new startup close to signing a contract, and i will need to obtain E&O insurance to finalize.
hitch is i'm not licensed yet (in process). all other legal ducks are in a row. are there any other designers obtaining E&O, and do you have any thoughts on the process?
Once purchased it must be maintained. If you do a project this year and you buy insurance for it. You cannot let that insurance lapse or you will no longer be covered. Not sure how long the industry standard is for maintaining insurance on a project.
+/-$2500 for annual premium $1,000,000 in coverage and no deductable. Would check with Holmes Murphy.
I don't think you can get E&O insurance if you're not registered, can you? I thought E&O was specifically for registered professionals - I'm certain I had to give State Farm Specialty Products my license # when I applied.
I could be wrong. What wurdan said about maintenance and cost are in line with my experience.
Professional liability insurance (E & O) is available to the non-licensed. It will likely be based on a different risk assessment (assumes since you are not licensed that you can not legally do higher risk work).
General liability— covers damages that usually result in the direct injury of another, physical or emotional
Professional liability (E&O)— covers damages that usually result in indirect injury that's usually financial or emotional
Technically, all non-residential clients should have business interruption insurance that protects them from loss of income caused by the inability to operate their business out of a location— you know, when delays or E&O prevent a store from opening on time.
You can absolutely get E&O as an unlicensed practitioner.. it just costs a little more. call a few brokers you will find one to cover you.. Maybe expect 50% increase in your annual cost though.
Jun 23, 11 12:53 pm ·
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E&O insurance
new startup close to signing a contract, and i will need to obtain E&O insurance to finalize.
hitch is i'm not licensed yet (in process). all other legal ducks are in a row. are there any other designers obtaining E&O, and do you have any thoughts on the process?
bonus for referrals in the greater seattle area.
Once purchased it must be maintained. If you do a project this year and you buy insurance for it. You cannot let that insurance lapse or you will no longer be covered. Not sure how long the industry standard is for maintaining insurance on a project.
+/-$2500 for annual premium $1,000,000 in coverage and no deductable. Would check with Holmes Murphy.
I don't think you can get E&O insurance if you're not registered, can you? I thought E&O was specifically for registered professionals - I'm certain I had to give State Farm Specialty Products my license # when I applied.
I could be wrong. What wurdan said about maintenance and cost are in line with my experience.
i'd be shocked if you couldn't carry professional liability insurance as a non-licensed...
EO and GL insurance are two different things.
Professional liability insurance (E & O) is available to the non-licensed. It will likely be based on a different risk assessment (assumes since you are not licensed that you can not legally do higher risk work).
General liability— covers damages that usually result in the direct injury of another, physical or emotional
Professional liability (E&O)— covers damages that usually result in indirect injury that's usually financial or emotional
Technically, all non-residential clients should have business interruption insurance that protects them from loss of income caused by the inability to operate their business out of a location— you know, when delays or E&O prevent a store from opening on time.
You can absolutely get E&O as an unlicensed practitioner.. it just costs a little more. call a few brokers you will find one to cover you.. Maybe expect 50% increase in your annual cost though.
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