insurance for Engineers
Since Errors and Omissions insurance has so many different factors to consider, such as the type of engineering work as well as a plethora of local and state codes and regulations, you should have an independent brokerage that has experience offering customized policies. With an E&O policy tailor made to suit your business' needs, you'll usually wind up saving money as opposed to taking out a standard one size fits all engineers' professional liability policy.
When you consider PL and E&O policies, make sure you check to make sure that the coverage includes the cost of your legal defense. Even if you do not receive a judgement against your firm for damages, legal expenses can cost thousands of dollars. These costs can be devastating to your business' future if your policy does not provide adequate coverage.
How to Choose a Brokerage or Agent for E&O Insurance
Its to your advantage to find an independant brokerage who can offer you a good selection of carriers and coverage options, since there are so many complexities and specifics involved in meeting your business' individual needs. It's also important to choose an agent who has years of experience handling E&O policies for engineers, so receive get the coverage you need at a reasonable price.
What to Look for in E&O Insurance for Engineers
Since Errors and Omissions insurance has so many different factors to consider, such as the type of engineering work as well as a plethora of local and state codes and regulations, you should have an independent brokerage that has experience offering customized policies. With an E&O policy tailor made to suit your business' needs, you'll usually wind up saving money as opposed to taking out a standard one size fits all engineers' professional liability policy.
When you consider PL and E&O policies, make sure you check to make sure that the coverage includes the cost of your legal defense. Even if you do not receive a judgement against your firm for damages, legal expenses can cost thousands of dollars. These costs can be devastating to your business' future if your policy does not provide adequate coverage.
How to Choose a Brokerage or Agent for E&O Insurance
Its to your advantage to find an independant brokerage who can offer you a good selection of carriers and coverage options, since there are so many complexities and specifics involved in meeting your business' individual needs. It's also important to choose an agent who has years of experience handling E&O policies for engineers, so receive get the coverage you need at a reasonable price.
About the Author:
David Borden is a frequent writer of articles concerning professional liability and errors and omissions insurance. If you're in the market for the best insurance agent, click here!
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