As an engineer, you understand the need to have an adequate amount of insurance and not leave your business open to unnecessary risks. Unfortunately, the many options available can make the process somewhat confusing. To help you with your search, here are two of the most popular insurance coverages that you should plan to include in your new policy.
Professional Liability Insurance
Also known as errors and omissions or malpractice insurance, professional liability insurance covers your business in case a client claims that an error on your part led to them experiencing some sort of loss. In such an instance, your policy will cover any attorneys’ fees, settlement or judgment amounts as required by your case.
Most people think of property insurance in terms of buildings and equipment, but it goes much wider than that. Property insurance not only covers your physical items, but it also covers your digital property as well. For example, if you’re the target or a cyber attack and your data gets lost or becomes corrupted, your policy can provide payments towards its restoration.
Depending on the policy you have, you may also be able to receive payments for potential income you lost out on while your data was unusable.
Finding the right professional liability insurance for engineers in Indiana by yourself isn’t going to be easy. It’s best to work with an experienced agent who understands the industry and can help you get the exact coverages and limits based on your needs.