As an engineer, you work in a complex and interesting field which offers a lot of opportunities for contractors in a diverse range of roles. Of course, as an engineer you also need to ensure that you have the right insurance cover in place to cover your areas of risk. Today, we’ll be exploring some of the unique risks that engineers face and the policies you need to consider so you’re protected.
What are my risk exposures?
Due to the dynamic nature of your work as an engineer, you face a wide range of scenarios which could you leave you exposed. Just some examples of risk exposures for engineers include professional negligence, issues with the construction quality of a design, cyber and network security risks, copyright infringement, and poor project management. There could also be situations where you’re responsible for the work of subcontractors and there are errors or defects.
Not only do you face risks associated with your work as an engineer, you also have other challenges as a contractor from unexpected circumstances such as being unable to work due to illness, having your work related items lost or stolen, or causing injury or damage onsite. With the right insurance, you can be confident that you’re protected financially in these scenarios.
Which policies do I need to consider?
General property insurance – Covers the items you carry with you if they’re lost, damaged or stolen.
Public liability insurance – Protects you financially if you cause damage or injury as the result of your actions at work.
Personal accident and illness insurance – Continue to receive a percentage of your pay if you can’t work due to injury or illness.
Professional indemnity insurance – Offers financial protection if a third party suffers a loss due to an act, error, omission or breach of professional duty.
Tax audit insurance – Reimburses you for costs associated with hiring a professional if you’re subject to tax audit.
Life insurance – Provides a lump sum payment to your loved ones upon your death to use as they see fit.
How do I find out more information?
If you want to know whether your current level of cover is appropriate for your situation or if you’re newly starting out as a contractor and want to arrange insurance, speak to your insurance broker. They’ll be able to advise you on the best level of cover for your situation and ensure you have adequate cover in your work as an engineer.
Here at Contractor Cover, we provide life insurance for engineers along with a range of other insurance policies. We understand the unique risks that you face in your day to day work and we provide a convenient insurance package for professions with the most common policies that you need. Our ability to bundle multiple policies together into one policy means that we can provide high quality and cost effective cover.
For insurance for engineering contractors, speak with Contractor Cover today on 1300 438 268.