Professional liability insurance

[msucog]

as a quick reference, what range of costs are you seeing for E/O insurance (say for a small startup geotech firm)? i realize this will depend greatly on the locale and billings but a generalized range would be appreciated.

 

[rbulsara]

I would say go to

http://www.plan.org.

Look up an agent in our area and talk to them.

It also depends on how many professionals and employees in the firm.

Rafiq Bulsara

http://www.srengineersct.com

 

[zdas04]

There have been many threads on this topic, you might want to do a search.

David

 

[msquared48]

It also depends on your volume and liability exposure.

Yea. Best to contact a local agent and get a qoute.

Mike McCann
MMC Engineering

 

[Ron]

Professional liability insurance for engineers is based on gross revenue. It is also rated on the types of services you offer, with geotechnical being at the top of the list for high rates, high liability, and high claims rate.

 

[msucog]

thanks folks. i tried a search before but didn't find anything good...will look again though. and i'm already talking with an agent.

 

[zdas04]

Ron,
Does that imply that Geotech guys are the OB/GYN of Engineering?

Seriously, you are right. When I removed "Project Management" from my list of work activities (at the suggestion of my insurance broker after looking at my audit results for a couple of years), the cost of insurance went down significantly, and I know that if I take a PM job I will have to get supplemental short-duration insurance. So far I've just turned down any PM work that came along, I can't afford $10k in insurance to make $11k.

David

 

[zdas04]

msucog,
If you type "Professional Liability Insurance" in the Google search bar above you get hundreds of threads. I just read the first 5 and they each answer your original question.

David

 

[Ron]

David...exactly! I agree also that you have to pick and choose your areas of practice to keep the insurance down.

Ron