About Insurance For Marine Surveyors
Marine surveyors in the country of Canada have lots of responsibilities on their shoulders. You are going to be required to analyze various marine vessels to make sure that they are eligible for insurance. You also have to work diligently to help resolve insurance claims. There are many types of vessels that you’re going to be working with. It could be barges, dredges or even oil rigs. You might even work with warships, yachts, and cargo vessels. The possibilities are endless and there is plenty of room for error. With that being said, you have to make sure that you get it right from the get go. If you do not, there is going to be a risk that you’re going to be sued by your client.
As a marine surveyor in Canada, you will primarily be performing one of two duties. You’ll be required to perform damage surveys. You’ll need to determine what caused the damage and how much it is going to cost to fix. This information will be pertinent for insurance purposes. At the same time, you’re going to be analyzing the condition and valuation of the vessel. This type of survey is carried out in an attempt to find out how much the vessel is actually worth. This information can be used by insurance companies and vessel buyers.
There is always a chance that you’re going to specialize in one type of vessel or another. Either way, it is your duty to provide the client with accurate information. If you do not, there is always a chance that your client is going to sue and that could lead to big losses on your end.
Mistakes That Could Occur
There is no doubt that you’re going to go above and beyond to provide your clients with the best service possible. Nevertheless, there is always a risk that you’re going to do something wrong. You may not want to believe it, but the risks are immense. There is a chance that you’re going to provide wrong information about the vessel and its condition. You may describe the cargo incorrectly. Or, you might even submit a report that is incomplete. If this happens, your client is going to lose out one way or another and it could come back to haunt you.
This is why you must protect yourself with professional liability insurance. This type of insurance is sometimes called errors and omissions insurance.
About Professional Liability
First and foremost, you should learn a little more about professional liability insurance. This type of insurance is designed to protect your business in the event that your failure results in a financial loss for one of your clients. E&O insurance is going to protect everyone on your team. It will offer protection for you, your partners and your employees. If you do get sued, the insurance will be activated and the money can be used to defend yourself. At the same time, E&O insurance can pay additional court costs, including judgments and settlements.
Suffice to say, having this type of insurance will increase the likelihood that your business is going to remain afloat for many years to come. Just remember that there is no universal solution for marine surveyors. It is vital to acquire a policy that is specifically catering to your unique business needs. Getting in touch with the professionals at LiabilityCover is a good step in the right direction.
At the end of the day, there is a pretty good chance that you’re going to be required to buy workers’ compensation insurance. This is generally a requirement for all companies operating in Canada. You have to understand that your employees are at risk. They could easily end up injured at some point in the future. They may also get sick on the job. Either way, they’re going to be forced to stay away from the workplace for a brief period of time. If you do not pay for their medical bills, there is a risk that you’re going to be sued. Or, you could avoid the headache and sign up for a workers’ compensation policy.
Workers’ comp insurance guarantees that your workers are going to be taken care of when they get injured. You cannot hire anyone until you’ve acquired this type of insurance.
Other Insurance You May Need
It is true that you might need other insurance. The aforementioned policies might not be enough for your business. You may also need to obtain commercial general liability insurance, commercial automobile insurance, and more. Some of these will be explored in greater depth below for your consideration.
- CGL Insurance – First and foremost, you should think about signing up for a CGL or commercial general liability insurance policy. This insurance is designed to protect your firm when you cause bodily harm or property damage to a 3rd party. Slips and falls are pretty common. Or, your equipment might fall and hurt someone. Get CGL insurance to avoid paying out of pocket for the damages.
- Commercial Property – You should also acquire commercial property insurance. After all, you probably meet with clients in your office building. If that is the case, you need your office to remain in good condition. If something goes wrong, your business is going to suffer. Commercial property insurance can protect you in the event of a fire, tornado, hurricane, and other similar events.
- Commercial Vehicle – Finally, you should also get commercial vehicle insurance. You are going to be driving to the vessels to inspect them. A crash could bankrupt your business. Get covered to prevent that from happening.
Getting Covered Is Easy!
Many people believe that acquiring marine surveyors insurance is going to be tough. This couldn’t be further from the truth. It won’t take you more than a few minutes. You just need to make sure that you’re working with the professionals at LiabilityCover. The experts with LiabilityCover will walk you through the process and help you find out what policies are right for your company. Do not leave home without insurance again!