Surveyor Insurance Policy Information
Surveyor Insurance. Surveyors use the mathematical principles of geometry, trigonometry, and physics to measure and describe portions of land or sections of the earth to provide accurate data for determining property boundaries on maps or plans. Distances are measured by calculating the degree of various angles between measurement points.
Equipment traditionally includes a 66-ft. long surveyor's chain for measuring short distances and a surveyor's transit with a telescope and a level mounted on a tripod that can rotate vertically or horizontally. The transit is used for sighting longer distances and for determining vertical and horizontal angles.
Today, a tape measure has generally replaced the chain. Modern tools may include electronic distance measurement devices (EDM), global positioning systems (GPS), satellite imaging, 3D scanners, and many other types of equipment. Licensing requirements vary by state.
As a surveyor, you have an important job to do. The information that you relay to the land owner, government agency or anyone else that commissions your services can have a major impact on their decisions. That's one of the reasons that it is important to have the right insurance.
But you don't just want to cover the surveyor part of your job. You want insurance that covers your entire business and protects every aspect of it. The best way to do that is to customize the standard business insurance products for your own unique needs as a surveyor. Let's take a look at those surveyor insurance products now.
Surveyor insurance protects your surveying business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked surveyor insurance questions:
- What Is Surveyor Insurance?
- How Much Does Surveyor Insurance Cost?
- Why Do Surveyors Need Insurance?
- What Type Of Insurance Do Surveyors Need?
- What Are Surveying Risks & Exposures?
- What Does Surveyor Insurance Cover & Pay For?
What Is Surveyor Insurance?
Surveyor insurance is a type of professional liability insurance that protects surveyors from financial losses arising from errors, omissions, or negligence in the performance of their professional duties.
This type of insurance can cover costs associated with defending lawsuits, paying damages, and other financial losses related to malpractice, wrongful acts, or other liabilities. Surveyor insurance may also cover losses related to third-party claims, such as property damage or bodily injury caused by the surveyor's work.
How Much Does Surveyor Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small survey businesses ranges from $37 to $49 per month based on location, size, payroll, sales and experience.
Why Do Surveyors Need Insurance?
Surveyors need insurance to protect themselves and their businesses from potential financial risks and liabilities that may arise during their work. These risks can include damage to equipment, accidents or injuries on the job, and errors or omissions in the survey work. Without insurance, surveyors could face significant financial losses that could potentially put their business in jeopardy.
Insurance also helps to protect surveyors from legal actions that may be taken against them, such as lawsuits or claims for damages. It can provide coverage for legal fees and costs associated with defending against these actions, which can be a significant burden for a small business owner.
In addition to protecting against financial risks, insurance can also provide surveyors with peace of mind and allow them to focus on their work, rather than worrying about potential problems. Surveyor insurance can provide a sense of security and help surveyors to feel more confident in their abilities and their ability to handle any issues that may arise during their work.
Overall, insurance is an essential part of the work of a surveyor, as it helps to protect their business and their personal assets from potential financial risks and liabilities. Without insurance, surveyors could face significant financial losses that could potentially put their business in jeopardy, and it is important for surveyors to carefully consider the types of insurance that they need to protect themselves and their businesses.
What Type Of Insurance Do Surveyors Need?
Surveyors, like any other professionals, need to protect themselves and their businesses from a variety of risks. Some of the types of insurance that surveyors may need include:
- Professional Liability: Also known as Errors & Omissions Insurance, this covers surveyors for claims arising from mistakes or oversights made in the course of their professional duties.
- General Liability: This covers surveyors for claims arising from bodily injury or property damage sustained by third parties on their property or as a result of their work.
- Business Owner's Policy: A BOP is a package policy that combines general liability coverage with property insurance and other coverage options. It can be a cost-effective way for surveyors to obtain the coverage they need.
- Workers Compensation: This is required in most states and covers surveyors for injuries or illnesses sustained on the job.
- Commercial Auto: If surveyors use their own vehicles for business purposes, they will need auto insurance.
It's important for surveyors to carefully consider their needs and consult with an insurance professional to determine the appropriate coverage for their specific situation. Here are a few more points to consider when it comes to insurance for surveyors:
Some surveyors may choose to work as independent contractors or to start their own businesses, while others may work for a larger surveying firm. The insurance needs of these types of surveyors may vary, and it's important for them to carefully consider their specific risks and exposures.
Surveyors may also need to consider insurance coverage for their employees. This may include workers' compensation insurance to cover on-the-job injuries and illnesses, as well as other types of coverage such as health insurance.
Some surveyors may work in high-risk environments, such as construction sites or hazardous locations. These surveyors may need additional insurance coverage to protect themselves and their businesses from the unique risks associated with these environments.
Surveyors who work on large or complex projects may also need to consider additional insurance coverage, such as project-specific liability insurance or bonding.
It's important for surveyors to carefully review their insurance needs on an ongoing basis and to consult with an insurance professional to ensure that they have the coverage they need to protect themselves and their businesses.
What Are Surveying Risks & Exposures
Premises liability exposure is very limited at the firm's office due to lack of public access. Any customer area must be neat and floor coverings maintained in excellent condition. To prevent slips, trips, or falls, all areas accessible to clients must be free of obstacles with floor coverings in good condition. The number of exits must be sufficient, and be 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, and generally level and free of exposure to slips and falls.
The off-site exposures are extensive as surveyor must take their sightings from the most appropriate angle to get an accurate survey. To do so, they may have to set up their equipment in the middle of the street or on a premises not owned by the client. Hazards increase if there is no field guide that provides policies and procedures for dealing with all situations. When interfering with traffic, proper barriers and warning signs are needed in order to prevent accidents.
Professional liability exposure is high because a survey determines the boundaries for properties being purchased, subdivided, or sold. Engineers and architects rely on surveys in making design decisions. Any resulting claim will generally be related to property damage instead of bodily injury or personal injury. For example, if an error is made in road design and the survey was a contributing factor, there may be a claim against the survey firm.
The hazards increase if the firm fails to conduct thorough background checks to verify surveyor' training, background, education, certification, and licensing.
Workers compensation exposures can be high from site work. Surveyor may travel over rough terrain in rural or unpopulated areas, encounter animals, insects, or hostile vegetation, be hit by falling objects, or be injured in a motor vehicle or aviation accidents. Slips, trips, and falls are common. Surveyor may be injured trying to get to a location, set up equipment, and perform the necessary calculations. Non-clients may object to a surveyor being on their premises, resulting in threats or even assault.
Surveyor should check in frequently and have an emergency communication procedure in place. Surveyor who measure roads and other similar points are in danger of being struck by vehicles. Barriers should be in place when doing street work.
Property exposure is generally limited to that of an office, although there may be some incidental storage or an area for meetings. Hazards arise from the considerable storage of survey documentation, maps, diagrams, photos and similar records, although these are now often digitized instead of paper format.
Ignition sources include wiring, heating and air conditioning systems, wear, and overheating of equipment. Storage of paper documents, such as maps, diagrams, or photos, should be in fireproof cabinets. Fire suppression systems must not damage the papers. Theft exposures depend on the amount and type of computer and surveying equipment on hand.
Crime exposure is from employee dishonesty. Hazards increase without proper background checks and monitoring procedures. Ordering, billing, and disbursement should not be handled by the same individual. An annual audit should be conducted.
Inland marine exposure includes accounts receivable if the firm offers credit, computers, special floater, and valuable papers and records for contracts, survey reports, and clients' information. Surveyor' tools, many of which are electronic, should be kept in the office or in a locked vehicle when not in use at an off-site location. The customers' papers on file may be originals that are difficult to recreate.
A morale hazard may be indicated if the surveyor does not keep valuable papers and disks in fireproof file cabinets to protect them from smoke, water, and fire. Power failure and power surges are potentially severe hazards to data stored electronically. Duplicates should be kept off-site to allow for easy restoration in the event of a loss.
Business auto exposure is moderate as surveyor travel to job sites using light trucks or all terrain vehicles designed to transport the surveying team and their tools. If company vehicles are supplied for use, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained. and records kept in a central location.
What Does Surveyor Insurance Cover & Pay For?
Surveyors can be sued for various reasons related to their professional activities. Insurance policies, such as Professional Indemnity Insurance (PII) or Errors and Omissions Insurance (E&O), can help protect them financially in the event of a lawsuit. Here are some common reasons surveyors are sued and how insurance can help:
Negligence: Surveyors can be sued if their work is deemed negligent, causing financial loss or damage to a client. Insurance can cover the legal costs and damages arising from such a claim, protecting the surveyor's personal and business assets.
Boundary disputes: If a surveyor incorrectly determines property boundaries, it can lead to disputes between property owners. Insurance can help cover the costs of resolving the dispute, including legal fees and any necessary compensation.
Errors in topographical surveys: If a surveyor makes errors in measurements, calculations, or other aspects of a topographical survey, it can cause problems for construction projects or land use planning. Insurance can help pay for the costs associated with correcting these errors and any resulting damages.
Inaccurate reporting: Surveyors may be sued if their reports are found to be inaccurate, incomplete, or misleading. Insurance can help cover the costs of defending the claim and any damages awarded to the plaintiff.
Breach of contract: If a surveyor fails to meet the terms and conditions of their contract, such as not completing work on time or not meeting agreed-upon specifications, they can be sued for breach of contract. Insurance can help cover legal fees and any compensation that may be awarded to the client.
Violation of regulations or laws: Surveyors must adhere to relevant regulations and laws. If they are found to have violated any of these, they can be sued. Insurance can cover legal fees and damages arising from these claims.
For each of these examples, insurance helps protect surveyors from the financial burdens associated with lawsuits. It is essential for surveyors to have a comprehensive insurance policy tailored to their specific needs and risks to ensure they are adequately protected.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8713 Surveying Services
- NAICS CODE: 541360 Geophysical Surveying and Mapping Services, 541370 Surveying and Mapping (except Geophysical) Services, 541990 All Other Geophysical, Scientific and Technological Services
- Suggested Workers Compensation Code(s): 8602 Surveyors, Timber Cruisers, Oil or Gas Geologists or Scouts, & Drivers, 6237 Oil or Gas - Well - Instrument Logging or Survey Work & Drivers
Description for 8713: Surveying Services
Division I: Services | Major Group 87: Engineering, Accounting, Research, Management, And Related Services | Industry Group 871: Engineering, Architectural, And Surveying
8713 Surveying Services: Establishments primarily engaged in providing professional land, water, and aerial surveying services.
- Engineering services: photogrammetric
- Photogrammetric engineering
- Surveying: land, water, and aerial
Surveyor Insurance - The Bottom Line
To ensure your surveying business is properly protected, speak with an experienced broker that understands surveyor insurance.
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.
- Answering Service
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Tax Preparer
- Temporary Staffing
- Title Abstractors
- Valet Parking
- Specialty Consultants
- Specialty Service Business
The professional services industry, which includes occupations such as lawyers, doctors, accountants, and architects, often deals with sensitive and complex issues that carry a high risk of liability. These professionals are expected to provide their clients with expert advice and guidance, and any mistakes or oversights can result in significant financial consequences for both the client and the professional. This is where insurance comes into play.
Business insurance provides protection against the financial repercussions of potential mistakes or accidents that may occur while providing professional services. For example, a lawyer may make an error in their legal representation that leads to a financial loss for their client. Without insurance, the lawyer would be personally responsible for covering the cost of this loss. Insurance helps to protect professionals from these types of financial burdens and allows them to focus on providing high-quality services to their clients.
In addition to protecting against financial losses, commercial insurance can also provide legal defense for professionals facing legal action as a result of their work. This can be especially important for professionals in high-stress or high-risk fields, such as doctors or architects, who may be at a higher risk of being sued for professional negligence.
Overall, the professional services industry needs insurance to protect against financial losses and legal action, ensuring that professionals can continue to provide high-quality services to their clients without the added stress and burden of potential financial consequences.
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.