Engineers may be responsible for the design of major civil works or charged with coming up with a solution to some structural alteration to your home.
Whatever the scale and nature of the project in which you are engaged as a professional engineer, however, it is clear that any errors or mistakes on your part may be costly indeed. A failure of the structure which you have designed may result in the loss of life and limb, not to mention the expense of clearing the failed site of debris and reconstructing the works in question.
If such a failure of the structure is found to be the result of mistakes or errors in your design, specification and drawings, you may be held legally liable and ordered to pay compensation for any injuries that occur, damage to others’ property and any financial losses incurred by the client or clients who instructed you.
Indeed, many prospective clients might look for the security offered by your having adequate professional indemnity insurance and the reassurance that you may then be able to meet any claim for compensation if things go wrong. In this way, engineers’ insurance may positively enhance your standing and reputation amongst new and existing clients.
Given the scale of the professional risks you face, you might want to give serious consideration to the protection of engineers’ insurance and discuss with us, the specialists here at constructaquote.com, your options for engineers’ professional indemnity insurance and the level of cover that might be appropriate for your business.
Why choose us?
- All of our contact centres are based in the UK – so if you are making a general enquiry or want to discuss your engineers’ insurance needs with us, rest assured that we are close to home
- We are small business specialists – familiar with the specific needs of professional engineers such as yourself
- We have been helping small businesses find cover since 1990
Is engineers’ professional indemnity insurance expensive?
The cost of insurance products can vary significantly, but when weighing the costs of this type of insurance, it might be better to consider the potential expense of not having such cover.
That expense might come in the form of allegations of your professional negligence because of the engineering design faults, inadequate specification or mistakes you have made in a project in which you are involved.
If your client is able to show that the engineering failures of the project were the result of your lack of professional care, which was in turn responsible for financial losses incurred by your client, you may be sued for substantial sums in compensation.
Such legal action may be successful whether or not you hold engineers’ professional indemnity insurance. If you do not, then you remain financially and personally responsible for the payment of whatever damages are awarded; if you hold indemnity insurance, however, settlement of the claim is made on your behalf and you and your business escape what is likely to be a hefty financial penalty for the damage your actions and advice incurred.
Do you need public liability insurance?
Your responsibilities do not begin and end with those towards the client who may have instructed you.
You also have a duty of care towards every member of the public who may be injured or have their own property damaged because of mistakes or errors in the engineering advice you have given – or failed to give.
You might only need think of the chaos that may be caused by the collapse of some structure on which you have contributed engineering services to appreciate the extent of claims which might be made against you by injured members of the public or those who have had their own property damaged in some way.
Although you may choose the level of cover you consider prudent to arrange, public liability insurance typically offers a minimum of £1 million of cover – and you might want to opt for considerable more than this figure.
Employers’ liability insurance – do you need it?
You might consider the office or offices from which you provide your engineering services to be an especially safe environment. Nevertheless, accidents may happen and anyone you employ might be injured – in the office or out on site – during the course of their work or contract an illness or other medical condition related to their employment.
Since you have a duty of care for the health, safety and well-being of all of your employees, you may be held liable for any injuries or illnesses sustained by those working for you. Claims for compensation – especially in the event of long-term illness or disability – may be very high indeed.
In order to protect the right of your employees to receive any compensation to which they may be entitled, the law currently requires that you hold a minimum of £5 million cover in employers’ liability insurance.