Gone are the days when Professional Indemnity Insurance was only a consideration for doctors and lawyers. Now, many professionals need to consider having indemnity cover in place and engineers are no exception. Whether you work as a civil, structural, electrical, mechanical, chemical or environmental engineer, or any other engineering role, there are a number of risks your profession faces which could see you at the receiving end of a claim.
Today, we’ll take a look at Professional Indemnity Insurance and how it applies to your work as an engineer.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance is designed to protect professionals who provide advice or services as part of their job. It protects you against legal costs and claims for damages resulting from an act, omission or breach of professional duty in the course of your business. Without the right cover, you leave yourself open to a claim from a third party and these claims can impact on you regardless of the size of your business.
Why do engineers need Professional Indemnity Insurance?
Engineers carry out dynamic and complex work and there are risks associated with your job which could lead to an indemnity claim. Like all professionals, no matter how careful you are, you may find yourself in a situation where a third party accuses you of negligence or breach of duty.
Some of the key exposures facing engineers include:
- Poor project management and supervision
- Inappropriate or incorrect certification
- Incorrect or inadequate design, advice and/or specifications
- Poor communication with clients
- Breach of contract
- Lack of appropriate documentation
- Breach of copyright
- Allegations of professional negligence
Engineering is a broad profession and there may be additional risks specific to your role. Make sure you speak with your insurance broker about your situation so they can ensure all areas of risk are appropriately covered with your indemnity cover.
Convenient and hassle free insurance
At Contractor Cover, we provide insurance for professionals like engineers to ensure you’re covered for all areas of risk. Along with Professional Indemnity Insurance, we provide:
- Public Liability Insurance
- Personal Accident and Illness Cover
- General Property Cover
- Tax Audit Cover
- Life Insurance
To make your insurance as hassle free as possible, we’ve bundled together the most common insurances for contractors into one convenient package. We use one of the world’s largest insurers which means quality insurance at the best price. For further information, speak to one of our insurance brokers today.
To discuss Professional Indemnity Insurance for you, contact Contractor Cover today on 1300 438 268 and we would be happy to assist.