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Engineers Insurance - 4 things to consider!

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What insurance do engineers need?

If you are an engineer or work within an engineering firm, understanding the insurance you, as an engineer, need can help you navigate your career and your engineering business.

Operating as an engineer is a complex field, where many challenges and difficulties can arise. Engineering projects don’t always go as planned and can face challenges during the project. Problems can occur and issues can arise. Having the right insurance in place can help you navigate the complexity and reduce the risk of your engineering projects.

Professional Indemnity Insurance or PI

For engineers, Professional Indemnity (PI) insurance helps to provide coverage for any professional advice that you provide to clients as an engineer.

PI insurance provides coverage for any breach where claims may be made against you for damages. Engineers offer crucial expert advice and their professional work is relied upon in significant projects. When those projects go wrong the advice you provided as an engineer, or engineering services firm, is likely to come under close scrutiny and may be determined as having contributed to the issue. This may be through an act, error or omission in the performance of your professional services.

The perceived negligence or breach of duty may be grounds for a lawsuit or a request to pay damages. Professional Indemnity Insurance is designed to assist with those court or other legal fees that may otherwise cripple your engineering business.

Public liability Insurance

When working as an engineer, your work involves engaging with a broad range of stakeholders including suppliers, contractors, industry representatives, staff and the wider public. When interacting with such diverse stakeholders, injury or damage can occur that you may be found liable for. Public liability insurance provides coverage for liabilities that can occur due to any injuries or damages sustained as a result of your engineering business operations.

When people are interacting with your engineering business, having public liability insurance can provide coverage for your engineering operations.

Cyber Insurance and Security for Engineering

Engineering businesses rely upon technology to enable them to operate. From developing your designs, working out engineering calculations and managing engineering projects. Your engineering business's valuable documentation is one of your most critical business assets.

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Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Public Liability Insurance

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

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With technology so embedded into modern businesses, consider securing your sensitive engineering information with robust technology and operational processes. In addition, you can consider whether a specialist cyber insurance policy may offer you additional coverage to manage your recovery following a cyber or technology related business incident.

Engineering is a complex business!

Whilst engineers are comfortable with complexity, making sure that you have good insurance in place for your engineering operations can reduce the complexity you might face in light of any incident. Finding insurance that aligns with your approach to risk, and ultimately reduces your business risk, is a smart way to conduct business.

Given the complexity of your areas of operations don’t be surprised if your engineering insurance is also complex and requires detailed assessments and expert understanding. An insurance broker with experience in insurance for engineers can provide you with a professional recommendation unique to your business and your tolerance levels for risk.

If you’re operating as an engineer, please seek expert insurance assistance via an insurance broker with expertise in engineering insurance. The insurance brokers here at Urban Insurance are ready to speak with you about insurance for your engineering services firm.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Channelle Ricketts, Urban Insurance, AFSL 233750