Best Engineering Business Insurance

NEXT leads our rankings for engineering business insurance with a 4.75 out of 5 MoneyGeek score, providing affordable coverage with quality service at $53 monthly. The Hartford follows closely as our second-best choice for engineering firms, while biBERK offers the most budget-friendly option at $42 per month. Compare quotes from all three to find the right coverage for your engineering company.

Note: We based all scores on a engineering business with two employees across professional liability, general liability, workers' comp and BOP policies.

Based on our analysis of engineering business insurance costs, biBERK offers the most affordable coverage at $42 monthly ($498 annually) for engineering firms. biBERK ranks first for general liability at $17 monthly and business owner's policies at $22 monthly. 

For workers' compensation, NEXT Insurance ($18 monthly) and The Hartford ($18 monthly) provide cheaper options than biBERK's monthly rate.

In general, business insurance costs for engineering companies are the following for the four most popular coverage types:

• General Liability: $40 on average per month, ranging from $17 to $72, depending on the state
• Workers' Comp: $38 on average per month, ranging from $36 to $44, depending on the state
• Professional Liability (E&O): $104 on average per month, ranging from $72 to $132, depending on the state
• BOP Insurance: $49 on average per month, ranging from $22 to $73, depending on the state

Business insurance requirements for engineers include workers' compensation in most states, but professional liability (errors and omissions) insurance is equally important since clients won't sign contracts without proof of coverage. Beyond these, engineering firms should add general liability, commercial auto and business owner's policies depending on whether they maintain physical offices, employ staff or travel to job sites regularly.

Follow our step-by-step method for getting business insurance that protects your engineering firm without overpaying.

Finding affordable business insurance for your engineering firm starts with understanding what coverage you need. General liability, professional liability, commercial property and workers' compensation protect against your biggest risks. NEXT earned our top rating with a 4.75 MoneyGeek score, while biBERK offers the most budget-friendly rates at $42 monthly.

Common questions about engineering business insurance:

We selected the best business insurer for engineering companies based on the following criteria:

• Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better the company performs.
• Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
• Coverage (15% of score): We scored business insurance providers for this category based on the flexibility, payment and actual coverage options.
• Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely companies are to pay out claims compared to the competition.

All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:

• Three-person business with two employees
• Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
• $150,000 in payroll
• $300,000 annual revenue