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Whatever your engineering specialty, it’s important to understand the financial and legal risks associated with providing specialist advice and consulting. Keep reading to learn more about business insurance for engineers.
As an engineer, you likely provide design, architectural and structural advice as part of your work. However, if something goes wrong as a result of your advice, you could potentially be exposed to a lawsuit. That’s where Professional Indemnity insurance may help.
Professional Indemnity insurance* helps protect your engineering business against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice. Professional Indemnity insurance can help to meet some of the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
If you spend time on building or construction sites during the course of your engineering work, you may want to consider the coverage available from a Public Liability insurance policy.
Public Liability insurance* is designed to help provide protection for you and your engineering business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
If your engineering business relies on software to operate, as well as to store confidential plans and files relating to your client, then you may want to consider Cyber Liability insurance.
Cyber Liability insurance* helps protect your engineering business against legal costs and compensation payments related to cybercrime incidents. Your coverage may generally include cover for expenses and legal costs relating to the following:
Finding cover for your engineering business is easy with iSelect. We’ve partnered with BizCover to help you compare** quotes from multiple insurers. Get started comparing online, or call today on 13 19 20.
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
Last updated: 30/04/2020