Land surveyors professional liability insurance is another name for E&O, or Errors and Omissions insurance. This coverage is meant to protect you legally and financially if you make a professional mistake that costs your client. Whether it costs them in money, time, or property, they will sue your company for the damages. Sometimes lawsuits are filed with allegations against you that you’re not at fault for. You will still spend your own time and money defending yourself when issues like this arise.
For example, if you provide a basic boundary survey for a residential client, they trust that you recorded everything properly and that they can legally build within the areas you indicated. In later years however, if a neighbor dispute arises about the property lines and your customer feels that you made mistakes when you performed the survey for him, he may sue your company. Without land surveyors professional liability insurance, you will be left to pay for your litigation costs and deal with the allegations on your own.
With the right levels of coverage on your land surveyors professional liability policy, your coverage can pay for the legal expenses that arise instead. It can also provide for your losses in income if you must be away from work while addressing a lawsuit. When applicable, your E&O policy will also pay customer’s settlements, judgments or awards.