Engineering is one of the fastest growing freelance trends. When a project is only estimated to take six months, it’s hard to justify hiring a full-time, in-house engineer to do the job. So, whether you're a computer engineer, mechanical engineer, or electrical engineer, your expertise and experience are in high demand for short-term projects.
Many engineers embark upon their freelance career without one crucial piece of their business in place: engineer insurance. While you were employed, the company that employed you likely provided liability coverage for their employees. Now, however, as an independent contract engineer, that responsibility falls on you.
Finding Independent Engineer Insurance
Freelance engineers can purchase insurance in two ways: annually or on a project-by-project basis. It’s best to purchase annual insurance rather than project insurance because it provides more comprehensive coverage even after a project ends.
In addition, insurance carriers are more willing to write an annual policy for an independent engineer than they are to write multiple policies several times a year for the same person. It’s not cost-effective for insurance agencies to write policies on a project-by-project basis.
To find annual independent engineer insurance, go to Canopy's Engineer page and find your engineering specialty. The Canopy website will direct you towards companies that write annual insurance policies for independent contract engineers.
What Engineer Insurance Should I Buy?
There are two types of business insurance that all independent engineers should purchase:
- General Liability Insurance
- Professional Liability Insurance (E&O)
In addition to purchasing the above insurance coverage, all independent contract engineers should purchase the following types of insurance for optimal financial security:
- Health Insurance
- Disability Insurance
- Life Insurance
- Commercial Automobile Insurance (if applicable)
- Workers' Compensation Insurance (if you have employees)
Finding Freedom with Engineer Insurance
Freedom from the corporate strictures was likely one of the top reasons you decided to become a career soloist. However, if you overlook engineer insurance, you could become a slave to staving off lawsuits, debt from claims, or having to repair damages.
Engineer general liability insurance protects you from bodily injury, property damage, and personal injury claims. It also helps protect you from claims stemming from errors or omissions in your work that may lead to injury.
With annual engineer insurance, you can relax and focus on each project as they come, knowing that the risk to your personal finances is reduced. Security is freedom, and having engineer insurance gives you and your independent engineer business the liberty you seek.
Canopy Is Your Independent Contract Engineer Insurance Marketplace
It’s easy to find engineer insurance with Canopy. If you do not see your engineering specialty listed in the engineer industry category, we can help you find the correct coverage for your exact specialty. Call us today at (844) 520-6993.
All insurance policies have conditions, limitations, and exclusions, please refer to the policy for exact coverages.