If you are a design professional and have your own business, a Professional Liability Insurance program safeguards you, your employees and your organization from claims and allegations of professional negligence.
Consulting engineering firms who have not performed appropriate due diligence in the careful scrutiny of client-proposed insurance requirements may find that they are faced with paying significant amounts of money when a claim is presented against them or as part of a settlement on behalf of their firm. To understand and prepare for financial risks related to any project, it is important you understand the amount and what type of deductible your firm may be obligated to pay in a claim scenario. In the context of a project-specific professional liability policy, for example, significant deductible or retentions are more prevalent, and you may have limited input in the negotiation of insurance terms.
In Victor Insurance Managers Inc.’s (Victor Canada) latest article, “Understanding your insurance deductible,” the company explains how insurance deductibles work and their financial impacts. More importantly, Victor Canada provides tips and best practices on how you can identify and manage your firm’s deductible exposures.
Victor develops and administers property and professional liability insurance products exclusively through licensed insurance brokers across Canada. Please contact your broker for more information or to get a quote. Visit: www.victorinsurance.ca/ae.
Victor Canada has earned the endorsement of both Engineers Canada and the Association of Consulting Engineering Companies of Canada (ACEC) since 1969 and continues to collaborate with these associations to ensure the program offers stability and longevity for engineering firms.
