Mistakes are part of life for everyone, including land surveyors. In a profession where accuracy and precision are important, even the smallest mistake can be costly. Dealing with a surveying problem is never a good thing, but dealing with a surveying problem without professional liability insurance makes the situation even worse. Here are 5 reasons why contracting with insured surveyors makes good business sense:
- Surveying Mistakes Can Be Costly to Fix – Surveying errors often lead to the tearing out and rebuild of in-place construction including foundations, swimming pools, porches, and even sections of completed buildings and residential properties. Often the most feasible, though expensive, solution requires purchasing additional land from an adjacent property owner.
- Financial Responsibility – When a surveyor makes a mistake there is often little dispute over liability. Insured surveyors look to their professional liability insurer to provide the funds to fix the problem while uninsured surveyors may not have the financial stability to weather the storm. Land owners that contract with uninsured surveyors may find themselves faced with expensive litigation where they will likely be held responsible for the surveyor’s mistakes. The financial consequences including legal expenses can be significant.
- Addressing Risk is Good Business – Successful businesses understand the important role that insurance plays in managing risk. This includes the vicarious liability they assume when they contract for professional services. It doesn’t make sense to assume the liability of an uninsured surveyor.
- Insured Surveyors Understand – Surveyors who carry professional liability insurance understand mistakes are inherent in any business endeavor. Insured surveyors understand that professional liability insurance not only protects them but also their clients if or when things go wrong.
- Fees are Comparable – While the fees charged by insured surveyors may be more, they certainly aren’t so much higher that they should be the single determining factor in the selection process.
Is saving a few dollars worth the risk?
Anyone contracting with a surveyor should require that the surveyor have insurance. Surveyors that carry professional liability insurance are good for everyone involved. When it comes to managing risk and minimizing liability, it is always good to know that you are working with someone that will be there if things go sideways. Mistakes happen; insured surveyors understand this and are prepared to fix the problems when they occur. Gambling your financial wellbeing on an uninsured surveyor with the hope that they are immune to mistakes is a risk that is not worth the savings.