Fenner & Esler is a leading choice in terms of structural engineers and structural engineers insurance from an independent broker. Every structural engineer in Florida needs to have structural engineers professional liability, or errors and omissions insurance, aside from the firm’s size. Quality structural engineers insurance provides professional financial protection to cover any claim of neglect or breach of contract which may arise. When looking for a professional liability insurance broker, your best option is Fenner Esler. We aren’t just brokers, but experts at dealing with the needs of structural engineers, providing you with the protection you need.
Structural Engineer Insurance
When structural engineers make the mistake of going without structural engineers insurance they find quickly they’re not eligible to bid for contracts of high value. Having structural engineers insurance is generally a requirement as it pertains to bidding for the great majority of state and federal contracts. Some engineers prefer to rely exclusively on a project policy because this can help with gaining smaller contracts. The only drawback is the fact that the expenses on some of these policies could get extremely high. In the event the unthinkable occurs and a claim is made, the structural engineer is probably going to have to pay at least $250,000 out of pocket before the policy begins to cover the expenses related to a suit. A financial deficit this large may potentially destroy many small firms and any structural engineers that are self-employed. We have a group of agents who specialize in structural engineer insurance whose main job is making sure that our clients are protected by their coverage at all times and need not suffer any unaffordable expenses.
Structural Engineer Insurance Brokerage
Even the most competent structural engineers that follow all the industry’s regulations to the letter run the risk of a lawsuit alleging that some omission or error in a building or other structure they worked on caused property damage or physical injury. Generally this litigation is pursued years after a project has been finished. Even if the accusations of negligence are proved false, the cost of litigation will be considerable. For structural engineers that work by themselves as well as engineering firms, structural engineer liability insurance coverage is important to protect against the catastrophic legal expenses involved in E&O litigation. Determine the best course of action by determining the suit’s merits.
Structural Engineers Insurance
Possessing employment practice insurance for structural engineers is important for any firm. Even in the absolute most tightly knit structural engineer companies, employer-employee conflicts come up. In some instances, these disputes are readily resolved, but the potential also exists for a disagreement to escalate into claims of harassment or discrimination. The cost of litigating and settling employment practice lawsuits continues to climb every year, which can devastate a structural engineers company that does not possess employment practice insurance for structural engineers. We’ve put together a team here at Fenner and Esler made up of leading risk management experts to create employment practice insurance for structural engineers which takes into account the amount of staff and outside contractors who work for the firm so that they’ll make certain that no structural engineer is ever under insured or over insured.
Structural Engineers Professional Liability Insurance Coverage
The importance of obtaining insurance from an independent structural engineer insurance coverage broker shouldn’t ever be underestimated. One lawsuit can wipe out a small firm, even when the structural engineer is found not liable in the end. For this reason, it’s vital to ensure you are covered. Some young structural engineers ignore this reality and decide to save money and not insure themselves. Others may decide to self-insure only to realize that the cost of litigation and authorized defense is considerably higher than the structural engineer anticipated. The requirement for PL for structural engineers becomes clear when one considers all these aspects.
Structural Engineer Insurance
When asked why they opt out of structural engineer insurance many professionals mention the cost of the policies they’ve found online. This is because larger companies can’t provide you personalized customization, and you wind up spending more for options that you won’t ever need. Regardless of your firm’s size, at Fenner Esler we can help you to find an idea where you will have all the coverage you could require without spending additional funds that you don’t want to. This makes the premium for the insurance much cheaper. The conditions of your Omissions and Errors Insurance policy are also in a position to be scaled relative to the type of jobs you are taking on, in case you suddenly discover you have much bigger jobs than anticipated. In the event that a firm is awarded a project much larger than their usual contracts, an insurance specialist from the professional liability insurance brokerage can organize a per task structural engineers E and O Insurance coverage without the cost of expanding the coverage of the main policy.
Insurance Broker Structural Engineers
When searching for a structural E & O insurance company for engineers, it is helpful to consider the procedure as similar to incorporating somebody into your business. As independent professional liability insurance brokerage specializing in structural engineers E and O Insurance, Fenner Esler can provide an edge with risk management guidance. Many structural engineers want help with things like spreading out the risk of huge projects to reduce the chance of lawsuits, errors or omissions. There are forces that will be beyond the structural engineers management, and an expert in structural engineer insurance will have the ability to help negotiate contracts to the structural engineer will assume minimal liability.
Structural Engineer Insurance Company
With over three decades of experience as an independent structural engineers insurance company our specialists don’t just create customized insurance policies to meet the requirements of our customers, but we also provide comprehensive risk management services. We are constantly evaluating proposals and contracts to ensure that our customers are not taking a risk with the amount of liability they might assume for any given project. We endeavor to keep you up to date on the newest innovations and best advice in the field of risk management. The individual attention we offer our customers is what sets us apart from an on-line structural engineer insurance that just makes contact when a premium is due or it is time to renew your coverage.