Fenner & Esler is a top choice as an independent architect & engineer insurance company serving your requirements as a design professional. Regardless of the size of a business, all structural engineers in Virginia need to have Professional Liability Insurance, or errors and omissions insurance for structural engineers. Quality structural engineer professional liability insurance provides professional financial protection to cover any claims of negligence or breach of contract which might arise. Fenner Esler is the top choice when you’re looking for a professional liability insurance company. We’re specialists in handling the insurance needs of structural engineers, engineers, and other design professionals.
Any structural engineer who decides to take on a job without structural engineer insurance usually discovers suddenly they’re not eligible to make a move for any high dollar contracts. Nearly all contracts, federal and state, need structural engineers professional liability insurance prior to letting a structural engineer place a bid for a contract. Other engineers decide to depend on a project policy, which may help them acquire smaller contracts, but these policies have extraordinarily high deductibles. In the event the unthinkable happens and a claim is brought forward, the structural engineer is likely going to be required to pay at least $250,000 out of pocket before the coverage begins to cover the expenses related to litigation. Meeting this deductible can financially break most smaller firms and independent structural engineers. We have a group of experts that specialize in structural engineers insurance whose main job is ensuring that our clients are safeguarded by their policy at all times and need not suffer any unaffordable expenses.
Structural Engineer Insurance Company
Even the most competent structural engineers that follow all the best practices of the industry run the risks of a lawsuit claiming that an omission or error in a building or other structure they designed was responsible for personal injury or property damage. For the most part litigation of this nature occurs a great deal of time after the completion of the project. The legal cost can be substantial even when the claims of negligence are proved false. Structural engineer insurance is necessary for the protection of individual structural engineers, as well as engineering firms, from the catastrophic legal expenses for errors and omissions litigation. Structural engineers insurance serves to protect structural engineers from the price of litigation, in addition to expenses that come with settling legal actions and paying the plaintiff if a judgment is made against the firm or structural engineer. In the event a former client files a suit against the firm or structural engineer, the insurance company will obtain legal representation to help determine the merits of the suit to determine the right method of dealing with it.
Structural Engineers Errors & Omissions Insurance
Having structural engineers employment practice liability insurance is important for any firm. Conflicts can arise out of the blue, no matter how great the environment in your structural engineering firm is. Such situations need to be instantly taken care of as these disputes frequently have a damaging effect on staff morale, and even though most are resolved fairly easily, it isn’t hard for these situations to get out of control. Settlements with disgruntled employees on average have grown each year, and these lawsuits can substantially damage a structural engineers firm if structural engineers EPLI is not set up. We have put together a team here at Fenner and Esler made up of top risk management specialists to design employment practice insurance for structural engineers which takes into account the amount of staff and outside contractors that work for the company so that they can make sure that no structural engineer is ever under insured or over insured.
Structural Engineer Insurance
You shouldn’t ever underestimate the how essential it is to obtain insurance from an independent structural engineers insurance broker . While some engineers opt to go without this protection under the false assumption that the project owner’s insurance provides protection in case of a claim, some find, often when a claim is made years after, that they aren’t protected. Those who prefer to self insure often find they either did not anticipate the actual price of litigation, or else were tempted to remove the cash for other expenses. We can offer comprehensive liability insurance coverage at Fenner & Esler. The requirement for Errors & Omissions Insurance Coverage for structural engineers becomes apparent when one takes into account all these aspects.
Structural Engineer Insurance
Many beginning design professionals find that they choose out of insuring because the quotes they often see for architects & engineers insurance are considerably large. Typically, the Professional Liability Insurance plans provided on the Internet are one size fits all plans offering more protection than what’s desired by small businesses. This is where Fenner Esler comes in. We can tailor for you a customized structural engineer policy from several A-rated carriers that is suited for the wants of your company. This makes the premium for insurance much less expensive. Fenner Esler is the place to go because our policies are also scalable to satisfy the requirements of your projects. If suddenly you discover you are accepting much larger jobs, it’s easy to expand your PLI coverage. In the event that a business is given a project much bigger than their customary contracts, an insurance specialist from the professional liability insurance brokerage can arrange a per project E and O Insurance For structural engineers coverage without the expense of enlarging the protection of the principal policy.
Insurance Broker Structural Engineer
When searching for a architect & engineers insurance company, it is useful to think about the procedure as similar to including someone into your firm. Advice for risk management strategies is another benefit of using an independent professional liability insurance brokerage like Fenner Esler. How to spread the risk of large projects is one such instance that any structural engineer will find useful. There are forces that will be beyond the structural engineers management, and a specialist in structural engineers PL insurance coverage will have the ability to help negotiate contracts to the structural engineer will assume minimal liability.
Engineers Liability Insurance Company
We’ve got more than 30 years of experience as a top independent structural engineer insurance brokerage with specialists that don’t just create customized insurance policies, but the most all-inclusive risk management programs to satisfy the needs of our customers. For example, we look over each contract and proposal to make sure that our clients aren’t taking any risks on any of their jobs. We like to keep our clients well-informed on the best risk management developments available. The individual focus we offer our customers is what sets us apart from an online structural E & O insurance for engineers that just makes contact when a premium is due or it’s time to renew the coverage.