Do Engineering Consultants Need Insurance?
Architects and engineers work with clients to design building plans or ensure things work. We know engineering firms face unique challenges on top of the common risks many small business owners face, like property damage or bodily injury claims. This is why getting the right coverage, like liability insurance for engineers, is important. See how adding seguro de negocio to your risk management plan can help you run a successful small business.
What Insurance Coverage Do Engineering Companies Need?
Many engineers start with a Business Owner’s Policy (BOP) for their insurance needs. It combines three types of insurance coverage that can help protect your business from different risks:
General liability insurance to help cover claims that your business caused bodily injury or property damage to someone else.
Commercial property insurance to help protect the owned or rented building, tools, equipment and inventory you use to operate your engineering business. This includes:
- Computers
- Protective equipment, like goggles, gloves and a helmet
- Saws
- Hammers
- Toolboxes
- Jacks
- Wrenches
Business income insurance to help replace lost income if you can’t operate your engineering business because of a covered property loss.
While a BOP creates a good foundation for protection, you may need other types of coverage to help protect your business from other claims.
For example, many engineers need professional liability insurance, which helps cover claims that there was a mistake or error in the professional services given. This coverage is also known as errors and omissions insurance or E&O insurance.
