Understanding Insurance Policies For The Average Archaeologist
It is no doubt that archaeologists are in an exciting field, as they are constantly studying material and environmental remains to understand human history. Of course, it can be easy to make a mistake when dealing with findings in the Ontario area and that is why archaeologist professional liability insurance is necessary. PLI archaeologist insurance is also often times referred to as E&O archaeologist insurance. And, it protects you in the event that you misidentify something or make a mistake that results in a financial loss to your client. Since identify remains and studying environmental surroundings can be incredibly tricky this insurance is necessary for any archaeologist.
Just imagine if you were hired by a reputable museum to dig in an African village for remains of a lost tribe and you discovered some remains. However, what if you misidentified the remains and make the museum look like a total fraud? The museum might try to sue you. This is just one example where this policy can protect you. It can also protect you in the event that you accidentally damage fossils or remains during the digging process. It can cover the estimated financial losses that your client or customer might face, as well as covering court related losses on your part.
Our insurance coverage recommendations start at having $1,000,000 worth of professional liability insurance along with $1,000,000 worth of CGL insurance if the business demands it! Rates starting for $50/month!
Do You Need Other Policies? Yes!
While E&O archaeologist insurance sounds like a godsend, it is not the only coverage that you are going to need. In fact, there are a variety of risks that archaeologists face on a daily basis and this is why it is imperative to ensure that you are protected at all times. So, what policies does the average archaeologist need?
Public Liability Insurance
Accidents and injuries happen all the times, especially when you are on someone else’s property. If you or an employee visits a customer’s site and injure another individual in the process, this policy will cover medical losses and legally related fines. It will also protect you in the event that a member of the public is injured on your premises. It also provides coverage for damaged packages and property. Say you are delivering a crucial fossil to a customer, trip, and destroy the fossil. This policy will cover the cost of the package.
Public Liability Insurance Recommended Limits – $100,000 per claim / $1,000,000 aggregate
As an archaeologist you will be making documents, traveling to exotic locations, and exploring uncharted lands. Unfortunately, you will not be the only one trying to make these discoveries. Since you are always on the road it will be safe to assume that you will probably document everything on some sort of electronic device like a laptop or data recorder. What if a competitor got hold of your client’s findings and made the discovery before you? Cyber insurance can protect you in these exact situations, as your client would likely probably look to take legal actions against you.
Cyber Insurance Recommended Limits $100,000 to $500,000 dollars per claim / $1,000,000 aggregate
Employee Dishonesty Insurance
As you already know you and your employees are going to be handling a lot of priceless items. What would happen if your employee stole a piece and sold it to the highest bidder? Your client would be extremely upset and most likely would try to take legal ramifications against you. EDI insurance can protect you in these exact events.
Employee Dishonesty Insurance Recommended Limit – $100,000 per claim / $1,000,000 aggregate
The Prices For This Coverage
While there are a variety of different factors that can raise or lower the cost of your insurance policies, the archaeology field in considered a high-risk field. This means that you are probably going to be expected to pay more, but it will be worth it to ensure that you and your employees are safe at all times.
- Public Liability Insurance – $20 a month
- Cyber Insurance – $15 a month
- Employee Dishonesty Insurance – $15 a month
- Professional Liability Insurance – $50 a month
The numbers are averages. If you want to get a more definite answer, you need to get a free quote from us. Just us the form on our website to do that right now! Alternatively, you can contact us via phone or email. We’ll provide you with a quote as quickly as possible.
FAQ before purchasing archaeologist professional liability insurance
- How much professional liability insurance do I need as an archaeologist?
- How do I get an archaeologist insurance policy?
- What does archaeologist professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an archaeologist?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for archaeologists
- How does the claims process work if I get sued because of my archaeology services?
- What is the cost of archaeologist professional liability insurance?
- How do I apply for an archaeologist professional liability insurance policy?
- How do I qualify for coverage as an archaeologist?
- What is the purpose of getting insured as an archaeologist?
- How long will it take to get an insurance quote for my archaeology business?