Build a plan that meets your needs
You can count on this IEEE-sponsored Plan for professional liability protection at an affordable cost — and the benefit features that can help protect your career:
Helping You Safeguard Your Future: No matter how well you design it, you can still be sued. As a technology professional in electrical, electronics or computer fields, you risk being sued every time you work on a project. And regardless of how well you've done your job, you'll spend valuable time and hard-earned money to defend yourself in a lawsuit.
Deductible Free Coverage: In the engineers' professional liability insurance market, insurers are reducing deductibles for those firms with very good loss experience. We were able to improve on the market trend by eliminating the deducible for insureds in the Professional Liability Insurance Plan for IEEE members. Underwriters reserve the right to impose a deductible where claim frequency or severity issues have arisen.
Where Can You Find Liability Insurance For Technology Professionals? As an technology professional, your biggest challenge today is finding liability insurance you can qualify for. In fact, many insurance companies will practically run from you simply because of your profession. There is help. The Professional Liability Insurance Plan for IEEE members counters risks you face and protects you for negligent acts, errors and omissions.
Ideal Protection For Firms Or Self-Employed Individuals: The Professional Liability Insurance Plan for IEEE members is designed for firms with annual billings up to $3,000,000. In addition, the plan offers coverage to employed technology professionals who provide engineering services (with annual billings up to $100,000) outside their employment arrangement.
Includes Computer Exposures: If you've had trouble getting professional liability coverage in the past because of a computer-related exposure, try the IEEE-sponsored plan. Our underwriting is flexible. And we'll work with you, making every effort to ensure you get the level of comprehensive professional liability protection you need.
Expert Legal Counsel to Represent You: You're never alone if you're summoned to court. The IEEE-sponsored Professional Liability Insurance Plan pays the cost of experienced counsel and other claim expenses, up to your chosen liability limit. In fact, you don't even need to shop for a lawyer; expert defense counsel will be retained for you.
Negotiated Members Only Rates: IEEE negotiates competitive rates for its members. Then it goes on to save you money in two important ways. First, your premium is based on YOUR annual gross billings and more fairly reflects your risk. Second, it's step-rated to start out low, then gradually increases each year until the 5th year, where it levels off.
A Technology Endorsement is included at no additional premium. This endorsement provides a broad definition of computer systems and information technology-related professional services to be covered under the policy. In addition, coverage for intellectual property risk, internet content liability and breach of security in relation to denial of service, unauthorized access and theft of data is also included.
Determining Your Needs
Whether you're self-employed, part of a firm or moonlighting while employed, we have the plan to meet your needs. Choose from several levels of liability protection described below:
Firms: For firms and self-employed members, limits of liability begin at $100,000/$300,000 (per claim/annual aggregate) and go all the way up to $1 million/$2 million.
Outside Contracting or Consulting Services: If you are employed but also have your own business, you can get coverage for your outside services with limits of liability ranging from $100,000/$300,000 (per claim/annual aggregate) to $500,000/$500,000.
Licensing Board Defense Coverage — At No Extra Cost
Licensing Board Defense Coverage reimburses $10,000 to the insured for defense costs in the event the insured technology professional is brought before the state licensing board. This coverage is added at no additional premium.
Optional Defense Coverage
In addition to the per claim limit of liability, Optional Defense Coverage is available. This feature allows you to purchase an additional limit of coverage for defense expenses above the per claim limit of liability, not to exceed $1,000,000. For example: If you have limits of $100,000/$300,000, you may purchase an added $100,000 of coverage to be used for defense costs.
Sensible Protection You Can Afford
The Professional Liability Insurance Plan for IEEE members offers claims-made coverage. Claims-made coverage is the most widely available (if not the only available) form of Professional Liability Insurance for engineers. It covers claims made during the policy period resulting from acts committed during the life of the policy.
"Prior Acts" Coverage Also Available
"Prior Acts" coverage is also available for qualifying applicants. This extends coverage for claims made during the policy period resulting from acts that occurred prior to the inception of the policy. If you currently have Professional Liability Insurance, this may be made available. A retroactive date will be placed on your policy, and acts that occurred after that date are considered for coverage. Of course, for coverage to apply, you must not know of a claim filed against you or any incident which could reasonably be foreseen to result in a claim prior to the inception date of the policy. We recommend reporting any such incidents to your current carrier.
Premium Financing Payment Options Help Balance Budgets
For individuals or small firms with premiums of $1,000 or more, premium financing is available at competitive annual percentage rates (APR). It's a great tool to help you budget your liability protection.
For individuals or small firms with premiums of $1,000 or more, MasterCard or Visa may be used to pay your professional liability premiums.
General Liability Insurance Plan for IEEE members
General liability coverage provides businesses with liability protection for claims arising out of bodily injury and property damage; personal injury and advertising injury; and medical payments.
General Liability Insurance for IEEE members is available to qualifying firms and individuals providing computer-related professional services. Qualifying applicants must operate their business out of their residence. General Liability coverage is available to insureds of the Professional Liability Insurance Plan designed for IEEE members.
Limits of Liability:
- Up to $1,000,000 each occurrence
- $100,000 damage to premises rented to you (any one premises)
- $5,000 medical expense limit (each person)
- Up to $1,000,000 personal and advertising injury limit (any one person or organization)
- Up to $2,000,000 general aggregate and product/completed operations aggregate
Deductible: The standard deductible is $500 per claim. Other deductible options are available upon request.
Additional Features Include:
- Competitive rates
- Annual policy term
- Coverage extended to the insured’s spouse for claims arising out of their status as such
- Coverage extended to employees or volunteer workers if acting on behalf of the insured
- Loss of earnings replacement for claim assistance up to $250 per day
- Cost of bail bonds up to $250
- Indemnity defense provision
- TRIA coverage is included at no additional cost
About This Plan Information
This is merely a brief summary of how claims-made coverage works. Since the actual policy itself, not brief summaries like this, determines coverage, we advise you to read and understand the policy language. Please note the Professional Liability and General Liability Insurance Plans for IEEE members are not designed to insure high exposure practice areas that involve pollution, asbestos, nuclear exposure, or products with multiple end users. The policy terms and conditions will govern coverage at the time a claim is made. Please read the policy carefully. All terms are subject to underwriting.