What does engineering insurance cover?
There are a number of different covers typically included in an engineering insurance policy. These are:
- Professional indemnity insurance. In an ideal world, all stages of the project run smoothly and your client is satisfied with the results. But what if something goes wrong along the way? A client may feel you have breached the contract, or given them ‘bad’ advice which has resulted in financial loss. Professional indemnity cover could protect you from claims made on this basis.
- Employers liability insurance. Whether you employ full-time staff or freelance contractors, you know that having a team of skilled people is the lifeblood of your business. However, under the wrong set of circumstances, it could also be the death of your business. Imagine if you were held responsible for a serious accident at the plant – or a chronic illness. It might not be your fault, but the legal costs could be crippling.
- Product liability insurance. Of course you aim to supply a high quality product every time – but this isn’t always under your control. From design to manufacture, from inspection to packaging and marketing, there are multiple opportunities for human error. Or you may yourself receive faulty components that have a knock-on effect on your clients, seeing you facing heavy legal costs.
- D&O insurance. This can protect managers, directors and officers from claims made against them personally as a result of their decisions. Small and medium-sized companies are particularly vulnerable in this area as they may not have dedicated departments to manage complex legal issues such as discrimination or data protection.
- E-risks insurance. This could protect you from risks specifically related to the internet: viruses, cyber-theft and hacking – crimes which are sadly on the rise in your field.
Why choose JM Glendinning for my engineering insurance?
The thought and work that goes into any engineering project, from mechanical to medical, is impressive – from design, to construction, to maintenance and analysis – there are hundreds of opportunities for improvement and innovation. But with every step of the process comes a different risk – from damage to IT equipment to an accident – or worse – at the plant.
You need an insurance provider who understands the complex nature of your business and provides you with a comprehensive plan that leaves you to concentrate on what you do best, with the peace of mind that comes with knowing you have adequate cover in place.
Call one of our advisors now for a friendly, no-nonsense consultation, and we’ll get a range of quotes ready for you.