As an engineer, your field is one of the most important in the world but also one of the most thankless jobs as well. If you do a good job, people barely even notice. However, make just one mistake and it can put you in a world of trouble.
Engineers face risks at every stage of their work and with the amount of money involved with each project, the liability could cost tens and hundreds of thousands of dollars, if not millions.
To avoid having to pay for damages like these out of pocket, it's highly important that an engineering consultant or contractor has at least some knowledge of the types of insurance they should consider carrying.
Types of Engineering Insurance
Finding the best engineering insurance means that first you must know your business and the different risks that you could face at any given moment. The good thing is that, as an engineer, you are no stranger to having a strong plan to work with.
*It's important that you work with an agent so that you can evaluate your risks carefully. It's very common that a few areas are overlooked when considering the types of risks you face in your business. An agent will know what questions to ask to make sure you don't miss any fine details.
The Basic Insurance Requirements For Engineers are:
Not to mention, you may want to consider insuring business vehicles as well if you have any.
What Does Engineering Insurance Cover?
As an engineer you need an insurance plan that covers a wide range of risk at the best rates possible. Depending on your scope of work, you will find that each engineer will face risks that can be quite different from the next person.
That's why it is highly recommended that you talk to an independent insurance agent that can help you assess risks based on the type of work that you do instead of just based on your job title. This takes a very knowledgeable agent and typically isn't the level of service many big name companies like to offer.
How Much Does Engineering Business Insurance Cost?
Engineers can expect to pay about $40 per month for general liability insurance, about $150 per month for Errors & Omissions insurance, $50 per month for workers comp insurance but can vary drastically based on your state and payroll.
With that said, each Engineer will face different risks based on the business operations, the type of work the engineer performs and more. Those specifics are pivotal in finding the most accurate rates for engineering insurance coverage.
Get Business Insurance for Engineers
If you have any questions about the insurance requirements for engineers and would like to talk to an independent insurance agent, call us at 1 (888) 258-8808 or visit our contact page to ask your question via email
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