Do I need GL Insurance? 3

[PSlem]

I've been doing inspections and footing design. My GL is twice my E&O. Last year I was making piling, but have since spun that off. Only employees my sec'y and me. Renewal in 1 month and I'd like to save that $.

Engineering is the art of not constructing...of doing that well with one dollar what any bungler can do well with two after a fashion.

 

[carlosgw]

Note really to answer the question but as a point of discussion:
I (as a sole propriater working in a home office with no employees) do not think I need general liability. But two of my clients require it so get it I did. Both were large organizations (a university and a public housing organization) whose own insurance/lawyers probably do not regconize the difference between a small consulting engineer and the contractor building the 10M building.
I managed to get something for very little through my home owners insurance (State Farm) that satisfied both of them.

 

[PSlem]

I also ended up with several governmental clients so had to have it. When I started seriously shopping GL, my carrier said he had made a mistake and cut it by 2/3.

The optimist sees the glass as half full. The pessimist sees the glass as half empty. The engineer see the glass as too big.

 

[bkhinspectionservice]

We are a structural inspection company and are having trouble locating E&O. our GL will cancel in a few weeks and I need E&O desperately. Can anyone help direct us? Thanks

 

[OnTarget]

GL is a good idea if you will be dealing with larger clients. Professional liability is valuable, but it can be EXTREMELY expensive.

Vince Socci

http://www.ontargettechnology.com

 

[coloradobridges]

PSlem,
Are you saying your general liability premium is twice your professional liability premium or are you talking coverage limits? My GL costs about 5% of my PL.

 

[PSlem]

My GL was more in payments. I knew that wasn't right. It's down where it should be now.

The optimist sees the glass as half full. The pessimist sees the glass as half empty. The engineer see the glass as too big.

 

[bkhinspectionservice]

well we have been in biz for about 3 years as a structural steel inspection company and have always been required to carry GL due to the fact that the companies only require what they know. They don't understand that we are just inspecting the steel, not building it. Our true insurance is E&O and they usually never ask for it. Our GL just went from 1200/yr to 9000/per yr. we are a very small company and it's putting a pinch on our profits! Any one have an insurance company that understands what we do that could help us?

 

[Slugger926]

Carlosgw - How much insurance were you required to get? I have the same insurance company and their rate for $1M seemed reasonable. I am curious how much I will need once I get going.

I am also curious if I will need Errors and Ommisions Insurance as well.

Thanks....

 

[bkhinspectionservice]

right now our comp has 1m in coverage, but they had us classified incorrectly as a real estate inspector for homes! Thats why the jump in price. We were going to purchase E&O this year, but with the price hike, we won't be able to aford the coverage that we actually need which is E&O. Inspection is a matter of opinion and opinions vary. Since we work direcly under the engineer per his design and the D1.1 AWS code, the E&O is what will cover our a** if you know what I mean! I just wish we could get the $ down!!