Insurance for Engineers
- Up to $10M Professional Indemnity cover
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Why do Engineers need insurance?
Your clients rely on your engineering expertise, but what if a mistake or misunderstanding derails their project? Insurance for engineers, surveyors, and other design professionals has your back when things go wrong.
Engineer insurance is the different forms of cover designed to protect engineers and engineering firms from suffering financial losses caused by lawsuits, work mistakes, and more.
Did you know?
Professional Indemnity policies available to Engineers through BizCover start with limits of cover from $1 million up to $10 million.
What types of insurance do engineers need?
Professional Indemnity
Professional Indemnity is the most common policy chosen by engineers, as it is mandatory for the profession in most states and territories.
Professional Indemnity insurance* protects engineers against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. Subject to applicable limits, your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
Public Liability Insurance
Public Liability insurance* is an essential form of coverage for many engineers, as they often work closely with clients and contractors in various locations.
A Public Liability policy provides protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.
Business Insurance Pack
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).
It can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, other cover options are also available for public liability, tax audit, employment practices and statutory liability risks.
Management Liability
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.
Cyber Liability
Cyber Liability insurance* covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
Common Engineering professionals who might need insurance:
- Chemical Engineers
- Civil Engineers
- Engineering Firms
- Mechanical Engineers
- Structural Engineers
- And More
How much does engineering insurance cost?
Engineering services businesses insured through BizCover paid an average monthly premium of $144.86 for their insurance†.
However, 30% of engineering service providers insured through BizCover report annual revenue between $100-200k and paid an average monthly premium of $115.42.
Insurers consider many factors when calculating your insurance premiums, such as the size of your engineering firm, where it’s located, how much cover you’ve chosen, and your past claims history.
BizCover makes it easy to compare engineer insurance and understand how much you can expect to pay for your policies.
Rated 4.6/5 for Customer Experience
Smooth, seamless way to gain the insurance
David G
Engineering
Great Service, Quick and Easy, Competitive pricing and payment options.
Wolfgang M
Engineering
The process was so quick, easy and the quote provided was HALF that of my previous insurer.
E Ortega
Engineering
Really easy and no long forms or wait times like other providers of PI.
P Brewer
Engineering
Great service. I can see you are better than individual insurance broker who increase my premium every year.
Zhiwei T
Engineering
*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
†Customer Average Monthly Payment Amount is based on 4,917 Engineering Services businesses insured with BizCover in FY23 and presented as a guide only. It may not reflect pricing for your particular business, as individual underwriting criteria will apply .