In your field, you are expected to provide quality services and produce error-free work on a daily basis. Such precision is obviously important in such a highly skilled industry, but despite your best intentions, some mistakes or misjudgments are bound to occur. Unfortunately, when they do, even the smallest error can have serious consequences.
Clients could sue you or your company, and in addition to paying to defend yourself in court, you would also be responsible for potentially extensive restitution costs if found at fault. If you fail to protect yourself against this liability, the consequences for your business could be financially devastating.
Professional Liability Coverage
First and foremost, architects and engineers can protect themselves with professional liability insurance coverage. In the event of a claim, this policy will cover the cost of defending you in court and any monetary damages awarded to the claimant if you are found at fault.
However, just purchasing coverage is not enough. You will also need to engage in effective risk management as well as report claims on first knowledge. Reporting and responding to claims immediately by developing an appropriate response plan can ensure that you have the best chance of a favourable outcome.
Quick Response Plan
Your best risk management defence is to craft a very specific plan for responding to errors and omissions (E&O) claims. The following elements should be addressed in your plan:
You may not be able to afford to take risks but we can at least help make your risk management affordable. Contact us today to get started on a quote for coverage that's tailored to your specific needs.
Want more information and tools to help Architects & Engineers effectively manage their risk? Download our free Architects & Engineers content package!