When it comes to insurance for design professionals, Fenner & Esler is a top choice as an experienced architect & engineer insurance company. Every structural engineer in Virginia needs to have structural engineers professional liability, or errors and omissions insurance, aside from the company’s size. Quality structural engineers insurance provides professional financial protection to cover any claim of neglect or breach of contract which may arise. When you need a professional liability insurance company, the best option is Fenner Esler. We’re not just brokers, but experts at dealing with the needs of structural engineers, providing you with the protection you need.
Any structural engineer that decides to take on a job while lacking structural engineer PL insurance coverage typically finds out suddenly they’re not able to make a move for any high value contracts. Having structural engineer insurance is normally a requirement in regards to bidding for the great majority of state and federal contracts. Other engineers decide to count on a project policy, which could help them acquire smaller contracts, but these policies have extremely high deductibles. If the unthinkable occurs and a claim is made, the structural engineer is likely 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 can possibly cripple most small firms and any structural engineers that are self-employed. The team of specialists that we employ can ensure that the structural engineers insurance our customers select has low rates to satisfy any budget, ensuring the operating success of the company.
Structural Engineers Insurance Company
The possibility of a lawsuit alleging that some omission or error in a project that they have designed causes personal injury or property damage is a reality for even the most diligent structural engineer. Generally this litigation occurs a long time after the completion of the project. Even if the claims of negligence turn out to be frivolous, the cost of litigation may be substantial. Structural engineers insurance is necessary to protect structural engineers individually, as well as engineering firms, from the catastrophic legal fees for omissions and errors litigation. Structural engineer insurance acts as protection from legal expenses, in addition to expenses that come with legal settlement actions or issuing payment to the plaintiff if a judgment is made against the structural engineers or firm. If it so happens that a suit is filed against the firm or structural engineer, legal representation will be provided by the insurance company to assist in determining the suit’s merits to figure out the best course of action.
Structural Engineers Insurance
Every firm can benefit from possessing structural engineer employment practice liability insurance. Conflicts can come up out of the blue, no matter how great the environment in your structural engineering firm is. In some instances, such disputes are readily resolved, but the possibility also exists for a disagreement to escalate into allegations of discrimination or harassment. The costs of litigation and settlements for employment practice lawsuits are always growing, and this may wreak havoc on a structural engineers firm which does not have any structural engineers employment practice liability insurance in place. At Fenner and Esler our specialists craft a structural engineer EPLI policy that examines each aspect of your practice to be sure no structural engineers are ever over or under insured.
Structural Engineer Insurance
The importance of having insurance from an independent structural engineer E&O broker cannot be underestimated. One suit can wipe out a smaller business, even when the structural engineer is found not liable in the end. Because of this, it is crucial to make sure you are covered. Some young structural engineers blow off this reality and decide to cut costs and not insure themselves Others decide to put away the funds themselves and self insure, only to find that the expense of litigation is considerably greater than they anticipated. The necessity for Professional Liability Insurance for structural engineers becomes apparent when one takes into account all these aspects.
Structural Engineer Insurance
Many start design professionals find that they opt out of insuring because the estimates they frequently see for engineers & architects insurance are so large. This is because larger companies can’t provide you personalized customization, and you wind up spending more for options that you won’t ever require. 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 needs of a small company. This makes the premium for insurance a lot more affordable. Fenner Esler is the place to go because our plans are also scalable to satisfy the requirements of your projects. If suddenly you discover you are taking on much bigger jobs, it is simple to expand your Professional Liability Insurance policy. Fenner Esler can even offer you special per-project choices to ensure that you can take on just one large job without needing to pay more for your regular structural engineer insurance.
Insurance Brokerage Structural Engineers
You must always treat hiring an engineers & architects insurance company precisely the same as though you were appointing a new partner for the firm. Advice for risk management strategies is another advantage of using an independent professional liability insurance brokerage like Fenner Esler. Lots of structural engineers want help with things like spreading out the risk of huge tasks to decrease the opportunity of lawsuits, errors or omissions. In addition, the structural engineers O and E Insurance specialist provides advice during contract negotiations in terms of developing provisions to protect the structural engineer or design professional from liability when they are delays in a job that are beyond the control of the structural engineer.
Structural Engineers Insurance Brokerage
With over thirty years of expertise as an independent structural engineer insurance coverage company our specialists not only create customized insurance policies to meet the needs of our clients, but we also provide comprehensive risk management services. We are constantly reviewing proposals and contracts to be sure that our clients are not taking a risk with the amount of liability they may take on for any given job. We also keep our customers current on the newest developments in the best practices associated with risk management. Each client receives our complete attention regardless of how big or small they might be. We believe our personal touch really sets us apart from online structural engineers insurance brokers that just really appear if they’re looking for money.