FROM OUR PARTNERS
Engineers face many risks during a project including missed deadlines, miscalculations, and property damage. Engineering insurance provides liability protection against potential lawsuits, claims of negligence, and professional mistakes. We’ve evaluated the best engineering insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Simply Business provides insurance policies for a range of professions and small businesses.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.
You’ve worked hard to build your engineering business but you run the risk that the smallest miscalculation could steer your project in the wrong direction. There could be unexpected delays in a project and bad weather could postpone further work being carried out.
Engineering insurance can protect your business against financial losses and damages that can emerge due to legal action, property damage, and third-party personal injury.
Engineers, building inspectors, construction project managers, and land surveyors should consider taking out engineering insurance to protect their business against liability and damages.
When taking out engineering insurance, it’s important to consider different types of coverage and policies to adequately cover your business for legal liability and potential financial losses. The most common types of coverage for engineers are:
If you are responsible for a mistake that causes your client to lose money, professional liability insurance can protect your business against accusations of negligence and wrongdoing. For instance, a design error could cause personal injury or property damage, or deadlines could be missed due to unexpected events. These mistakes can result in legal action that could become costly and harm the reputation of your business.
Professional liability insurance coverage can protect you against business errors, accusations of negligence, legal defense costs, legal judgments, breach of contract, damages, and missed deadlines.
Exclusions for professional liability insurance can include workplace accidents, employee injuries, property damage, intentional wrongdoing, medical expenses, and illegal activity.
Unexpected events can happen and general liability insurance can cover you for basic risk factors such as a customer getting injured while on business premises or property damage to a third party. While on a construction site for a client you could accidentally damage the property or a surveyor could slip and fall on the premises.
Coverage for general liability insurance can include third-party bodily injury, third-party property damage, copyright infringement, medical costs, reputational harm, and legal costs for a lawsuit.
Common exclusions for general liability insurance include workers’ compensation for employee injuries and illnesses, commercial auto accidents, professional errors and mistakes, professional services, and damage to your business property.
If your business hires employees, most states require you to have workers’ compensation insurance to cover employee benefits. An employee working in an office could suffer from carpal tunnel syndrome or if on a construction site, the employee could slip and fall. Workers’ compensation insurance can help take care of medical expenses related to injuries on the job and paid time off.
Coverage for workers’ compensation insurance can help cover disability benefits, death benefits, medical costs, rehabilitation expenses, retraining, and lost wages.
Exclusions to coverage can include non-work-related injuries and medical costs if the employee had a pre-existing condition.
If you own or rent physical space for your business, you should consider commercial property insurance. Unexpected events can damage your business property where a fire could temporarily shut down your premises until repairs are complete. Commercial property insurance can help pay for the cost of repairing and replacing damaged equipment and loss of business income due to interruption.
Commercial property insurance coverage can include damage that results from covered events such as fire, vandalism, explosions, and falling objects.
Exclusions can include intentional damage to business property by employees, flood and earthquake damage.
When you take out an engineering insurance policy, your limits will determine the maximum amount you can claim in a given policy period. Limits can depend on the type of policy you take out and the coverage level best suited to the size of your business.
Limits for professional liability and general liability insurance can average $1 million per occurrence. Policies with a per-occurrence limit cover you for a maximum for each claim submitted. An aggregate limit covers you for a maximum amount per policy period.
Several factors go into the calculation of engineering insurance, and policy premiums can vary from one business to another depending on the services provided. Coverage for general liability insurance can average $40 per month and professional liability insurance can average $155 per month.
Here are some factors that insurers will consider when providing a quote:
When looking for the best engineering insurance policy, here are some key factors to consider before you make a purchase: