Engineers Insurance and its Importance

Engineers are the builders of the society. They have laid the foundations to create infrastructure that provide us the comfort of a smooth and lively lifestyle. Resultantly, engineering has been considered a noble profession for ages. However, like any other professionals, engineers are prone to follies and errors.

If a client is not satisfied with the service provided by the concerned engineer and he/she is liable to pay the liabilities. No matter, if the error is unintentional in nature, an engineer can not escape from a court of law. Engineers insurance is there to safeguard the interests of engineers in such cases. The insurance policy provides a financial protection to an engineer and provides the best coverage with the premiums.

Professional Indemnity

Product Liability vs. Professional Indemnity

Often people get confused between product liability insurance and professional liability insurance. Many a times, both the words are understood as one. Here, we would have a short talk about product liability and professional liability, and understand how they differ.

Product Liability Insurance
Under this policy insurance, liability arising out of the negligence in manufacturing of a product is paid by the insurance company. In case, if a manufacturer fails to provide the right quality to the end user, he can be a subject matter of the allegation or claims.

Professional liability Insurance
Also known as professional indemnity insurance, this insurance policy provides compensation for professionals who fails to perform as per the expectations of clients. In case, a professional commits an error, due to negligence on the course of service to the client, the insurance company pays in lieu of the professional to the client.