Engineering businesses could benefit from a range of covers by purchasing a commercial combined policy.
As a business owner, you know first-hand how much time and effort is required to make a success of your livelihood. As well as carrying out your day-to-day work, you may find that you sometimes have to face obstacles that your business comes up against – many of which can be unexpected. This is true for all different types of businesses – and engineers are no exception.
That’s why you may want to consider taking out an engineering insurance policy for your business – to protect it against the risks that may threaten it.
What is engineering insurance?
Engineer insurance is an umbrella term for a collection of covers that an engineering firm could purchase in the form of a commercial combined policy. Engineer’s insurance can provide essential protection against certain threats that a wide range of businesses in the engineering industry are exposed to. This includes firms specialising in:
- Heating engineers
- Structural engineers
- Civil engineers
- Consulting engineers
- Mechanical engineers
- Construction engineers.
What insurance for engineers do I need?
No matter what type of engineering you specialise in, you will probably want to consider insuring your business against the risks it is exposed to on a daily basis. These risks could include anything from a member of the public suffering injury, to a piece of your equipment sustaining damage.
Because there are many different types of engineers - spanning a number of different industries - different businesses will also choose to include various extensions in their policy. The extensions you include will ultimately depend on the makeup of your firm and your attitude to risk. However, there are some common forms of cover that many engineers are likely to benefit from if they purchase a suitable policy.
For many engineers who regularly use a lot of tools and machinery, contents insurance can be a vital form of cover to have in place. Your contents insurance could also protect portable equipment that you regularly transport – for example, to and from jobs – with the inclusion of goods in transit cover. As well as your contents, you may want to protect the premises from which you operate with commercial buildings insurance.
For an engineer, it may also be important for you to guard against the possibility that your business’s actions result in a member of the public suffering personal injury, damage to their property, or financial loss. Including public liability insurance in your engineering insurance could cover you in the event that your business is deemed responsible for causing injury or property damage to a third party.
You may also want to consider taking out engineer’s professional indemnity insurance, in case a client suffers financial loss due to an error or fault in your service. You may find that many clients will request that you have professional indemnity insurance in place before doing business with you, so it’s a good idea to consider purchasing this policy. To find out if your require profesisional indemnity insurance, visit out 'professional indemnity insurance explained' page.
Employers’ liability insurance is legally required for most businesses that employ staff. It can provide financial protection for you in the event a member of your staff suffers injury or illness as a result of carrying out their working duties, and makes a claim against you. While there’s a good chance that you will need to have this insurance in place as a matter of law, there are a few exceptions, such as businesses that only employ close family members.
How do I get engineer’s insurance
If you’d like to discuss the forms of insurance for business, all it takes is a simple phone call. Make It Cheaper Financial Services’ team of UK-based insurance experts. We can help you to decide which covers to include in your engineers insurance package, as well as find you a competitive quote for the insurance that you need.
You can call Make It Cheaper Financial Services on 0800 144 4808 or click the ‘get a quote’ button below.
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