Insurance Essentials for Engineers: Safeguarding Your Professional Future
- Course Number: B1050
- Credits: 4 hours
- Instructor: Ellen Huang, PE
- Price: $40
Course Outline
Professional liability insurance is paramount for engineers due to the high-risk nature of their work. It provides essential coverage for potential legal liabilities arising from errors, omissions, or negligence in their professional services. This course will help you navigate the complex landscape of professional liability insurance. It focuses on key aspects such as Errors and Omissions (E&O) insurance, policy language, limits, retentions, defense costs, additional insured endorsements, and contractual liability insurance. The course also explores the critical importance of claims-made coverage and technology E&O insurance. In addition, it offers an understanding of E&O insurance costs, factors influencing these, what E&O insurance does not cover, and complementary insurance policies. By the end of this course, engineers will have a robust understanding of professional liability insurance, enabling them to choose the right policy for their needs and effectively manage professional risk.
At the end of this course, there will be a multiple-choice, open-book quiz, which is designed to enhance your understanding of the course material.
Learning Objectives
At the conclusion of this course, the student will:
- Be able to define and distinguish between various types of professional liability insurance for engineers;
- Be able to understand the implications and complexities of different liability insurance policies;
- Be able to identify the circumstances where Claims-Made Coverage, Errors and Omission Insurance, and Technology Errors and Omissions Insurance would be beneficial;
- Be able to understand the factors that influence the cost of Errors and Omission Insurance and identify prominent providers; and
- Be able to devise effective strategies for managing professional liability as an engineer, including the selection of appropriate insurance policies.