Business Insurance for Engineers
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How much does insurance cost for engineers?

The cost of engineer insurance depends on the policies you choose, the risks your engineering firm faces, and the value of your property. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability insurance costs for engineers

Engineers pay a median premium of about $40 per month, or $475 annually, for general liability insurance. This policy provides protection against third-party injuries, damaged client property, and advertising injuries.

Insureon’s licensed agents typically recommend purchasing a business owner’s policy, which combines general liability with property insurance at a discount. A standalone general liability policy could leave your business property at risk, but a BOP includes protection against fires, theft, and more.

Median cost per year: $475
Policy limit: $1 million per occurrence
Policy deductible: $500

Learn more about general liability insurance.

Business owner’s policy icon

Business owner’s policy costs for engineers

Engineers typically pay around $45 per month for a business owner’s policy, or a median annual premium of $550. 

A business owner’s policy bundles general liability insurance with property insurance, usually at a discounted rate. Pricing is determined by your engineering firm’s location, operations, and the value of your business property and equipment. This policy may include business interruption insurance, which covers lost income at your business due to an unexpected closure.

Median cost per year: $550
Policy limit: $1 million per occurrence
Policy deductible: $500

Learn more about business owner’s policy coverage.

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Professional liability insurance icon

Professional liability costs for engineers

The median cost of professional liability insurance for an engineering business is about $155 per month, or $1,875 annually. The median value eliminates high and low outliers, providing better representation of typical engineer insurance costs than the average value.

This policy, also known as errors and omissions insurance, protects engineers against lawsuits brought by clients claiming that work was inaccurate, late, or never delivered.

Median cost per year: $1,875
Policy limit: $1 million per occurrence
Policy deductible: $2,000

Learn more about professional liability insurance.

Workers’ compensation insurance icon

Workers’ compensation costs for engineers

The median cost of workers’ compensation insurance for an engineering firm is less than $50 per month, or slightly less than $600 annually. Policies can vary significantly depending on the state and business operations. Include accurate payroll figures in your quote application to avoid the need to adjust premium rates if your payroll amount changes.

Workers’ compensation insurance is required in almost every state for engineering companies that have employees. This coverage helps pay medical fees and lost wages for employees who are injured on the job. Most policies include employer’s liability insurance, which protects owners against lawsuits related to workplace injuries.

Learn more about workers’ compensation insurance.

Get free quotes and compare policies with Insureon

Insureon’s building design insurance agents work with top-rated U.S. insurance companies to find the best coverage for your engineering firm or other business. Apply today to compare quotes from multiple carriers with one free online application. If you decide to purchase a policy, you’ll work with an account manager who specializes in business risks for engineers.

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