Protect Your Geophysical Surveying Business To The Fullest With The Right Insurance
Geophysical surveyors in the Ontario area really have to deal with a lot of complicated and complex hazards. Anyone in the field really needs to make sure that they are protecting their business against these very threats that could financially ruin them. And, there is simply no better way to do just that than by working with a highly trained insurance agent. An agent that knows the business you are in and the risks that you are exposed to on a daily basis. Whether you are performing a magnetic survey or you are mapping the earth’s surface it is not unreasonable to think that you might make an oversight that results in financial loss or bodily harm to the client.
You Have To Know Your Risks
Building the perfect insurance package starts with knowing that risks that your business are facing. Sure, there are no two geophysical surveying firms that are going to be the same, but most of them will face similar risks on a daily basis. The biggest risk that is faced in this business is lawsuits. Providing a customer with an inaccurate survey could result in a lengthy and expensive lawsuit. It doesn’t matter if the oversight was a result of equipment malfunction or error on your part. If the oversight causes your customer financial loss they are going to seek compensation from you. That being said, that is not the only risk that you face. Here are some more of the common risks that geophysical surveyors face on a daily basis.
- Employees getting hurt on the job
- Employees injuring third parties
- Vehicular accidents
- Equipment and property damage
With the right comprehensive package designed by a highly informed agent from LiabilityCover, you can mitigate these risks.
How Commercial Property Insurance Can Protect You
Do you live in an area where natural disasters are common? If not, that doesn’t mean that you need to forego commercial property insurance. It is not unreasonable to think that your building could catch on fire. That could be just as destructive as a hurricane. Not only would it destroy your building, but also it would destroy all your valuable equipment inside. Equipment that you need to ensure your business runs successfully.
Commercial property insurance is a type of insurance that covers your office building and its contents in the event of a fire, natural disaster, theft or vandalism. It will pay to have the damage repaired and it will pay for the replacement of the equipment.
How Business Interruptions Insurance Can Protect You
Most of the time business interruptions insurance will be included with commercial property insurance. However, this is not always the case, so you will want to check with your agent when you are building your insurance package. Business interruptions insurance will pay for the income that is lost due to the damage, theft or vandalism of the property. For instance, if a fire destroys your building the policy will pay for the income that you lose during that time.
This policy will even pay to have you relocated to another office if the damage is going to keep you out of business for months or years. This policy is often times overlooked, but it could be vital to keep your business financially above water.
How Commercial General Liability (CGL) Can Protect You
You will find that in most areas of Canada commercial general liability is necessary by law. You probably won’t even be able to legally go in business without this policy. However, even if it isn’t it required in your area it is not a policy that you want to overlook. It offers protection against third-party property damage and bodily harm. If one of your employees damages a customer’s property the policy will pay to have the damages repaired. It also covers third-party damage that takes place on your premises. For instance, if a delivery guy falls on your sidewalk because it wasn’t salted, commercial general liability insurance will pay his medical expenses.
CGL insurance will also cover court-related costs in the event that the delivery guys want to take the case to court. The policy will cover deposition fees, court fee, lawyer expenses and the settlement.
How Inland Marine Insurance Can Protect You
Inland marine insurance is really a necessity for any geophysical surveyor that is constantly working off-site. Commercial property insurance protects your equipment when it is stored on your property. However, it is likely that your equipment will not be there most of the time. In fact, it is probably going to be on the road most of the time. It is totally possible to think that a valuable piece of surveying equipment could fall off the back of a truck. Maybe you didn’t lock everything down as tight as you thought and something falls over in the back of your van and gets ruined.
Whatever the situation is, inland marine insurance can offer the protection you need. This insurance protects your equipment when it is in transit. However, it should be noted that the policy doesn’t offer protection for equipment that is stored on the job.
How Professional Liability Insurance Can Protect You
Professional liability insurance is a policy that certainly should not be overlooked. In fact, it might be the most important policy in your entire package. Professional liability insurance offers financial protection in the event that your company is sued for negligence or mistakes that you make. If you provide the customer with an inaccurate survey that hurts his or her business financially they can legally sue you. This coverage will save you from paying out thousands of dollars in court-related expenses. It will pay for your attorney, cover all court costs and even pay the settlement if you lose the case.
Speak With A Highly Trained Agent
Knowing your risks and what policies are extremely important, but it is also invaluable to have the advice of a well-trained agent. LiabilityCover has a number of trained agents that have experience in developing insurance packages for geophysical surveyors. They know exactly what risks you face on a daily basis and how you can protect yourself against them.