Professional Liability Insurance for Engineers in Minnesota
What is Engineers Professional Liability Insurance?
Engineers professional liability insurance (errors and omission insurance) is a type of commercial insurance that financially protects engineers in the event litigation is brought against them.
Since engineers are often involved in hands-on tasks that carry a variety of risks, this leaves them liable in situations where a mistake or accident has occurred regarding a project they have worked on. These errors can lead to costly delays or safety issues that may result in injury, financial damages, and ultimately the lawsuits that follow. It’s important to have financial protection that covers a wide range of issues that can occur when working on a project, and professional liability insurance offers engineers this type of protection.
The Major Types of Engineers Liability Insurance
Every plan is different for every engineering firm, but there are several major types of professional liability insurance for engineers that provide a broad range of coverage based on the type of work they perform. These can include:
- Errors and omissions: if the work your firm performs or the advice your engineers give results in financial loss, this insurance will generally cover you based on the claims.
- Design insurance: coverage specifically for firms that work in architectural design
- Build insurance: coverage specifically for firms that help with the construction and building of new structures.
Plans can be drafted that cover a mixture of engineering and architectural work, and they generally provide coverage for:
- Mistakes and oversight on a project
- Failure to provide contracted services
- Failure to deliver based on a contractual deadline
- Negligent actions and accusations of negligence
Obtain Minnesota Engineers Professional Liability Insurance
Looking for professional liability insurance for engineers in Minnesota? Get in touch with the commercial insurance experts at The Patrick J. Thomas Agency. We can help you create a customized plan that fits your business and the type of coverage you need the most. Contact us today to start creating your plan.