Category Archive Professional Liability Insurance

3 Tips for Saving Money on Your Auto Insurance

Auto insurance is a cost that pretty much everyone has to make room for (since it’s legally required), and it never hurts to find ways to cut down on its cost if you can. Here are three simple ways you can save on your car insurance and put money back into your wallet. 

1. Compare Quotes 

First of all, it never hurts to compare quotes. Go online or reach out to various agents in your area from different companies to find out how big the discrepancy is. You may be able to find similar coverage to what you have but for a discounted price. 

2. Take a Defensive Driving Course 

You may be able to save on your auto insurance by completing a defensive driving course online and sending the certificate to your insurance company. But it depends upon which state you live in; for example, in Massachusetts auto insurance providers may not offer defensive driving discounts even while they do in Texas or other states. 

3. Simplify Your Coverage 

Finally, you can always reduce or change your vehicle’s coverage. Perhaps you don’t need as low a deductible as you currently have, or perhaps you can go without theft coverage for a while. Reach out to your agent to find out what your options are. 

Using these three tips, you can save your well-earned money and invest it or spend it on something more meaningful to you. It never hurts to have a little bit of extra cash around! 

Professional Liability Insurance

Protecting Your Firm with Professional Liability Insurance

Business owners like yourself understand the need for typical insurance plans to protect your operations:

  • General liability, including protections against customer injury and property damage
  • Property coverage for office building and property owned and used by your company
  • Commercial auto for vehicles used for business
  • Workers’ compensation, offering protection for employees injured on the job

Leading an engineering firm, you also need professional liability insurance. Your clients expect you to deliver buildable plans and specifications. If a mistake or oversight in your design causes physical and/or financial loss to a client, you need a plan that protects you from losses due to litigation.

Why Do I Need Professional Liability Insurance?

This professional liability insurance, also known as engineering errors & omissions coverage, gives you the layer of protection that helps you pursue clients and contracts to grow your business. Despite in-house quality control and quality assurance processes, errors and omissions can occur that can result in significant damages. Whether it’s a small mathematical error in a set of design calculations or a note that incorrectly indicates inches instead of feet, a mistake puts your company at risk when operating without E&O coverage.

Do I Really Need E&O Coverage?

The reality is that some clients and business partners require consultants to have a specified amount of professional liability insurance before executing a contract or issuing a notice to proceed. You’re in this business to make money. Don’t disqualify yourself from lucrative contracts by not having E&O protection.