Engineers provide an essential service due to their ability to apply science and technology to solve problems. There are numerous branches of engineering, including environmental, chemical, civil, electrical and mechanical and they work across a range of industries. As an engineering contractor, it’s essential that you have the right insurance cover in place. Today, we look at the insurance policies that engineers need to consider.
Public liability insurance
If you have business premises as part of your engineering business, you need to have public liability insurance to protect against third party damage or injury. If you cause damage to property or injury to a person as a result of your actions at work, public liability insurance will protect against the costs of a claim. All it would take it for a client to trip and injure themselves at your place at work for you to find yourself at the receiving end of a claim. Liability insurance will also cover the costs of legal bills if you need to hire a lawyer as part of the claims process.
Professional indemnity insurance
Professional indemnity insurance is an essential form of cover for engineers and it’s a basic requirement for Australian engineers to have indemnity cover in place. Professional indemnity insurance protects engineers against claims made against them for damages to a third party following an act, error, omission, negligence, or breach of professional duty. Just some of the indemnity risks that engineers face could include providing negligent or misleading advice, inadequate designs or specifications, losing documents, or failing to adequately manage a project. As an engineer, you’re responsible for ensuring that you have the right level of indemnity insurance in place.
Personal accident and illness insurance
As a contractor, you rely on regular work for your income and don’t have access to leave entitlements. If you suddenly became unwell or obtained an injury, you may be unable to carry out your regular work which could have a serious financial impact. Personal accident and illness cover means that you’ll continue to receive a portion of your regular income if you suffer from injury or illness which sees you unable to work. This cover allows you to keep up with regular payments and living needs while you recover and offers ongoing peace of mind in lieu of leave entitlements which would offered to employees.
Contractor Cover specialize in providing insurance cover for Australian contractors. We understand that you face specific risks in your daily work which is why we offer our trademark contractor pack which includes all of the main forms of insurance used by contractors. This means no messing about with multiple policies as it’s conveniently bundled together. Not only do we offer convenience but also competitive pricing. Give us a call for more information!
If you’re an engineer and require insurance cover for your business, contact Contractor Cover today on 1300 438 268.