Other Types of Insurance for Newfoundland Engineers
EasyCover specializes in professional liability insurance but offers several other business liability coverages including:
- Commercial general liability
- Cyber liability
- Directors and officers liability insurance
Depending on your business, you may not need all of this coverage but it’s important to do your due diligence and assess your insurance needs.
Cyber Liability Insurance
You may use digital software as a part of your work, possibly to create designs or to test them. You also deal with client information. Any business that utilizes technology is exposed to the risk of a cyberattack or privacy breach. If one does occur, cyber liability insurance can help your engineering business in Newfoundland recuperate from financial losses. This can include legal expenses, regulatory fines, digital asset theft, extortion fees, and more.
Commercial General Liability Insurance (CGL)
Commercial general liability insurance is highly recommended for all businesses. For Newfoundland engineers, this coverage can help cover legal expenses if a third party is hurt or has their property damaged as a result of negligent acts. This includes judgement awards, settlement fees, and defence costs.
Common commercial general liability insurance claims are slips, trips, falls and accidental damage to property on a work site. Coverage limits typically start at $1 million and can be increased based on your needs.