Engineers solve problems and change the way we live with their creations and innovations. One thing that no engineer wants is their innovation being held back by risk.
To cover any risks involved in the work you do, you need specialist engineering insurance that uses specific industry expertise to make sure that you you are covered for every eventuality.
What does engineering insurance include?
Your engineering insurance policy can include cover specific to your own individual business needs, but you should always include certain policies as standard:
1. Employer’s liability insurance
All engineering firms who employ staff are legally required to have employer liability insurance as part of their engineering insurance package. If an employee was to injure themselves or become ill while working for you then they could seek compensation. Employer’s liability cover gives you the peace of mind that the compensation amount will be paid by your policy.
2. Public liability insurance
Public liability insurance is an important part of your engineering insurance package as it can protect your business if someone is injured or their belongings are damaged as a direct result of your business activity.
3. Product liability insurance
Product liability insurance encompasses claims for injury or damage to property that come from using a product. If you are an engineer who owns a manufacturing company, it is vital that you have product liability insurance to cover the costs of any compensation and legal costs if one of the products that you designed causes harm or injury.
4. Office insurance
Depending on what type of engineering you specialize in, there will be differing insurance needs for your office contents. Office furniture and computer systems are needed in most engineering offices and there are specialist office insurance options providing coverage against damage and theft.
5. Business contents insurance
If you have furniture, phones and other equipment and machinery, then business contents insurance is a must. It might also include cover for personal items belonging to your employees or visitors.