Engineering Errors And Omissions Insurance Cost

Professional liability policies are made available to such risks and these policies provide essentially the same protection as is afforded under the physicians surgeons or dentists professional liability policy.

Engineering errors and omissions insurance cost. A 1 million 2 million policy will cost on average just over 2 000 per year. The words errors and omissions e o are practically taboo in architectural circles and are rarely spoken even in private conversations between architects engineers and their professional employees. Although many engineering firms will ensure that they have coverage for builder s risk project owners fail to consider professional liability insurance for engineers. Engineering insurance to suit you.

There are many insurance risks associated with every engineering project. The average errors and omissions insurance cost depends on the type of business and the amount of coverage. The median cost of professional liability insurance for an engineering business is about 155 per month or 1 875 annually the median value eliminates high and low outliers providing better representation of typical engineer insurance costs than the average value. The median cost offers a more accurate estimate of what your business is likely to pay than the average cost of business insurance because it excludes outlier high and low premiums.

The size of the business the location of the business and the number of employees also influence how much a policy will cost. Professional liability e o errors omissions general liability coverage more. Average costs for e o coverage are usually 500 to 1 000 per employee per year. Regardless of policy limits the median monthly cost of errors and omissions insurance is 59 713 annually.

Errors omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence. Quote and buy online in minutes. However errors and omissions in construction documents occur on every project. So if your business has 50 employees you can estimate your errors and omissions premium to be between 25 000 and 50 000 per year.