Why do Engineers need it?
Have you ever caught yourself saying “trust me, I’m an engineer”? You know your clients hold great trust in you to solve complex problems, which is precisely why you need the right insurance. With BizCover you can get multiple competitive quotes from leading insurers with just a few clicks or a simple phone call. Select your preferred policy and you’ll be covered instantly, so the only stress you’ll ever need to worry about is a stress-strain analysis!
Did you Know?
Professional Indemnity policies for engineers start from just $138 per month for $2 million worth of cover.
Insurance for Engineers
As an engineer, you are considered an expert in your field, and therefore held to high expectations when providing advice or making recommendations to your clients. Your work involves a high degree of risk and you are responsible is something goes wrong. From bridges collapsing to roads rupturing – the consequences can be severe.
Professional Indemnity insurance will ensure your business has a solid foundation should the worst happen by protecting you against financial losses if you end up facing a claim for negligence, in or out of court. It will cover legal and defence costs, court costs, PR costs, and compensation awarded to your client.
Unless you set up shop on the moon, it’s likely you’ll have regular contact with clients, contractors and the general public. Public Liability insurance is an essential form of cover to protect you from financial losses arising from a claim of accidental injury or property damage as a result of you going about your business.
Your clients are important, but so are your business assets. Without the right cover, you could be hit with a few unwanted challenges that could leave you severely out of pocket. Consider cover for your contents, stock and premises to protect against fire, storm, theft, vandalism and accidental damage.
Business Interruption cover will ensure you get back on your feet in no time by covering the increased costs of running your business, as well as lost revenue while it is of action due to an insurable event.
If you’re a company director or senior manager you don’t want any unwanted surprises that may leave you personally liable. Management Liability insurance will protect your company and your personal assets against legal costs and some statutory fines and penalties in relation to mismanagement, misconduct or statutory breach of duty.
A structural engineer entered into a contract with a construction company for the provision of providing surveying services in respect of an inner city hotel construction project.
Proceedings were issued by the owners of the inner city hotel claiming the amount of $260,000 in respect of damages and rectification costs allegedly incurred as a result of incorrect surveys being carried out which delayed the completion of the hotel.
An independent expert report identified that the engineer was negligent and attributed at least 75% of the rectification costs to the engineer. The case settled at mediation with the engineer agreeing to contribute $150,000 towards the rectification costs. In addition, the defence costs and expert costs incurred totalled $100,000.
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