Engineering Insurance
Engineers specialize in either chemical, industrial, civil, electrical, and mechanical engineering. They work closely with architects.An engineer requires the right coverage for his business.
The Cost of Engineering Insurance
The standard price for general liability insurance for engineers depends on location, size of business, revenue, experience, etc.
Types of Insurance For Engineers
The essential insurance for engineers is the business owner’s policy. A BOP covers your business property, inventory, and contents from any damage.
The BOP combines three policies in a single plan. The policies cover
General Liability – the policy cushions the business from lawsuits that involve bodily injuries or property damage. In some cases, it protects your business from libel or slander charges. However, it doesn’t cover liabilities that are caused directly by your services.
Commercial Property– protects your business property and contents inside, for example, equipment, machinery, tools within your business premises, regardless of whether they are owned or leased.
Business Income– the insurance covers the loss of income when services halt due to damage claims within your business.
What Other Types of Coverages do Engineers need?
Accounts Receivable Coverage
Some projects engineers work on can take years to complete. During this period, records can be lost, stolen, or even burn in the event of a fire. This policy covers the replacement of the documents.
Computer and Media Coverage
Using computers for projects is typical for designing projects, client communication, or storage. If the computer gets a virus, it can either corrupt your data or obliterate files. The insurance policy will help you replace or recover the data. Also, it covers the income lost during the damage period.
Data Breach Coverage
Client details and communication is stored digitally. For example, bank details, social security numbers, residential addresses are the most crucial details. Your business can suffer financial loss if the information is compromised. Data breach coverage helps salvage your reputation and restore your client’s trust. It also pays for damage claims from the data breach.
Workers Compensation
Most states require a business to carry a workers compensation for their employees. The coverage benefits the employee by covering medical bills and lost wages in a work-related injury or illness.
Commercial Auto Insurance
Engineers rely on business vehicles to transport equipment and materials to construction sites. The policy pays for damages to the vehicle due to an accident through repair or total replacement.
To get the right coverage for your engineering business, consult a reliable insurance agent to offer advice on the options available.