With a choice of Electrical Engineer Insurance policies, professionals have a layer of protection against real-world exposures, including professional liability (E&O), bodily injury, property damage, legal situations and workers’ compensation. This combination, usually purchased separately though in some cases they can be bundled includes General Liability, Business Owner’s Policy (BOP), Commercial Auto Insurance, Professional Liability, Excess Liability, and Tools Coverage, and more.
Licensed professional engineers, independent contractors and consultants, and firms may benefit from this type of insurance. With the right coverage, professional electrical engineers and contractors can keep their business financially responsible as well as compliant with both client and state requirements.
We’ve specialized in Electrical Engineer insurance since 2007, backed by nearly two decades of experience in commercial insurance.
General liability insurance helps to protect against third‑party claims. These claims include property damage and bodily injury and negative impacts caused by reputational injury, such as slander or /libel claims. General Liability may also shield against advertising injury, and helps with legal defense against claims that may seem to be a stretch.
Primarily working with electrical components opens engineers up to the possibility of accidentally damaging those devices/items as well as inadvertently damaging the business or home of the work site. In these cases, an electrical professional may be held liable. Electrical engineer liability insurance may help to insulate against these types of claims, responding to property damage or any kind of third-party bodily injury.
More often than not, clients have the expectation that an electrical engineer will at least carry liability insurance.
A BOP is a policy that brings together several types of coverage - General Liability as well as Commercial Property coverage under one umbrella. This type of policy makes sense for firms that operate out of an office. Office equipment, such as computers and hard copy documents, along with engineering equipment like plotters and calibration tools, benefit from this type of all-encompassing coverage that addresses business property.
What’s NOT Covered (Exclusions) Under Electrical Engineer BOP Insurance:
Like any policy, certain claims or situations would not qualify for coverage.
Many engineers drive frequently in the midst of projects, whether to a job site or meetings, site commissioning, transporting parts and gear, and more. With Commercial Auto Insurance, engineers have the reasonable expectation of liability coverage, as well as comprehensive and collision coverage for the vehicle. Hire and non owned coverage is also available.
Working with electrical components may involve some inherent risk. Firms of all sizes, as well as contractors who hire out, may benefit from a workers' comp policy. This type of policy covers employee medical bills resulting from work injury or occupational illness. Workers’ comp may also cover lost wages as employees recover and undergo rehabilitation.
These types of policies may also include employer's liability, which could in certain circumstances, apply to claims not barred by workers’ comp statutes.
Excess liability insurance provides another layer of protection by increasing the limits of underlying policies like commercial auto or general liability.
Excess Liability helps cover more complicated or serious claims that could exceed a policy’s limit. This is important for companies whose clients may consist of large facilities with more moving parts and a high footprint.
Note that these excess policies typically do not extend to E&O, and instead, they can lay over general liability policies and/or commercial auto. Professional liability insurance usually necessitates an Excess E&O, depending on the carrier.
Tools and equipment are the lifeline of any electrical engineering business, no matter the size. Power quality analyzers, safety equipment, oscilloscopes, thermal cameras, calibration tools, tablets, and more are all essential to the job but are vulnerable to breakdown, accidental damage, or possible theft.
Note that normal wear and tear and unexplained loss are not usually covered.
Tools and equipment coverage can help pay for the repair or replacement of covered equipment.
Professional liability insurance, or Errors & Omissions (E&O), addresses claims resulting from professional mistakes that lead to legal proceedings.
Any type of error - whether in calculation, design, advice/consultation, is susceptible to allegations which could lead to a hefty financial burden in terms of legal defense, fees, and settlements or judgments.
Cyber liability may cover data, client information, work plans, or proprietary drawings. In addition, Employment practices liability (EPLI) is beneficial for hired staff who may present employment-related claims.
USA Business Insurance has served small and mid-sized businesses since 2007. Clients rate us highly, 99% positive on Google reviews. We specialize in electrical engineers and the small businesses around them: artisan contractors, retailers, manufacturers, and service firms.
Let us protect your business like it’s our own. Reach out today!
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