Engineering Consultant Insurance
Engineering consultant insurance is designed to provide professional liability coverage for engineering consultants, engineers, and architects who work in consulting engineering. Some insurance policies also offer accident (death and disability coverage). These policies are designed to address the unique risks consultants face when working on-site or in an office with clients. If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
What is Engineering Consultant Insurance?
This insurance is designed for professionals who are not employees of their consulting clients. This is particularly true for events that occur during or after the clients have paid fees for the work being done. The business risks unique to consultants are unique, and this insurance does not have coverage for business risks common to other professionals.
Engineering consultant insurance is designed to provide coverage when a person is injured when the property is damaged, or when there are losses that result from the negligent acts of your firm. The policy will pay for your legal defence costs in court and settle claims up to your policy limits.
Standard Coverage Includes:
• General liability
• Products liability
• Property damage
• Professional liability
Product liability is not necessary for all consulting firm types. It is essential to know what type of products the engineering consultant makes. Product liability coverage is recommended if the engineer has access to blueprints, designs, or drawings. Legal counsel for tort law recommends that standard engineering consulting policies provide product liability since many engineering firms produce designs that could cause injuries or property damage.
In most cases, the insurance policy will have a deductible that an incident must exceed before either you will be covered or submit a compensation claim. The deductible is the amount of a claim or a part of a claim that you agree to pay upfront. If a loss exceeds the deductible amount, you will not be covered for any losses above the deductible. You want to properly evaluate the business situation and make sure that it is appropriate to have a deductible.
Suppose you aren’t sure about having a deductible. In that case, you can always ask your insurance agent for more information about deductibles and consider the consequences of taking the deductible as part of your overall risk management strategy.
Some insurance companies offer engineering consultant insurance in conjunction with your other group insurance products. This allows you to process one claim for any legal defence cost incurred while carrying out your duties. Some insurance companies offer engineering consultant insurance in conjunction with the other professional liability policies they provide. This allows you to submit one claim for any loss caused by any act or omission related to work carried out by you, whether it was done on-site or in an office environment.
What type of Cover is Included?
Professional liability insurance protects engineering consultants working on-site or in their offices with clients. The standard policy covers you for all liability claims, including medical costs, lost wages and loss of business income. This is especially important if the client is also your client. While this type of insurance is unlikely to be used, it is essential to have it in place just in case you are ever in a situation that requires its use.
When an engineering consultant has a claim filed against him for liability, they can typically pay the claim directly from their funds. Professional liability coverage is different, however. This type of insurance will cover your legal defence costs in court and settle claims up to your policy limits. If you carry professional liability insurance while working on-site with clients, you will not be covered for business risks common to other professionals.
Professional liability insurance protects engineering consultants while working on-site or in their offices with clients. Professional liability coverage is designed for professionals who are not employees of their consulting clients. This is particularly true for events that occur after the client has paid you. You can find professional liability coverage through your employer or accountant, but a licensed insurer must issue the coverage with an appropriate endorsement. Your professional liability insurance provider also provides a separate line of insurance known as excess liability.
This excess liability is intended to provide coverage for additional losses not covered by your professional liability policy. The excess covers medical expenses, lost wages and loss of business income.
If you are a consultant or an executive, having excess professional liability coverage may be advisable. The excess will pay for medical expenses incurred in an injury occurring while you are working with clients or doing site work. It can provide coverage for business income loss in the event of an accident. The policy will also pay for funeral expenses and other losses related to an injury. For more details, please see an example policy here.
To Conclude:
These types of insurance policies are intended to provide insurance when your firm issues or when a client personally accuses you of claims exceeding your professional liability policy limits. The policies are designed to cover legal defence costs, legal fees, court costs, settlement, and other legal expenses incurred in an accident or injury claim. They provide coverage for claims that exceed the policy limits. The insurance pays for your legal defence costs in court and settles claims up to your policy limits.
Find out more about the importance of insurance here.
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