How much does control system integrator insurance cost?

Professional liability insurance, also called errors and omissions insurance (E&O insurance) or professional indemnity insurance, costs an average of $179 per month, or $2,145 annually, for control system integrators.

This policy covers the cost of client lawsuits over claims that your work was unsatisfactory, negligent, late, or never completed.

For instance, if you install a defective sensor that causes a control systems failure, a professional liability insurance policy would cover your legal defense costs, settlement, and other financial losses if a client sued over professional negligence.

Below is the average professional liability policy for control system integrators who buy from Insureon:

Premium: $179 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $5,000

Several factors influence the cost of professional liability insurance, including the types of professional services you offer, your location, claims history, and the policy limits you choose.

As with other types of insurance, you can save money on professional liability coverage by choosing lower limits or a higher deductible.

Reducing your risks also helps you avoid claims and keep your premium low. This includes clear communication with clients and thorough documentation of all communications and agreements.

Control system integrators pay an average of $29 per month, or $350 annually, for general liability insurance. This policy is sometimes called public liability insurance.

General liability insurance covers common third-party risks at control system integration businesses, such as a client who trips in your office and suffers a bodily injury, or accidental damage to a client's property.

In both cases, general liability coverage would pay for any medical expenses and legal fees if the client sues over bodily injury or property damage.

It also helps pay for attorney's fees and other legal expenses if someone sues your business over copyright infringement or other advertising injuries, including defamation.

Below is the average general liability policy for control system integrators who buy from Insureon:

Insurance premium: $29 per month
Policy limits: $1 million per occurrence; $2 million aggregate

The per-occurrence limit is the maximum your insurer will pay for a single covered incident, while the aggregate limit is the most the insurer will pay for all claims during the policy period, typically one year.

General liability insurance costs depend on factors such as the coverage limits and deductible you choose, your business income, and any additional insured endorsements you select.

Learn more about how your insurance premium is calculated and how to save money on your general liability coverage.

Building design businesses pay an average of $54 per month, or $648 per year, for a business owner’s policy.

A business owner's policy, or BOP, bundles general liability coverage with commercial property insurance to cover both third-party risks and your business property. It typically costs less than purchasing each policy separately.

A BOP protects against customer injuries, property damage, and vandalism. It also covers damage to your control system equipment, as well as your office building. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s agents for those who rent or own an office.

This is the average BOP for building design professionals who buy from Insureon:

Insurance premium: $54 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

Small, low-risk building design companies are often eligible for a business owner's policy.

Control system integration business owners may see higher costs if they choose to add endorsements to their policy. Insurance endorsements, such as business interruption insurance or equipment breakdown coverage, are often recommended to help pay for lost income if a fire or power outage forces your business operations to cease for an extended period of time.

The cost of a business owner's policy is based on many factors, including the value of your business property, where you are located, the types of industries you serve, the number of employees you have, and your specialty.

The average cost of workers’ compensation insurance is $40 per month, or $482 annually, for control system integration companies.

This policy covers medical expenses and lost wages related to employee injuries. It usually includes employer's liability insurance to protect against lawsuits from injured workers.

Businesses with employees typically must purchase workers' comp to comply with state requirements and avoid penalties. For example, all control system integration businesses in California, Pennsylvania, and New York must carry workers' comp if they have one or more employees. Florida businesses need coverage when they have four or more employees, and coverage is optional in Texas.

Since health insurance plans can deny claims for injuries related to your job, workers' comp coverage is also recommended for independent contractors as a financial safety net and for peace of mind.

The cost of workers' comp depends on several factors, primarily the number of employees you have and their occupational risks. You can save money on workers' comp coverage by classifying your employees correctly and implementing a risk management plan to avoid work-related injuries and subsequent claims.

Building design firms pay an average of $135 per month, or $1,614 per year, for commercial auto insurance.

This type of insurance pays for legal costs and medical bills if your control system integration company vehicle injures someone or damages their property in an accident. It can also cover vehicle theft, vandalism, and weather damage.

Most states require commercial auto insurance for vehicles owned by a control system integration business. For personal, rented, and leased vehicles used for work purposes, look to hired and non-owned auto insurance (HNOA) instead.

The cost of commercial auto insurance depends on several factors, including your policy limits, the coverage options you choose (e.g., additional insured endorsements), the number and value of your vehicles, and the driving records of anyone permitted to drive.

Building design professionals spend an average of $84 per month, or $1,002 per year, on cyber insurance. This policy is also called cyber liability insurance or cybersecurity insurance.

Cyber insurance helps control system integrators and other building design professionals recover financially after a cyberattack or data breach. It can cover data breach investigations, cyber extortion payments, and costs related to complying with your state's data breach laws.

A cyber liability insurance policy is especially crucial for control system integration businesses that store sensitive client information, such as credit card numbers, phone numbers, and email addresses.

The cost of cyber insurance and the coverage you need depend on the amount of sensitive information you handle at your control system integration company.