It is that time of year again. I have to renew my PL insurance. I am a solo engineer working on relatively small projects (single story warehouses, 3 story and under office buildings, residences etc). I used to work with another engineer years ago who started this PL policy, but he unfortunately passed away over 10 years ago and I have been on my own since. I currently have $2M/$2M limits on my insurance which my old colleague set that up years ago and I have continued on with ever since.
Recently I have started to receive requests from clients who are insisting that my limits go to $3M/$3M.... or I can't do business with them anymore. In the grand scope of things, these clients are not big, so I have not given it a second thought. If they want to raise their limits to a point I can not provide services to them then it's not my problem (as I am usually brought in to solve issues for these clients that other engineers refuse to do). I have solicited my provider to see if I can increase my limits to $3M/$3M and they state that I don't do enough work to justify the additional insurance limits. Unfortunately the list of clients that are requesting these limits is growing and I am starting to get nervous that it my spread over to my other larger clients.
Is anyone else noticing that clients are now requesting higher insurance limits? I am thinking that this might begin a slight push of squeezing smaller consultants out of projects.
Recently I have started to receive requests from clients who are insisting that my limits go to $3M/$3M.... or I can't do business with them anymore. In the grand scope of things, these clients are not big, so I have not given it a second thought. If they want to raise their limits to a point I can not provide services to them then it's not my problem (as I am usually brought in to solve issues for these clients that other engineers refuse to do). I have solicited my provider to see if I can increase my limits to $3M/$3M and they state that I don't do enough work to justify the additional insurance limits. Unfortunately the list of clients that are requesting these limits is growing and I am starting to get nervous that it my spread over to my other larger clients.
Is anyone else noticing that clients are now requesting higher insurance limits? I am thinking that this might begin a slight push of squeezing smaller consultants out of projects.
