A Professional Liability Update
Architects and engineers have unique exposures. If they don’t perform to a set of standards they are at risk of being sued and have the possibility of loss of reputation. This is where Architects and Engineers (A&E) errors and omission insurance can help. A&E Insurance covers liability for alleged or actual damages that result from the performance of professional services. All design professionals including residential and commercial architects, design/build architects, engineers, landscape designers, and specialty construction consultants, should consider professional liability insurance. Here are a few actual claims An architect firm was hired to design an HVAC system in a school. The design was discovered to have a flaw that caused exhaust to be brought back into the building. The resulting damages and legal fees totaled over $1,500,000. An A&E firm designed a 55-unit apartment complex. Three months after completion there was water damage to 25 units totaling $90,000. It was determined the A&E firm’s window frame design was incorrect and the firm was held responsible for all damages. The A&E firm incurred over $110,000 of expenses in replacing windows and related damage. There are things A&E firms can do to minimize risks including:
As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs. Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well. We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote. The EEOC just released the latest numbers relating to employment claims, and they remind us of the need for employment practices liability insurance.
• Retaliation was the most frequently filed charge with the EEOC in 2018, followed by race and disability. • Sexual harassment charges with the EEOC increased by 13.6%, based on preliminary 2018 results. • Monetary awards recovered for victims of sexual harassment increased by 47.4%. • The #MeToo movement and resulting publicity have caused visits to the EEOC sexual harassment website page to more than double over last year. We can offer a very comprehensive and affordable Employment Practices Liability Insurance (EPLI) products available in the industry today. Coverage can include protection against allegations of discrimination, harassment, wrongful termination, and retaliation. Coverage can be further enhanced to include Wage and Hour and Third Party Wrongful Acts. Get a quick quote and share with your client today. As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs. Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well. We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote. |
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4/17/2019
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