Why Is Engineering Such a High-Stakes Career?
Every day, engineers work to improve the way we interact with the world around us. From Fortune 500 companies to small family-owned businesses, engineering know-how is a necessity for innovation and advancement, which is why engineering is one of the most sought-after fields in Canada.
Whether a company employs their own group of engineers or sources engineering support from a consulting company, the responsibilities of the engineer remain the same: to provide high quality, reliable designs, expertise, and information needed throughout the lifecycle of a project.
Regardless of what field of engineering you specialize in, your ability to withstand pressure has most likely served you well on and off the job.
Unfortunately, the career that you have chosen comes with a fair number of challenges, and the pressure surrounding your work is serious. In most cases, your direction results in the construction of a tangible product that will be used by many people. From buildings, bridges, and roadways to kitchen gadgets, software, and devices, engineering literally affects everything from the profit margin to brand reputation. With this type of responsibility resting on an engineer’s shoulders, it is no wonder that their errors or omissions are typically seen as the reason for financial loss and reputation damage.
Protecting Yourself against Liability Risks as an Engineer
Mistakes do happen, and mistakes in the engineering field can prove to be very costly in terms of time, money, and reputation. From design errors to timeline delays, projects rarely go as smoothly as one might like. In a perfect world, you would have the resources to ensure that no mistake gets past you, but, in reality (with limited time or tight deadlines) it may be impossible to detect every error or inadvertent omission before finalizing your work. And if this error or omission causes your company or client to endure financial loss, they may want to pass the financial responsibility to you.
There is no question that your best efforts are put forth on every project, but, sometimes, you may need additional protection besides your expertise and good intentions. To protect yourself from an unforeseen situation like this, purchase a professional liability insurance policy.
Readmore:
- The Average Cost of Professional Liability Insurance: All You Need to Know
- Do you need Professional Liability insurance?
- Ultimate Guide to Errors and Omissions Insurance
Many people are familiar with commercial general liability insurance quote and tend to opt for this insurance coverage alone. Unfortunately, this type of coverage, while valuable for several other reasons, does not extend to cover claims stemming from professional advice and services. Professional liability insurance coverage, however, does protect you as an engineer in situations where your professional advice or service is being claimed to have caused problems for a client or a third party. Checkout: Professional Liability vs. Commercial General Liability
To protect yourself from claims related to professional advice and services, we recommend that you purchase a professional liability insurance policy for engineers.
Professional liability insurance covers the legal expenses pertaining to a lawsuit against you, including defense costs or any awards or settlements. It’s important to note that coverage is subject to policy limitations and terms and conditions, which you should discuss and understand thoroughly with your broker before purchasing your insurance.
EasyCover enables you to request an E&O insurance easily and within minutes. No waiting, no hassles, fast, effective insurance coverage available at your fingertips. You can also speak to one of our licensed insurance brokers by calling us toll-free at 1-844-439-2683 or by using our live chat during regular business hours, Monday through Friday.
Interested in other types of insurance for your business? Below, you can check out the main coverage services offered by EasyCover: