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What types of business insurance do engineers need?
These policies provide coverage for common risks in the engineering industry.
General liability insurance
General liability insurance covers basic risks, such as customer property damage and injuries. Bundle with property insurance for savings in a business owner’s policy.
BEST FOR
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Slip-and-fall accidents
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Damaged customer property
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Libel or slander lawsuits
Business owner’s policy
This policy bundles property insurance and general liability insurance in one plan. A BOP is often one of the most cost-effective types of insurance for professional engineers
BEST FOR
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Slip-and-fall accidents
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Damaged customer property
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Libel or slander lawsuits
Professional liability insuran
This policy, sometimes called errors and omissions insurance, is important for engineers and other design professionals. It covers legal fees related to work performance.
BEST FOR
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Design errors
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Accusations of negligence
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Contract disputes
Professional liability insurance
Workers’ compensation insurance is required in almost every state for engineering businesses that have employees. It can cover medical costs for work-related injuries.
BEST FOR
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Employee medical expenses
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Partial missed wage
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Lawsuits over employee injuries
How much does engineering insurance cost
Several factors will have an impact on insurance costs, including:
Type of engineering services offered
Business equipment and property
Revenue
Number of employees
Why do engineers need insurance?
In engineering, one small mistake can cause a project to veer off course, resulting in delays or other serious issues. Other risks include client injuries at your office, or employee injuries at a job site. Engineer liability insurance, workers' compensation, and other policies provide the protection engineers need against client lawsuits, medical bills, and more.
