Essential Insurance for Engineers
While Tomins believes the unique needs of each business we serve merits a custom-tailored policy, there are a few essential coverages almost every Engineer should carry.
Engineering Commercial Property Insurance
Designed to help protect an Engineer’s physical property, office, and physical assets, this coverage is especially important for owners of Engineering firms or Engineers that operate out of an office.
Business Income Insurance for Engineers
Business Interruption insurance can help protect reimburse an Engineer for the loss of income suffered during a covered interruption of business operations. For example, if your firm’s office suffers a fire, business income insurance can help cover your lost income during the rebuild.
Engineering General Liability Insurance
General Liability insurance is a coverage that’s important for any small business, including Engineering firms. Abbreviated as GL, general liability coverage can help cover the costs of lawsuits filed by an injured or damaged third party. Beyond legal judgments against your engineering business, general liability policies also can help cover attorney fees and administrative/court costs.
Engineering Professional Liability Insurance
Otherwise known as professional liability insurance, E & O is designed to protect an engineer from legal damages resulting from mistakes and negligence in rendering opinions or consulting. While this coverage is especially important for project managers and consultants, almost all Engineers should carry E&O insurance to limit their exposure to legal liabilities.
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