Like other professionals, many engineers realize the importance of having a comprehensive professional liability insurance policy. If you are shopping for Indiana professional liability insurance for engineers, you might already understand the many advantages of liability coverage. If you still need some convincing, though, here are three benefits of liability insurance for engineers.
The clearest advantage of purchasing engineering liability coverage is the protection it provides from lawsuits. Even if you do your job carefully, eventually you will probably make a mistake. If that mistake causes harm to your client or a third party, you might be on the financial hook. Liability insurance covers the expensive costs of defending lawsuits and paying settlements.
Another benefit of liability coverage is reimbursement for lost earnings. If you spend time helping your insurance company investigate or settle a claim against you, you will probably receive reimbursement for your lost earnings. This is a tremendous benefit, as such investigations are usually quite time-consuming.
A third advantage of Indiana professional liability insurance for engineers is that you can typically lock in rates for many years with a multi-year policy. Because of this, if you find a good policy at an affordable rate, you can be sure to receive affordable benefits for years to come.
If you are an engineer, you should think about protecting your practice and livelihood with a comprehensive professional liability insurance policy.