How much is Business Insurance for Engineers?

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. 
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• What type of Business Insurance are you needing or wanting? Typically, Engineers have Professional Liability, General Liability and Workers Compensation Insurance. This is probably the minimum requirement for most contracts out there. Again, this is the minimum. In some cases, firms will also carry Umbrella and other policies.

 

• What type of insurance limits are you looking for? Are you wanting $1,000,000 limits or higher? The higher the limit (more coverage) the higher the premium. 


• Have you had any past claims or losses? If so, this might limit the number of carriers that will write your insurance and also increase the rate that you pay.   

 

• What are your gross sales? Insurance companies have to gauge not only the type engineering work you are doing, but also the amount of sales for each type. This is a very common question and should be asked. If it's not, you should be concerned.  *Some carriers may use payroll to calculate instead of sales. 

 

• How much experience do you have and how many years have you been in business? Carriers will most likely ask for past project experience as well as a resume, maybe even financial statements. 

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. 

Jason Matison
Business Insurance
​Austin, Texas  

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