Engineering Insurance North Carolina

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Engineering Insurance North Carolina Policy Information

NC Engineering Insurance

Engineering Insurance North Carolina. Engineers use higher mathematics, economics, biological, and physical sciences to design airports, bridges, buildings, highways, products, and railroads. The engineer is hired by a client and may conduct research, prepare prototypes, or design specifications to meet the client's requirements. They may test process failures to identify problems and propose solutions. Engineers may specialize in chemical, civil, electrical, industrial, or mechanical design.

Related to engineers are the services offered by architects. Often engineering operations have architects on staff or other contractual associations with architectural companies.

If you own your own engineering business, then buying the right level of insurance for your business - including a BOP, or business owner's policy - is a crucial part of doing business. This type of policy protects your small business in many of the same ways that your homeowner's insurance protects your home. While the homeowner's policy protects your home and the stuff inside it, the BOP policy protects your business, your equipment, inventory, and more.

A engineering insurance North Carolina business owner's policy can provide you with protection if you find yourself on the receiving end of a lawsuit.

Engineering insurance North Carolina protects your firm from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

What Is An Engineering Insurance Business Owner's Policy?

This engineering insurance North Carolina combines three basic coverage types into one policy, making it easy to choose the coverage level that your business needs and stay protected without a lot of research into specific policy types. The BOP policy can protect your professional engineering firm from the perils faced by all businesses and from perils unique to your trade. This policy offers your business:

  • Business liability insurance. This insurance provides a buffer against specific lawsuits that allege your business is responsible for bodily injury or property damage due to the operation of the business. For example, if a customer becomes injured at your place of work or if an employee on the client's jobsite becomes injured or damages the client's property, this insurance kicks in to cover the damages. It may also cover you from libel and slander charges in some instances. However, it does not cover any liabilities that arise directly from the professional engineer services that you offer.
  • Business property insurance. This type of insurance protects the business' physical location and the items stored or maintained within. For instance, your equipment, tools, and furnishings are protected under business property insurance, regardless of whether you own them or lease your equipment.
  • Business income insurance. Most engineering insurance North Carolina BOP policies come standard with a business income rider. This type of policy covers the loss of your business' income when you are unable to serve the clientele you normally serve due to claims of covered damage to your property.

Other Engineering Insurance North Carolina Coverages

A BOP policy for engineers is essentially a coverage bundle that meets the needs of any small business. However, your business may have unique needs that go beyond the norm. There are many, many types of riders and add-on or addendum policies that you can purchase to make sure you are protected from a 360-degree angle. Some of the most popular include:

  • Accounts receivable insurance coverage. As an engineer, there's a good chance that you work on projects that span several months or even go on for years. This type of receivables accounting can constitute a large number of your firm's assets. If those records are destroyed some way, whether by fire, water, or some other peril, you can be out a great deal of money to recoup them. This insurance provides a protective buffer against such an occurrence.
  • Coverage for computers and media. You likely rely on your firm's computer system and special software to stay in touch with your clientele, discuss specs, share goals, and exchange quality control information. If a virus makes its way into your media, causing a network crash and corruption of your data, then this type of coverage pays for the research required for replacing such data.
  • Valuable papers coverage for engineering businesses. The types of records your business creates and subsequently stores are sensitive. Site tests, minutes of meetings, change orders, and so forth, are all valuable to the operation of your business. Should water, fire, or additional perils damage these records, then you can file a claim under this type of engineering insurance North Carolina policy rider to recoup the research costs to recover the lost information.
  • Data breach coverage. Your business should also consider data breach coverage. The press has been very thorough in decrying the data breaches that businesses experience. Your business could suffer immensely if clients' confidential information is compromised. This type of coverage helps not only to save your reputation and restore client confidence, but it also helps to pay any damage claim resulting from data breaches.

These are some basic coverage types. Your engineer business may need even more specialized coverage. There are specific types of insurance that may be necessary based on the size of your firm. For example, worker's compensation insurance is sometimes required by the state when you have employees; this coverage protects your workers if they are injured or become ill due to a job-related cause. In addition, some businesses may need commercial auto insurance. If you use a vehicle in the course of running your engineering business, then a commercial auto policy can protect your assets if you are ever sued by someone who claims you injured them or caused damage to their property while operating a business vehicle.

Each business' insurance needs are unique. Discuss your particular situation with an agent who is adept at finding the right cover and level of protection for you - whether that's an engineering business owner's policy or some other type of comprehensive coverage.

NC Engineering Service's Risks & Exposures

Premises liability exposure is limited due to lack of public access at the office location. If clients visit the premises, they must be confined to designated areas. To prevent slips, trips, or falls, all areas accessible to the public must be free of obstacles with floor coverings in good condition. The number of exits must be sufficient and well marked, with backup lighting in case of power failure.

Parking lots and sidewalks need to be in good repair with snow and ice removed, generally level and free of exposure to slips and falls. Off-site exposures consist of visits to customers' premises and to job sites. There should be procedures in place for enforcement of rules regarding off-site conduct by employees.

Professional liability exposure is extensive due to the catastrophic potential for injury and death due to an error in design that results in structural or process failure, such as the collapse of an interstate or high rise. The exposure increases if the firm fails to conduct thorough background checks to verify employees' accreditations, education, and licensing, permit clerical workers to do tasks that only professionals should handle, or if error checking procedures are ignored or are inadequate.

All design specifications must be followed and inspections regularly conducted. Documentation must be clear, with changes marked and authorizations signed by both the engineer and the customer. Customers can suffer financial loss due to construction delays and cost overruns.

Workers compensation exposure is from office operations and off-site visits to customers' premises. Since work at the office is done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar repetitive motion injuries that can be reduced with ergonomically designed workstations. Off-site exposures may include working at construction sites, at heights, on rough terrain, or in isolated areas. Engineers can be injured off-site by slips and falls, falling objects, falls from heights, electrical panels, and wiring, construction machinery, flying debris, noise, and automobile or aviation accidents. Protective equipment may be required.

Property exposure is primarily that of an office, although there may be some incidental storage or an area for meetings. Ignition sources include electrical wiring, heating and air conditioning systems, wear, and overheating of equipment. The storage of customers' records may add to the fire load. Storage should be in fireproof file cabinets, and fire suppression systems must not damage the papers. Computers and other electronic equipment may be targets for theft.

Crime exposures are from employee dishonesty. Ordering, billing and disbursement duties must be separated and regular audits performed. Employee dishonesty issues may arise when an employee is on a client's premises. Background checks should be conducted before permitting any employee to visit clients.

Inland marine exposure consists of accounts receivable if the firm offers credit, computers, and valuable papers and records for clients' information, product proposals, prototypes, final specifications, and work in progress. The computers generally have expensive hardware and software designed specifically for engineering applications. Power failure and power surges are potentially severe hazards.

Computer systems must have adequate security features to prevent unauthorized access due to industrial espionage or by hackers. Duplicates must be made often and stored off site. Storage on premises should consist of fireproof cabinets. There may be an off-premises exposure if engineers take tools and equipment to customers' job sites.

Automobile exposure is from the vehicles used to travel to visit customers and to job sites. Generally, the vehicles are private passenger types or pickups. If vehicles are supplied to employees, there should be written guidelines regarding the personal and permitted use of the vehicle. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and records kept in a central location.

Engineering Business Specialties

Chemical engineers use chemistry and chemical reactions to design machinery or industrial plants that manufacture chemically-based products. They may work in newer fields such as nanotechnology, or invent new processes. The engineer is hired by a client and may conduct research, prepare prototypes, or design specifications to meet the client's requirements. They may test process failures to identify problems and propose solutions.

In chemical engineering, errors and omissions exposure is extensive due to the catastrophic potential for injury and death due to an error in design that results in the release of pollutants, toxins, or known carcinogens into the air, water or land around the customers' premises.

All design specifications must be followed and inspections regularly conducted. Documentation must be clear, with changes marked and authorizations signed by both the engineer and the customer. Customers can suffer financial loss due to construction delays and cost overruns.

Civil engineers use higher mathematics, economics, biological, and physical sciences to design airports, bridges, buildings, highways, manufacturing plants, and railroads. They may specialize in construction, environmental, forensic, geotechnical, hydraulic, municipal, or transportation fields. The engineer is hired by a client and may conduct research, prepare prototypes, or design specifications to meet the client's requirements. They may test structural failures to identify problems and propose solutions.

In civil engineering, professional liability exposures are large due to the big potential for injury and death due to design flaws that result in structural failures. Imagine a bridge collapsing with cars on it.

All design specifications must be followed and inspections regularly conducted. Documentation must be clear, with changes marked and authorizations signed by both the engineer and the customer. Customers can suffer financial loss due to construction delays and cost overruns.

North Carolina Economic Data, Regulations & Limits On Commercial Insurance

For business-savvy individuals who are looking to establish operations for their corporation in North Carolina, having a firm understanding of the economic status of the state is essential. It's also crucial that business owners understand what the regulations and limitations for commercial insurance in the state. Below, we offer an overview of the economy and insurance requirements in the Tar Heel State.

Made In North Carolina

For any business owner who is thinking about establishing a NC based organization, it's essential to first understand if the state is considered a healthy location for your enterprise. Before you set up shop, understanding key details that are related to the economy of the state, in addition to what type of commercial insurance is mandated is essential.

Economic Trends for Businesses In North Carolina

Job growth is promising in NC. Between 2017 and 2026, it is estimated that 389,000 jobs will be created within the state. In 2017, the unemployment rate within the state continued to fall at a steady rate; however, as of March, 2019, the state's unemployment rate rose 0.1 percent, a slight increase. Though the unemployment rate in North Carolina is slightly higher than the national average (0.2 percent higher), the forecast is positive, with rates holding steady in the coming years.

As of January, 2019, the unemployment rate did increase in all 100 North Carolina Counties; however, the rate is still lower than it was during the early 2000s. With an unemployment rate of 3.6 percent, Asheville had the best labor market in January, 2019, while in Rocky Mount, the rate was 6.0 percent, the highest in the state.

It is predicted that the following industries will contribute the most to NC's labor market through the year 2026:

  • Aerospace and Defense
  • Automotive
  • Biotechnology and Pharmaceuticals
  • Business and Financial Services
  • Computer- and Mathematics-related occupations
  • Food Processing and Manufacturing
  • Furniture Production and Sales
  • Health Care and Social Assistance
  • Outdoor Recreation
  • Plastics and Chemicals
  • Professional, Scientific, and Technical Services
  • Textiles
Commercial Insurance Regulations and Limits in North Carolina

Every industry is required to comply with state-mandated commercial insurance regulations in the state of North Carolina. According to state law, all businesses that employ three or more workers must carry workers' compensation insurance. Businesses that rely on vehicles for their operations must also carry commercial automobile coverage. Organizations that operate in areas that are prone to flooding must also carry commercial flood insurance. Additional forms of coverage may be required, as well, depending on the specific industry that a business operates under.

Additional Resources For Professional Services Insurance

Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.


Professional Services Insurance

Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.

Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.

In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.

Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.

Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.

Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.


Request a free Engineering Insurance North Carolina quote in Albemarle, Apex, Archdale, Asheboro, Asheville, Belmont, Boone, Burlington, Carrboro, Cary, Chapel Hill, Charlotte, Clayton, Clemmons, Clinton, Concord, Cornelius, Davidson, Dunn, Durham, Eden, Elizabeth City, Elon, Fayetteville, Fuquay-Varina, Garner, Gastonia, Goldsboro, Graham, Greensboro, Greenville, Harrisburg, Havelock, Henderson, Hendersonville, Hickory, High Point, Holly Springs, Hope Mills, Huntersville, Indian Trail, Jacksonville, Kannapolis, Kernersville, Kings Grant, Kings Mountain, Kinston, Knightdale, Laurinburg, Leland, Lenoir, Lewisville, Lexington, Lincolnton, Lumberton, Matthews, Mebane, Mint Hill, Monroe, Mooresville, Morehead City, Morganton, Morrisville, Mount Airy, Mount Holly, Murraysville, Myrtle Grove, New Bern, Newton, Oxford, Pinehurst, Piney Green, Raleigh, Reidsville, Roanoke Rapids, Rockingham, Rocky Mount, Salisbury, Sanford, Shelby, Smithfield, Southern Pines, Spring Lake, St. Stephens, Stallings, Statesville, Summerfield, Tarboro, Thomasville, Wake Forest, Washington, Waxhaw, Waynesville, Weddington, Wesley Chapel, Wilmington, Wilson, Winston-Salem, Winterville and all other cities in NC - The Tar Heel State.

Also learn about North Carolina small business insurance requirements for general liability, business property, commercial auto & workers compensation including NC business insurance costs. Call us(704) 703-1413.

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