Why do I need insurance?
In many cases, land surveyors, like many design professionals, are contractually required to carry professional liability coverage. But when coverage is not mandated by a contract, why should a land surveyor purchase it?
When land surveyors provide their services, the law states that they must act in accordance with the professional standard of care. In other words, each surveyor must act just as any other surveyor would when facing the same situation. If a surveyor makes a mistake on the job and is faced with a lawsuit as a result, that surveyor could face significant defense costs as well as damage awards. Read some claims examples we've seen.
Professional liability coverage allows you to transfer this risk to an insurance company. You pay a premium so that, if a lawsuit is brought against you, the insurance company will not only pay out damage awards on a covered claim, but also pay your defense costs.
For more information, you might want to read our Seven Compelling Reasons to Insure Your Business for Land Surveyors.
If you'd like to discuss your specific risks, you might want to talk to an independent agent or broker in your area.
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