The Importance of Errors and Omissions Insurance for Engineers
As an engineer, the projects that you work on not only need to match up to client specifications, but they also need to withstand the test of time and follow all local laws and regulations. One small mistake can cost your business thousands of dollars and my even threaten the safety of others. If you end up getting sued over errors that are made, you are in for an expensive legal battle unless your business carries errors and omissions insurance for engineers.
Four Mishaps that may be Covered
Errors and omissions insurance protects your business if and when a client claims that you or one of your employees made a mistake that caused them a financial loss. The following four examples of mishaps may be covered by a quality insurance policy:
- Carelessness. A house is built using your plans and the client blames his water damage on your design.
- Unkept Promises. Your firm miscalculates how long it will take for a project to be completed and a client sues because the setback interferes with his plans.
- Forgetfulness. Your client requests certain finishes, but you forget and install the wrong ones.
- Poor execution. An electric system that you installed is inadequate and so the client sues.
Don’t be a victim of circumstances. Protect yourself from potential mishaps that could ruin your engineering business by investing in errors and omissions insurance for engineers.