Different Industry, Different Insurance?

Is engineers’ insurance the same as architect’s insurance and is, say, a Landscaper’s insurance all the same thing?  The answer is simply, no, and yes.  Let’s explore what that means in more detail. Every business needs at least one general liability policy which we have discussed in prior articles and blogs.  A quick summary is that a general liability policy will cover injuries caused to a third party.  Depending on the business, the size, the assets, and corporate structure will determine the type(s) of liability policy for that business.

For example, a doctor will carry malpractice insurance like an engineer or architect, but the limits may (or may not) be higher.  The architect and engineer may carry errors and omissions insurance where the Landscaper may not.  Each will have a general liability policy, but the professional services may add a professional liability policy in addition.

A business should carry a Property and Casualty policy to insure for losses against real or personal property.  It might make sense to look at a business owner’s policy depending on the size and assets of the business.  We will examine business owners’ policies in the in greater detail down the road. In simple terms, a Business Owner’s policy will usually combine the general liability and the property and casualty coverage. Additional riders can often be added to this type of policy.

In every situation, a business owner, whether a medical professional, an accountant, an architect, or a landscaping service, should examine everything that is of value and put together the business insurance plan based on that information.

In addition to the REGION Insurance Group team (219-213-2306), don’t be afraid to seek guidance and input from your banker, your accountant, your trade association and others who have an understanding of your industry segment.  You also must consider the revenue stream and how an interruption due to a loss would impact your business how much risk of this type your business faces.