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What is engineering insurance?

Engineers insurance is the different types of cover designed to protect engineers and engineering firms from suffering financial losses caused by lawsuits, work mistakes, and more.  

Your clients rely on your engineering expertise, but what if a mistake in your work, damaged equipment or cyberattack derails their project? The potential troubles that engineers face is endless—and could create expensive bills for your business.  

If paying them out of pocket would test your business’ strength, then you might want to consider business insurance. 

what is engineers insurance

Why do engineers need insurance?

Engineers may need business insurance to obtain their professional license and fulfill contractual obligations. 

Become licensed

Enter a worksite

Work as a contractor or sub-contractor

Work with specific clients

Pay legal costs if you face a liability claim

Who needs engineering business insurance?

Many types of engineers consider business insurance, including engineering consultants, surveyors, and more.  

Engineering Consultants

Civil Engineers

Mechanical Engineers

Electrical Engineers

Engineering Drafting Services

Chemical Engineers

Engineering Firms

Structural Engineers

Quantity Surveyors

Let’s cover your small business on the go

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engineers insurance did you know

Did you know?

Professional Indemnity is the most common policy chosen by engineers, as it is mandatory for the profession in most states and territories. You may be required have minimum levels of cover to receive and maintain your professional license. 

Professional Indemnity policies available to engineers through BizCover start with limits of cover from $250,000 up to $10 million. 

What types of insurance do engineers need? 

We offer a range of insurance options designed to cover your professional reputation, tools, and more.

Public Liability

Covers costs and legal fees if you negligently cause injury to a member of the public or damage to property.

Public Liability insurance

Professional Indemnity

Covers losses and legal fees as a result of alleged or actual negligence in your professional services or advice.

Portable Equipment

Covers you for loss and damage to your tools and stock due to theft, fire and other perils listed in the wording.

Tool cover

Theft insurance

Covers the loss and damage of contents and stock to your business premises caused by a theft or attempted theft

Theft insurance

Cyber Liability

Protection against claims and supports your profitability following a broad range of cyber events.

Cyber Insurance

How much does engineering insurance cost?

The average cost of business insurance for engineers is $152 with BizCover, but the amount you pay may vary. Insurance premiums are based on factors such as the services you provide and the level of cover you choose.

how much does engineers insurance cost

Factors influencing cost

Risks of the industry 

Cover level amount

Annual turnover

Number of employees

Claims history

*Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.

Get cover that works with the risks of your business

Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.

Cover levels to choose from

  • $5M
  • $20M

Cover levels to choose from

  • $250K
  • $10M

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

Factors influencing cost

Risk of the industry

Cover level amount

Annual turnover

Number of employees

Claims history

Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.

Get cover that works with the risks of your business

Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.

Cover levels to choose from

  • $5M
  • $20M

Cover levels to choose from

  • $250K
  • $10M

Unsure how much to choose? Think about:

Statutory professional requirements

Cover required by contracts

Number of employees being covered

Your contract value

Worst case scenario claim size

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

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See how much others have saved while purchasing policy through BizCover

Colette

Disability Care Worker from

NSW

Saved

$1,200

on

Public Liability and Professional Indemnity insurance

Disability care worker
Andrea

Beautician from

VIC

Saved

$1,500

on

Business insurance Pack and,
Public Liability and Professional Indemnity insurance

Andrea, Beautician saved $1,500 on Professional Indemnity, Public Liability and Business Insurance
Deborah

Cleaner from

VIC

Saved

$3,600

on

Public Liability insurance

Cleaner from VIC saved on Business Insurance with BizCover
Lance

Electrician from

ACT

Saved

$800

on

Public Liability insurance

Electrician saved $800 on Public Liability insurance
Stephen

IT Professional from

VIC

Saved

$1,500

on

Information Technology Liability insurance

IT Professional saved on IT Liability with BizCover
Linda

Restaurant owner from

NSW

Saved

$1,000

on

Business Insurance Pack and
Public Liability insurance

Restaurant owner saved in Business Insurance with BizCover

Frequently asked questions

Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance Pack can be customised to include cover that fits your business needs, such as covering your portable equipment, glass and for loss of revenue due to business interruption (among many others). 

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Brilliant. It was so easy to get this done and it was the lowest quote. I spent a whole day getting multiple quotes but BizCover found the best one for me!

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Simple, easy to navigate. Great Value!

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Really easy and no long forms or wait times like other providers of PI.

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So quick and easy to create my personalised business cover, I would definitely recommend BizCover to anyone looking for insurance. Thank you!

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