I've been working with several Engineers lately and this question seems to come up quite frequently. How much is Business Insurance for Engineers? It's one of those questions that has many answers and questions. Both of which I will discuss below. Hopefully it will help other engineers when pricing Business Insurance.
As you can see there are several variables that come into play when it comes to obtaining a price for Business Insurance for Engineers. Believe it or not, these are just a few of the questions. To get a firm quote, you'll need to fill out an application. I have attached one below if you would like to review. To discuss the cost of Business Insurance for Engineers in more detail, please feel free to reach out to me. I am always happy to help.
If you would like more information about Insurance for Engineers, feel free to check out a past blog post Insurance for Engineers.
Professional Liability Insurance for Architects can be somewhat overwhelming and confusing. There are so many business insurance options available. As an Insurance Agent, I've seen a lot of them. In fact, I sell a lot of them, but there's one I really like. Travelers 1st Choice for Design Professionals is the policy I would consider if I were an Architect. And, no, this is not a paid ad and Travelers is not paying me anything to write this article. In fact, they don't even know I'm writing this article. Anyway, this particular Professional Liability Insurance for Architects really delivers when it comes to protection and value added services. As far as comparing a policy, it's easy to get caught up with price, retention and policy limits to do an apples-to-apples quote, but consider the risk management resources below for your business. Travelers can not only be competitive on premium, but also hit a home run with the resources below.
Training Webinars from an Experienced Industry Leader
Founded in 1853, Travelers has been around a long time and knows what it takes to be successful in this fast paced digital economy. They understand their success depends on your businesses success, that is why they created a program for Architects and other Design Professionals. The program consists of quarterly risk management webinars for businesses to help mitigate risk. Some insurance companies may have the same webinars, but I doubt they can bring the value that Travelers does. Travelers webinars typically will have someone with an architect or design professional background and a law background not an underwriter afraid to go off script. In addition to the education, you will also get credit when you participate in them. Again, other carriers will offer this, so I would ask to hear a sample webinar. If you are going to have to listen to a webinar, you want to make sure you are getting something out of it.
Pre-Claims Phone Number
Having a resource available before you have to file a claim can be of huge value. Take for example a property owner and general contractor are in litigation due to a faulty structure and you are called on to make a statement. There's no claim, so the insurance company cannot respond. Pre-claim assistance can be very valuable in this situation. Without this, your only other options are consult with your attorney or blindly make your statement. Both of which could be very costly in the long run. Some carriers may also offer pre-claim assistance, but does the carrier have the experience and reputation that Travelers does? These are just a few questions I would ask.
Another set of eyes to look at a contract never hurts. At the end of the day, the contract is going to be an extremely important, if not most important, document when it comes to doing business. Having an industry leader take a look at it never hurts. Not only will they review the contract, but they will do this at no cost to you.
Again, I want to reiterate, I get nothing from Travelers for writing this post. Yes, I do represent other "A Rated" carriers and they offer some of these risk management value adds as well, but I feel Travelers has the complete package when it comes to Professional Liability Insurance for Architects and other Design Professionals. Design Professionals include:
Commercial Insurance Agent
Why is my landlord requiring me to have Business Insurance? I get this question a lot since lease terms can have many insurance details. Some of which new business owners or veteran business owners are not familiar. Below are a few insurance coverages your landlord might require you to have when you sign a lease.
General Liability Insurance
Your landlord has their own General Liability Insurance to cover their exposure and business. Meaning, their insurance company has a full understanding of what they do. They do not know what the tenants do, so they are not going to cover a risk they know nothing about. Since the building owner could be brought into a potential lawsuit, they are going to want you to have this coverage in force upon lease execution. In addition to having General Liability Insurance, they may also require you to have them, the landlord, listed as an Additional Insured and have a Waiver of Subrogation on the policy.
If there's a fire, and your business isn't operational, you most likely won't be able to pay rent, so your landlord may also require you to have Business Interruption/Business Income. This coverage could be a specific amount or ALS (Actual Loss Sustained).
Business Personal Property
If a loss occurs on premises, your landlord is going to want you to have insurance for your property. Business Personal Property is going to provide this coverage this coverage.
Employees get injured. The last thing a property owner wants is to be brought into a lawsuit for an injury that occurred on the premises. To reduce this exposure, they might require the tenant to have a Workers Compensation policy. Although it's not required in Texas, they still might want you to have it.
Other requirements I have seen, A+ Rated Carrier, Waiver of Subrogation, Tenant Glass, and Umbrella. If you have any questions about these coverages, please feel free to call or email me. When signing a lease, you have a lot to deal with as far as requirements go, we are here to help with the Business Insurance.
Commercial Insurance Agent