Insurance is needed in all businesses for safeguarding and protecting the financial health. Each and every person depending on the need which he wants to cover. Insurance is needed for all the businesses and for all the professionals. Business insurance is required for professionals like doctors, engineers, teachers, artists etc.
Each and every profession has its own risks associated with it. Coming to the business insurances for the engineers. There are two types of insurances for the engineering firms or for the engineers, Engineering Professional Liability Insurance and the Engineering general Liability Insurance coverage. Both insurance coverages are necessary for the growth of the business of their firm.
Engineer Professional Liability Insurance: This is also called as the error and omission claims insurance. Generally, engineers deal with the projects and the design services which are needed for the clients. They have to do error free work. But, rarely the projects will be error free. Then in that case, the clients will file a claim against the engineers for the unsatisfied work. One will get protection for these type of claims through the engineers professional liability insurance.
Engineer General Liability Insurance: This type of insurance is used for the engineers for covering against the claims of property damages or bodily injury. This protects you and your employees in the firm. This covers the cost of medical expenses in case of bodily injury and property damage costs.
Engineer Property Insurance: This insurance will protect the physical assets.
So, most of the engineers use business owners policy where the general liability insurance is also covered.