Engineers do a number of different things, depending on what type of engineer they are. Generally, engineers use mathematical or scientific theories to solve complex global problems and questions. There are civil engineers, biomedical engineers, chemical engineers and more, each with a unique set of risks linked to their specific field. However, there are still a few risks they share in common, which can be accounted for with the right insurance coverage.
Professional Liability Insurance for Engineers
Before you can see why engineers need professional liability insurance, you have to understand what professional liability insurance is. Professional liability insurance is also known as errors and omissions insurance, protecting policyholders from legal fees associated with professional accusations of negligence, as well as damages that stem from professional errors. As an engineer, one wrong calculation can send an entire project worth millions up in flames. When you have professional liability insurance, you won’t have to worry about paying for your mistake completely out-of-pocket. isure is happy to review your policy with you so you’re fully aware of what and how much is covered.
Tools & Equipment Insurance for Engineers
Most engineers use a fair bit of tools and equipment; this is essentially their entire base for income. If it gets damaged, they are not able to complete their regular jobs and may lose out on business. When you have tools and equipment insurance, replacement or repair costs could be covered if tools break or are damaged.
Tools & Equipment Insurance for Engineers
Most engineers use a fair bit of tools and equipment; this is essentially their entire base for income. If it gets damaged, they are not able to complete their regular jobs and may lose out on business. When you have tools and equipment insurance, replacement or repair costs could be covered if tools break or are damaged.
Property Insurance for Engineers
Property insurance protects your business location from unforeseeable damages. No one expects an electrical fire or for a pipe to burst. Even worse is this unexpected cost can be wallet-draining and leave you without an office to work from. isure offers comprehensive property insurance coverage that can cover repair costs and offer you enough funds to find a temporary location to work from while the repairs are being carried out.
Intellectual Property Insurance
In an engineering business, an idea of the mind could potentially be worth millions of dollars. If someone comes along and steals an idea from you, they may steal your profits as well. That being said, going after an intellectual property infringement can be costly without intellectual property insurance. An intellectual property insurance policy commonly covers legal fees and damages from an infringement scenario.
Different sectors of engineering may require additional insurance policies to protect your company against specific perils. Speak with an isure broker about creating the perfect coverage for your engineering business today!
Intellectual Property Insurance
In an engineering business, an idea of the mind could potentially be worth millions of dollars. If someone comes along and steals an idea from you, they may steal your profits as well. That being said, going after an intellectual property infringement can be costly without intellectual property insurance. An intellectual property insurance policy commonly covers legal fees and damages from an infringement scenario.
Different sectors of engineering may require additional insurance policies to protect your company against specific perils. Speak with an isure broker about creating the perfect coverage for your engineering business today!