Insurance for Engineers
- Up to $10M Professional Indemnity cover
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Why do Engineers need insurance?
You know your clients place great trust in you to solve complex problems, but what happens if you get it wrong? With BizCover you can get multiple competitive quotes from some of Australia’s 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 the one you are calculating!
Did you know?
Professional Indemnity policies available to Engineers through BizCover start with limits of cover from $1m all the way up to $10m
Insurance for Engineers
As a professional engineer, you are required to be an expert. Your work can involve construction of materials that are associated with a high degree of risk, potentially exposing you to a Professional Indemnity claim, if something were to go wrong. From bridges collapsing to roads rupturing – the consequences (and costs) can be severe.
Professional Indemnity insurance is designed to provide your business with a solid foundation when things don’t go to plan. It protects you against losses claimed against you due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will pay compensation to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
Public Liability Insurance
Do you need Public Liability insurance? The short answer is probably yes. Chances are you’ll have regular contact with clients, contractors and the general public. Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.
Your clients are important, but so are your business assets.
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 package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for other risks including public liability, tax audit, employment practices and statutory liability risks.
If you’re a company director or senior manager you can be held personally liable for the business affairs of your company. Management Liability insurance will provide protection to your company’s directors and officers and potentially your company in relation to claims of corporate mismanagement, misconduct or statutory breach of duty.
A structural engineer entered into a contract with a construction company for the provision of a survey for a inner city hotel construction project.
Proceedings were issued by the hotel owners on the basis that the survey contained a number of errors. They sought $260,000 in compensation to cover both rectification and construction delay costs.
An independent engineering expert identified that the engineer had made errors which were directly responsible for the rectification costs. The case was settled out of Court with the engineer’s insurer negotiating a settlement of $155,000, which the insurer met (subject to the insured paying the policy excess). Defence costs covered by the policy including lawyers and experts fees totaled an additional $100,000.
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*Savings made in July 2022 on Professional Indemnity and Business Insurance Pack policies. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply. ©2023 BizCover Pty Limited, All rights reserved. ABN 68 127 707 975; AFSL 501 769