Whether you own a large or a small architectural engineering firm, take a moment to think about what would happen if you were suddenly faced with an allegation of making an error or omission in your work. What would happen to the financial state of your company if you were unexpectedly responsible for paying the full cost of all legal fees associated with your defense? Even if claims of negligence against you are completely unfounded, you unfortunately cannot recoup any of the money that you spend on legal fees. Errors and omissions architecture coverage is designed to help ease your financial burden if you are ever accused of making errors or omissions in your work.
Risks Covered by E&O Insurance
You should choose errors and omissions architecture insurance coverage that is designed to meet your very specific risks and needs. Depending on your clients and the size of your company, you may need an E&O policy that is structured a bit differently from the E&O policy of an architectural engineering firm in another city. Common risks that are often covered by standard errors and omissions policies include:
- Past work
- Work done by independent contractors
- Work done by temporary employees
If you want to give your architectural engineering firm the best chance of succeeding in this highly competitive economy, make sure you always have errors and omissions architecture insurance coverage.