No matter how good an engineer you are, you can still make a mistake on a project that may have serious or even catastrophic consequences later. For example, a mistake in your calculations could result in a building that develops cracks, or even collapses, during a major earthquake. These mistakes, no matter how inadvertent, will expose you to lawsuits from clients or third-parties for damages resulting from your perceived failure to carry out your work in a satisfactory fashion. In order to protect yourself and your business, you need to buy a professional liability engineers insurance policy. This type of insurance, which is also known as an errors and omissions (E & O) policy, covers both the cost of defending yourself against a lawsuit as well as any monetary damages awarded to the claimant in case of a judgment against you for not performing to the prevailing standard of care.

However, when buying a professional liability engineers you should avoid having both coverage gaps and having too much coverage. Coverage gaps will make you vulnerable to financial losses in case you are found liable for a risk for which you are not covered. Excessive coverage, on the other hand, means that you are paying too much for your policy, since it covers risks that you may never encounter. Hence you should assess your needs carefully to ensure that you are getting the right amount of coverage.

The important coverage features that you should have in your professional liability engineers insurance policy include: