Electrical Engineering Professional Liability Insurance
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What is electrical engineering professional liability insurance?
The field of electrical engineering has become incredibly diverse, with new technologies and expertise being developed in areas as such as microelectronics, computer systems, telecommunications, RF engineering and signal processing. Electrical engineers operate in a complex field.
Unfortunately, that means you also have increased risks. If a client believes you’ve made an error or left out information that’s crucial to a particular project, you could be taken to court and be held personally responsible for any financial damages. Even if you have commercial general liability insurance, you will likely not be fully protected since those policies typically don’t cover professional services or advice.
Fortunately, EasyCover has professional liability insurance for electrical engineers like you. This unique form of insurance can help cover your legal expenses should you be taken to court for any services or advice you may have provided in your duties as an electrical engineer.
Interested in purchasing your professional liability online in minutes?
Acera Insurance offers EasyCover where you can get a quote, bind your policy and pay online in only a few short minutes. Get comprehensive coverage and affordable rates quickly and easily.
Here are some of the benefits of EasyCover:
- Get free online quotes 24/7
- No long, confusing applications to fill out
- Purchase and manage your policy online
- Support by phone, email or chat
- Option to bundle with other coverages
What does electrical engineering professional liability insurance cover?
Electrical engineers rely on professional liability insurance to provide valuable protection as they provide valuable services and advice to clients. If a client believes your designs or recommendations led to negative results, you could be held financially responsible. Whether it’s an issue that occurs during planning or implementation, unintentional errors can lead to costly lawsuits.
EasyCover’s professional liability insurance could help cover your legal claim costs, provided there is no intentional wrongdoings, fraud or criminal activity. Legal fees can come at a significant cost, which is why we recommend all electrical engineers have a professional liability policy.
How much professional liability coverage do electrical engineers need?
If a client of yours has a claim related to your electrical engineering services, professional liability insurance from EasyCover could provide the coverage you need. It can help to cover for your legal defense expenses along with any settlements or court-awarded judgments, up to your policy limits.
With EasyCover, you can select from these three levels of coverage:
- $1 million
- $2 million
- $5 million
These are the maximum payout limits for any claims within a 12-month policy period. The amount of coverage you need as an electrical engineer will depend on your specific industry, clients and the size of their contracts. You’ll also want to consider the financial impact of potential lawsuits.
For each covered claim, you’re responsible for paying a deductible. This is typically in the range of $250 to $1,500 and is based on your annual revenue. For instance, if you were to have two covered claims in one year and your deductible is $500, you would pay $1,000 in deductible fees. Your professional liability insurance would be there to cover remaining legal expenses (up to your policy’s limit).
E&O Insurance for Electrical Engineers
EasyCover by Acera Insurance insures a variety of electrical engineering professions, including:
- Control Systems Engineers
- Power & Energy Engineering
- Electronics Engineers
- Computer Engineers
- Telecommunications Engineers
- Signal Processors
- Instrumentation Engineers
Don’t see your profession listed here? Connect with us and we’ll see what we can do.
Common
claims scenarios for electrical engineers
Delayed delivery
You are hired to deliver a blueprint of a power grid but unfortunately you cannot meet the due date causing a delay in the project. Your client finds you liable for the financial losses due to the delay.
Equipment
There is a malfunction on the equipment you suggested your client to use. It will have to be updated or replaced causing extra expenses and a delay in the project. Your client will seek compensation.
Inspection
Halfway through the project, it is realized that there is a construction issue. Your client believes it could have been prevented if sufficient visits and inspections had occurred. Your client holds you accountable.
Top factors influencing professional liability insurance rates for electrical engineers
Professional liability insurance rates may vary for electrical engineers based on a number factors, such as:
- The risk level of the work and services you provide
- Your annual revenue
- The complexity and scale of your projects
- Your insurance and claims history
- Regulatory and compliance exposure
- Your coverage limits and deductibles
- Your risk management practices
- The province(s) you operate in
For a quick online quote to understand how much your professional liability insurance will cost, try our EasyCover virtual tool.
How much does E&O insurance for electrical engineers cost?
Insurance costs are influenced by your unique circumstances. In Canada, an entry-level electrical engineer should pay around $1,320 for their E&O insurance. A more experienced electrical engineer who earns up to $135,000 per year would pay closer to $1,716.
Use our quick quote tool to generate your own online E&O estimate. If you are comfortable with the price, continue to the next step to complete your purchase online. It’s that easy.
Risk management for electrical engineers
Although professional liability insurance for electrical engineers is essential for protecting your career, proactive risk management is your strongest safeguard against costly legal disputes. By implementing preventative strategies, you can reduce risk, protect your professional reputation, and stay focused on designing, testing, and delivering safe, reliable electrical systems with confidence and peace of mind. Here are some practical tips to help lower your exposure and stress:
Defined Contracts
Ensure you have clear contracts with clients and subcontractors that define the project’s scope, responsibilities, and limitations. This can help to align expectations and reduce potential legal actions.
Consistent Documentation
Make sure all processes, protocols, and communications are thoroughly documented to help reduce your liability and demonstrate accountability in case of a claim.
Regulatory Compliance
By staying updated on current industry regulations, you can ensure you’re following the best practices and relevant standards. This is critical to help to minimize errors and omissions.
Why electrical engineers rely on Acera Insurance and EasyCover for their E&O coverage
EasyCover by Acera Insurance delivers reliable professional liability insurance for Canada’s electrical engineers. Using our online tool, you can get a quick quote and secure your policy in minutes. EasyCover makes it simple and efficient to get the affordable and effective coverage you need. We’ll also be there for you should you have any coverage questions or need our support with a claim.
We also offer additional liability coverage options for electrical engineers.
Commercial General Liability
A standard business insurance, CGL protects you from third-party claims of injuries or property damage caused by negligence. A popular example is a client or delivery person who falls at your office. Keep in mind that CGL does not cover employee injuries or business property damage.
Cyber Liability
Cyber liability insurance can help with recovery expenses following a data breach or cyber attack. This can cover expenses like legal fees, public relations, or regulatory penalties. Because the costs can be significant, we strongly recommend cyber protection for electrical engineers.
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