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Business Insurance for Transportation Engineers

Insurance for Transportation Engineers

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They say it’s not about the destination so much as the journey. As a transportation engineer, you utilize your background in civil engineering and urban planning to improve the travel experience. Whether you are designing a bike lane that a child might use to get to school, a bus system an adult might ride to work, or a railway that an elderly person might take to see a relative, your work directly affects your community. Because the systems you build can affect thousands of people, any errors or mistakes on your part have the potential to cause significant harm. In order to protect your firm from a lawsuit, you should consider purchasing business insurance.

While your engineering firm may face risk of professional error, your company is also exposed to other liabilities like accidents at your workplace, natural disasters, theft, and vandalism, among others. In order to provide financial protection for your business and your employees in the case of any unfortunate events, set your company up with the right business insurance coverage. Business insurance can provide a much needed lifeline when your company is facing unexpected lawsuits, accidents, or disasters.

Consider purchasing business insurance for your firm if:

What insurance coverage do I need as a transportation engineer?

Transportation engineers are best equipped with a variety of insurance policies, not the least of which is professional liability insurance, which can protect against lawsuits related to professional services or work. Other important coverage types include general liability, which covers third-party injuries and property damage; workers’ compensation insurance, which protects your employees financially if they are injured on the job; and commercial property insurance, which covers your business property if it is damaged or destroyed. Below we review some of the most important insurance coverages for transportation engineers.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, protects your firm from lawsuits relating to your professional services and work. During the course of business, you may encounter clients who are dissatisfied with your work. Whether the dissatisfaction comes from legitimate mistakes or negligence on your part or are simply unfounded, professional liability can pay for the judgements or legal defense costs from any resulting lawsuits. Moreover, unlike most forms of professional liability insurance, professional liability policies for engineers typically include coverage for third-party bodily injury or property damage.


General Liability Insurance

General liability insurance protects your company from lawsuits claiming property damage, bodily injury, or personal and advertising injury caused by your business or your employees. If you accidentally damage a client’s property on a site visit, if a client visiting your office injures himself, or if you unintentionally slander a competitor in an advertisement—these are all situations in which general liability can protect you from any claims. General liability can help pay for any damages relating to lawsuits, as well as legal defense costs and any medical payments for injured parties.


Commercial Property Insurance

Commercial property insurance protects the value of your leased or owned buildings, as well as the contents inside those buildings. If an unexpected accident or disaster damages your property, commercial property insurance can help your business pay for repairs or replacement. Some examples of property that are typically covered include buildings, equipment, inventory, furniture, artwork, and computers. Commonly covered causes of loss include fire, lightening, wind, hail, explosion, theft, and vandalism.


Workers’ Compensation Insurance

Workers’ compensation insurance provides financial benefits to employees who suffer work-related illnesses or injuries while employed by your business. In most states, businesses that have employees are required to carry workers’ compensation insurance. In exchange for accepting workers’ comp benefits, an injured employee agrees to not sue your business for the injury. Workers’ compensation insurance is no-fault, which means that it pays benefits regardless of whether the employer or employee is at fault for the injury.

Workers’ compensation can cover the costs of:


Business Owner’s Policy

A business owner’s policy, also known as a “BOP,” is a special bundling of policies that can provide coverage for risks that are common to small business owners. BOPs combine property, general liability, and business income and extra expense insurance coverages for qualified small businesses. Importantly, a business owner’s policy can help you save money, with lower premiums than buying the individual coverages separately.

Final Word

As a transportation engineer, you utilize your skills in civil engineering and urban planning to create accessible roads, railways, and transportation systems. Though you may be well intentioned, mistakes and accidents are sometimes an inevitable part of doing business. To better protect you and your firm from any unexpected events, including lawsuits, injuries, and natural disasters, invest in a comprehensive business insurance package. From general liability to commercial property insurance to workers’ compensation, there are a number of coverages that will help to protect you and your employees in the face of any unfortunate events.

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