Land surveyors have multiple responsibilities on their shoulders. While they work exceptionally hard, mistakes can occur and have the potential to lead to legal action. Due to the nature of the job and the potential of other work related issues, protecting yourself and your company with insurance is a smart investment.
Land surveyors have multiple insurance policies to consider. Insurance provides them with not only a level of financial and legal protection in case of incidents, but also the peace of mind to go about their business knowing they are protected.
In the information below, we’ll outline several of the insurance options for land surveyors who work in the residential or commercial sectors. We’ll provide the basics and explain why each policy* is beneficial for those who provide this critical service throughout Australia.
Understanding the Types of Insurance for Land Surveyors
One constant challenge land surveyors face is the importance of consistency and being accurate with their measurements, reporting, and the documentation of the properties they review.
Since errors and on-the-job accidents can occur, it’s vital for them to protect their best interests with some sort of insurance protection. There are multiple types of insurance cover that anyone that works in this industry should consider.
Noted below are the most common insurance policies that are potentially relevant for land surveyors.
Professional Indemnity Insurance
Land surveyors are experts in their industry. Due to this fact, they are held to high standards, as errors in their work can result in millions in lost construction costs, faulty construction or potential safety issues. Professional Indemnity (or PI) insurance is an important cover for land surveyors to consider, as they provide professional advice to their clients, which could potentially expose them to a case being brought against them.
If a situation occurred where a land surveyor was accused of faulty data or reporting, it is possible that legal action may be taken by the client. In order to protect the business and ensure the land surveyor has the legal support required to defend their rights, Professional Indemnity Insurance can be crucial.
PI insurance is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. The level of cover you may need is typically based on the size, scope, and type of land surveying projects your business uses.
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
If an accident or damage is caused by a land surveyor, the potential for lawsuits to cover the damage or injury is extremely likely.
This policy is important to consider if you conduct your business in an office location or where damage to property or the general public can occur.
To protect your office or place of business from damage or loss, Business Insurance for land surveyors is another smart policy to consider. Business insurance can be customised for individual circumstances and level of protection required for your assets. One of the features of Business Insurance is that policies are scalable and can be changed with as your business grows. This type of insurance should be considered if you or your business has expensive equipment in your business premises or when out in the field.
Since land surveyors typically maintain records of their clients’ personal details and other proprietary data, they may be susceptible to a cyber attack or breach of information where the land surveyor may be held accountable. A Cyber Liability insurance policy is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event.
Regardless of whether you serve small residential clients or huge corporations, protecting your land surveying company with insurance can help protect your business from financial loss. BizCover helps land surveyors find great insurance options that protect their best interests if an unfortunate or unexpected situation should occur. We work with leading insurance providers and provide quotes in minutes.
|*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.|