Electrical Engineer Insurance

If you’re in the electrical engineering industry, you will be glad to know that this field is expected to grow in the next few years, thanks to advancing technologies. Coastal areas in particular employ a lot of electrical engineers. But whether you own a business with a whole team of engineers or just perform all the work yourself, what’s most important to know is that you need the right kind of insurance. That’s why you should get to know what electrical engineer insurance covers.

General Liability

When you work with electrical components, there is a chance you will cause damage to the items you are working on or even the home or business you are at. When that happens, you may be held liable, which means you will have to pay for any necessary repairs or replacements. Similarly, if you injure any of your customers, you will have to pay for their medical treatment and any settlements that arise from lawsuits against you. That’s why you need electrical engineer liability insurance.

Another benefit of this type of policy is that it can cover you if you are ever accused of libel, slander, or intellectual property theft. Plus, most of your customers will expect you to have electrical engineer liability insurance, so you will lose a lot of business if you fail to get insured.

Business Owners (BOP)

A business owners policy, or BOP, incorporates a few kinds of coverage. One of the most important benefits is that it will cover your business property if it is damaged by a fire, vandalism, or any other incidents. This coverage can keep you from having to pay out of pocket to get your property back to the shape it was in before the damage. Additional coverage included in a BOP are equipment breakdown, sewer and drain backup, and accounts receivable.

Professional Liability (E&O)

No matter how careful you are when you work on electrical engineering projects, you or your employees are bound to make a mistake. In some cases, a single mistake could cause extensive damage, leading your customers to sue. This is why you need E&O coverage in your electrical engineer insurance policy. Even if the lawsuit you face is without merit, you will still have to pay for your legal defense, which could be expensive enough to put you out of business.

Commercial Auto

If you frequently have to drive for electrical engineering projects, you need to make sure commercial auto coverage is part of your electrical engineer insurance policy. The same goes for any employees you have who also drive for your business. This is because personal car insurance policies do not apply to car accidents caused by people driving for business purposes.

Workers Compensation

In most states, even businesses that have just a few employees need workers comp. This is because you need to make sure your employees are taken care of financially if they are injured on the job. Workers comp pays for any medical bills employees have after a work injury, as well as lost wages while they recover. If you want your employees to feel safe while at work, and you also want to ensure that you do not have to pay for their medical treatment out of your own pocket, you need workers comp as part of your electrical engineer insurance.