Times are tough and companies are examining every expense carefully. Some firms may even consider going without certain insurance coverage to save money. However, dropping your coverage
can cost you more than you think. Here’s why:
If you drop coverage now, it may be hard to reestablish with same terms and conditions. Here are a few reasons to keep your coverage.
Insurance protects your assets.
The average cost of a claim against a smaller environmental firm is around $120,000 when payment is made to the plaintiff. And, remember, even frivolous claims cost you time and money to defend yourself.
Keep small problems from becoming big ones.
Free Pre-Claims assistance can help prevent small incidents from becoming large claims. This service is offered free of charge and can help mitigate a circumstance before it becomes a formal complaint.
Who will be with you when a claim is brought against your firm? If you’re a policyholder, the answer is easy. When a lawsuit is brought against you, you will be matched with a defense attorney who will fight for you and your reputation.
You may be contractually required to have liability coverage.
Many firm require their vendors or others liability insurance. Keeping up your liability coverage is a good way to make sure you’re meeting your obligations—both past and present—and ensures that you’re eligible for more projects or work.
We’ll work with you to make coverage more affordable.
With our new multi-year policies, lower minimum premiums and by using a rolling 12 month’s billings as the base of our underwriting, your coverage is more affordable. We want to work with you to keep your coverage in force.
As a professional, you owe it to yourself.
Being an environmental engineer isn’t just another job. It’s a profession. As a professional, your clients have high expectations of your work and would rather work with someone who’s taken the time to get insured. You’re also responsible for upholding a standard of care in your community and safeguarding public health, welfare and safety.
