Protect Your Engineering Firm: How Professional Liability Insurance Can Protect Your Company
If you own your own thriving business, you know that you need insurance protection. But if you own an engineering firm, the insurance you currently have might not provide you with all the protection you need. This is especially true if you haven't invested in professional liability insurance. Professional liability insurance provides safeguards that are designed to protect you from lawsuits and other risks that might undermine your career. Before you go another day without professional liability insurance, read the list provided below. Here are four instances when professional liability insurance will protect your engineering career.
If you own an engineering firm, you need to be concerned about cyber attacks. Every time you open a file on your computer, you run the risk of a cyber attack. Those attacks can come in the form of phishing expeditions, data breaches, and malicious software attacks. Unfortunately, these attacks can have devastating consequences for your business. Professional liability insurance can protect you against the damages that can occur as the result of cyber attacks.
Real or Imagined Errors
When you're an engineer, you work with many different types of clients. When you provide work for clients, you hope that those projects will proceed without complications or errors. But that won't always be the case. Unfortunately, errors can lead to serious problems with the finished project. If a client accuses you of errors, either real or imagined, you may be subjected to a lawsuit. If that's the case, you'll need protection against financial loss. That's why professional liability insurance should be an important part of your business protection plan. Professional liability insurance will protect you against lawsuits stemming from claims of work errors.
Accusations of Negligence
In addition to accusations of errors, you also need to be concerned about accusations of negligence. Accusations of negligence go beyond those of errors. Errors include mistakes that might be minor in nature. But accusations of negligence go beyond mistakes. Claims of negligence can include issues such as breach of contract, failure to meet a professional standard of care, or cost overruns and missed deadlines. If you're accused of negligence in your services as an engineer, professional liability insurance can provide you with the financial protection you'll need against lawsuits stemming from the accusations.
If you're an engineer, don't work without the protection you need against lawsuits and losses. Talk to your insurance agent about adding professional liability coverage to your business insurance policy.