Even the most thorough structural engineers who follow all the best practices of the industry run the risks of a lawsuit alleging that an omission or error in a project they designed resulted in personal injury or property damage. Generally this sort of legal action is pursued a long time after a project is finished. Even if the accusations of negligence are frivolous, the legal cost may be considerable. Structural engineer O&E insurance is essential for the protection of individual engineers, in addition to structural engineering firms, from the great toll of errors and omissions litigation.
Why Every Engineer Needs To Obtain Insurance
E&O professional liability insurance, or PLI for structural engineers acts as protection from legal fees, in addition to expenses that come with settling legal actions and paying the plaintiff if a judgment is made against the structural engineer or firm. In the event a suit is filed against the engineer or firm, the insurance company will obtain legal representation to arrive at the best course of action by evaluating the suit's merits.
In addition to providing protection from legal action, a professional insurance agent can work with the firm or engineer to create and implement a successful risk management program. This sort of program can substantially lower the chance that a suit will be filed against the structural engineer or firm.
Structural Engineer PLI: How To Obtain It
When a professional liability insurance brokerage is contacted by an engineer, a qualified insurance professional will discuss the type of work in which the engineer is involved and how much liability the engineer is willing to assume. Such an agent will assist with designing a package to meet the firm or engineer's needs with this information, in addition to how many projects the firm or engineer does yearly.
The best way to make sure that your insurance will cover you adequately, without paying for coverages which you will not need, a customized structural engineer E&O is definitely the answer. Often the policies offered by insurance companies directly will provide more coverage than what is needed, which results in higher premiums. Resting easy knowing you are being protected against future claims without breaking your budget is the end result of working with a professional liability insurance brokerage.
Why Every Engineer Needs To Obtain Insurance
E&O professional liability insurance, or PLI for structural engineers acts as protection from legal fees, in addition to expenses that come with settling legal actions and paying the plaintiff if a judgment is made against the structural engineer or firm. In the event a suit is filed against the engineer or firm, the insurance company will obtain legal representation to arrive at the best course of action by evaluating the suit's merits.
In addition to providing protection from legal action, a professional insurance agent can work with the firm or engineer to create and implement a successful risk management program. This sort of program can substantially lower the chance that a suit will be filed against the structural engineer or firm.
Structural Engineer PLI: How To Obtain It
When a professional liability insurance brokerage is contacted by an engineer, a qualified insurance professional will discuss the type of work in which the engineer is involved and how much liability the engineer is willing to assume. Such an agent will assist with designing a package to meet the firm or engineer's needs with this information, in addition to how many projects the firm or engineer does yearly.
The best way to make sure that your insurance will cover you adequately, without paying for coverages which you will not need, a customized structural engineer E&O is definitely the answer. Often the policies offered by insurance companies directly will provide more coverage than what is needed, which results in higher premiums. Resting easy knowing you are being protected against future claims without breaking your budget is the end result of working with a professional liability insurance brokerage.
About the Author:
Mike Eagan is a blogger and expert in the field of structural engineering. Click here to visit a recommended professional liability insurance agent.
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