The Basics of Professional Liability Insurance for Engineers in Saskatoon
Professional liability insurance helps cover legal expenses if an engineer is sued for causing financial loss to a third party due to their service or advice. This includes defence costs, judgement awards and settlements. For example, let’s say an engineer is accused of making a mistake. This has caused their client to lose revenue and pay to fix the mistake. The client decides to sue to make up for these costs. The engineer’s professional liability insurance can help cover their defence costs as well as any settlement or judgement awards.
At EasyCover, we offer three optional limits of professional liability insurance for engineers in Saskatoon:
Choose the amount of coverage that reflects your company’s needs. Consider the likelihood of a lawsuit and the average cost of lawsuits in your industry. You should also take into account the number of clients you have, the value of each contract or project and your annual revenue.
All of EasyCover’s professional liability insurance policies include retroactive cover. This means that as long as you have a policy with us in effect, all of your work is covered. That means if a client from a few years ago accuses you of making a mistake that cost them money, your current policy would respond. Make sure you disclose any potential claims when you purchase your policy!