The Importance of Professional Liability Insurance For Land Surveyors
The reasoning behind mandatory Professional Liability Insurance for Land Surveyors is easy to appreciate. As a surveying professional, protecting the people who trust your expertise in space management and land development from a momentary slip-up is important to you. But putting aside public protection for the moment, the licensing requirement for you to carry Professional Liability Insurance for land surveyors also benefits your professional practice.
Regardless of industry, every business needs a risk management strategy to ensure its survival. And in land surveying, costly decisions are made based on your work. The slightest of errors could mean millions of dollars in liability. Even an allegation of negligence or deficiency in your work, whether it has merit or not, requires a response. Legal and investigative fees alone are enough to damage a land surveying firm severely.
Land surveyor Professional Liability Insurance brokered by an ALIGNED Advocate will be customized to fit your professional and business needs, regardless of the size of your organization. We may also be able to bundle your professional liability insurance coverage with other coverages commonly needed by land surveyors for potential savings.
Potential Claims Scenarios
Nobody plans to make a mistake but everybody makes them. Consider the following situations:
Excavation work began in a densely populated residential area. Crucial information was accidentally left out of the survey, and a gas line was damaged, forcing residents in the area to evacuate. Once the dust settled and liability was sorted out, it was found that the surveyor was ultimately responsible. A lawsuit is brought against the surveyor and the surveyor’s firm to recover the claims initially paid by the various insurance companies.
Boundaries on a commercial property come under dispute, delaying previously arranged construction. The business owner sues the surveyor for the costs of the construction delays, including lost business revenue.
In both of the above scenarios, professional liability insurance for the land surveyor could have covered:
- Investigative costs
- Lawyer’s fees and other defence costs, including experts’ fees
- Any out-court-settlements
- Damages awarded by the court at the conclusion of a trial
Professional Liability Insurance for land surveyors available through ALIGNED also includes:
- Disciplinary proceeding expense coverage
- Crisis management coverage
- Loss of earnings coverage for time spent in court or at hearings
- Pre-claims assistance, including legal advice, that does not require a deductible or reduce your professional liability insurance policy limits
There are several other coverage benefits. Contact us for further information or for any specific questions you have about the coverage available with Professional Liability Insurance for land surveyors.
Other Coverage Options for Land Surveyors
Professional Liability Insurance for land surveyors is necessary for licencing and to protect your surveying company against errors and omissions. Unfortunately, your potential liabilities as a land surveyor don’t end there. To shore up your risk management strategy, other coverages are needed. We’ve summarized a few of them below.
Commercial General Liability Insurance (CGL): This is standard coverage for every business and professional service provider. Similar to Professional Liability Insurance for land surveyors, it can cover the costs associated with legal claims of personal bodily injury, property damage and false advertising stemming from your products, services, or business operations. Commercial General Liability Insurance coverage is vital to protect your firm in case of slips and falls on your property and/or damage done to property while you are on-site, among other claims scenarios.
Commercial Property Insurance: Similar to home insurance coverage, commercial property insurance protects the building, equipment, and contents of your offices. Considering the costs to replace your land surveying equipment and computers, for example, as well as the costs to repair damages to the physical structure of your building, operating without commercial property insurance is not an option. This is also true if you run your land surveying business from your home office, as home insurance policies do not typically cover business property.
Commercial Auto Insurance: As a survey professional, you spend a lot of time on the road. Motor vehicle accidents, big and small, happen with unfortunate regularity. Even if using a personal vehicle, if it’s being driven for work purposes, it needs to be covered under a commercial vehicle insurance policy. Without it, an accident while driving on company business will unlikely be covered.
Cyber Liability & Privacy Insurance: Unfortunately for small- and medium-sized businesses, the trend among cybercriminals is to target them with ransomware for a relatively quick and easy payout. They know how crucial it is that you are able to access your systems and devices and exploit that necessity to their advantage. Alongside your Professional Liability Insurance for your land surveying business, cyber liability coverage protects you from potential lawsuit costs and costs associated with a breach – including repairs, replacements, and notification costs.
Professional Liability Insurance for Land Surveyors
While your expertise is in boundaries, topography, and/or hydrography, ours is in risk management for businesses. We help businesses in all industries protect themselves and have secured Professional Liability Insurance for land surveyors for years. Contact us for a free, no-obligation quote tailored to your specific needs in minutes.
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