Professional liability insurance is absolutely critical for many different fields, including those in the design and construction industry. For architects and engineers professional liability coverage is a must, in order to protect both large firms and individual businesses.
Errors and Omissions
Also known as errors and omissions insurance, professional liability coverage exists because many professionals face considerable risk as they provide services to clients. Factors such as increasing expectations, broader contracts, new technological developments, and high demands for sustainability mean that being sued is more likely now than ever. Insurance is necessary to cover costs for lawsuits such as legal fees and settlements, even if the suit is baseless. A solid program can even be used to help repair damage to your reputation.
Many different professionals need errors and omissions insurance, including contractors, designers, construction managers, engineers, consultants, surveyors, and architects. Be sure that you find an insurance provider that can generate a plan designed specifically for you, your business, and your industry. Some important risks to consider are personal injuries, pollution, professional negligence, regulatory problems, structural defects, and even dishonest acts. It’s always a good idea to discuss topics like these with your insurer.
Make sure that you’re protected in case of disaster. Whether you’re a sole proprietor or part of a larger company, architects and engineers professional liability insurance is always a good idea.