Professional Liability Insurance for Engineers in Newfoundland
Engineers in Newfoundland carry significant responsibility for design, planning, and oversight. E&O insurance protects against liability for errors, omissions, or project issues.
Errors and omissions insurance for engineers in Newfoundland
Whether you’re an engineering consultant hired to do a small budget project for a startup or you’ve been hired by a multi-million dollar enterprise that’s looking to have you work on a multi-story design, engineering contracts are complex by nature. If a client files a claim against you for financial loss due to a mistake you have made on the job or the omission of key information, you could face significant financial losses. Not only that but your professional reputation could be irreversibly damaged.
EasyCover by Acera Insurance provides Newfoundland engineers with professional liability insurance to help protect themselves if something like this should happen. Get a quote for free with the online EasyCover tool.
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- Get free online quotes 24/7
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Professional Liability Insurance Explained for Newfoundland Engineers
If a client or third party should file a claim against you for financial loss caused by your professional services, you could wind up facing a lawsuit. This includes a negligent mistake (real or perceived) or omission of key information. Professional liability insurance can help cover Newfoundland engineers for their legal expenses if this happens, including settlements, judgement awards, and defence costs.
We offer three levels of coverage at EasyCover:
- $1 million
- $2 million
- $5 million
The level of coverage your business needs will depend on the expected cost of a lawsuit and the likelihood of a claim. Your policy will only pay out to this maximum amount that you’re covered for during the policy period, regardless of the number of claims.
Your policy may also automatically include retroactive cover, which includes claims made during the policy period for wrongful acts that occurred prior to the policy inception date.
Note that while professional liability insurance protects Newfoundland engineers from financial loss claims due to their professional services, it won’t cover other types of liability claims such as those alleging property damage or bodily injury. For these types of claims, you would need commercial general liability insurance.
Sub-professions of engineers in Newfoundland EasyCover insures
EasyCover by Acera Insurance supports the following sub-professions of engineers in Newfoundland:
- Acoustic engineer
- CAD/CAE engineer
- Chemical engineer
- Civil engineer (excluding structural)
- Draughtsman
- Electrical engineer
- Electrical inspectors/appliance testers
- Expert witnesses (engineer)
- Feasibility studies
- Geologist
- Health and safety consultant
- Heating and ventilation engineer/HVAC engineer
- Mechanical engineer
- Mining engineer
- Oil/gas engineer
EasyCover can insure engineers running their own business or engineers that operate as consultants. Our coverage is designed for businesses with 1-2 employees. For larger businesses, you can receive your coverage directly through Acera Insurance.
Examples of professional liability insurance claims for Newfoundland engineers
Common professional liability insurance claims scenarios for Newfoundland engineers may include:
If you forecast a budget for a project and the final costs end up going well above your predictions.
A client alleges that you have made a mistake or an error that caused a project to be delayed, costing the client money.
An engineering design that you made contains an error that a client alleges has resulted in additional expenses being incurred or led to costly repairs.
FAQs: Understanding Professional Liability Insurance for Newfoundland Engineers
Engineers in Newfoundland are generally required to carry professional liability insurance by their professional organization. They are also usually required to carry this type of coverage by their contracts.
In any case, lawsuits are expensive. Professional liability insurance for engineers helps cover these costs and reduces the financial burden on you and your business.
The following examples are samples of what an engineer in Newfoundland might pay for their professional liability insurance:
- An electrical engineer who earns $200,000 per year as a sole proprietor in Newfoundland may pay an average of $2200 per year for their professional liability insurance.
- A mechanical engineer who receives $155,000 per year may pay an average of $1700 per year for their professional liability insurance. Cyber and CGL coverage would be an extra $600 per year.
Depending on your business, you may pay very different rates than another engineering enterprise. Your rates will depend on:
- The kind of contracts you take on and their value
- How many clients you have
- Your insurance history
- Your coverage options and limits
- If you have employees, and if so, how many
- Which province(s) do you operate in
You have the option of getting a quote quickly online with our EasyCover virtual tool to see how much your professional liability insurance will cost you.
Additional insurance for Newfoundland engineers
EasyCover specializes in professional liability insurance but offers several other business liability coverages including commercial general liability and cyber liability insurance. Depending on your business, you may not need all of this coverage but it’s important to do your due diligence and assess your insurance needs.
Commercial General Liability Insurance
Commercial general liability insurance is highly recommended for all businesses. For Newfoundland engineers, this coverage can help cover legal expenses if a third party is hurt or has their property damaged as a result of negligent acts. This includes judgement awards, settlement fees, and defence costs.
Common commercial general liability insurance claims are slips, trips, falls and accidental damage to property on a work site. Coverage limits typically start at $1 million and can be increased based on your needs.
Cyber Liability Insurance
You may use digital software as a part of your work, possibly to create designs or to test them. You also deal with client information. Any business that utilizes technology is exposed to the risk of a cyberattack or privacy breach. If one does occur, cyber liability insurance can help your engineering business in Newfoundland recuperate from financial losses. This can include legal expenses, regulatory fines, digital asset theft, extortion fees, and more.
Why Newfoundland engineers choose EasyCover
Engineers in Newfoundland choose EasyCover because of the convenience and comprehensive coverage we offer. We are dedicated to ensuring that the process of getting insurance is always easy and quick, while still going above and beyond the industry standard for affordable rates and good protection.
To get a Newfoundland engineers professional liability insurance quote, simply access our online tool and fill out the fields about your business. You can secure coverage in minutes.
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