Due to the nature of work many engineers carry out, they have a crucial duty of care to a wide network of people – including clients, contractors, additional consultants and members of the general public.
As well as covering the physical risks associated with projects involving construction or architectural work, a tailored insurance solution can protect engineers who are also required to offer advice and direction.
Without an adequate level of cover, an engineer can be susceptible to some very serious risks and liabilities, take Anthony for example;
Anthony, a structural building engineer was hired to conduct the final inspection of a building after the completion of a large renovation. Upon inspection, Anthony found several minor items to address which he included in his final report. He had also noticed that the floor beams of the structure were sagging slightly, however, given that this was an older building with wooden beams, Anthony didn’t feel that it compromised the structure and did not include this in his report. Two weeks after the inspection, the building collapsed inward due to a weakening of the interior floor beams. The damage caused to the structure was beyond repair and there was also some damage to the neighbouring building. Anthony was named in a lawsuit and accused of improper a negligent inspection, being held partly liable for the replacement cost of the structure, the damage to the neighbouring building and associated legal costs. All of which would be paid by the insurer (with the exception of the engineer’s deductible), had he been covered.
Don’t be caught in the trap of underinsurance. Professional indemnity insurance covers engineers for the advice and direction they are required to give, whilst public liability insurance covers engineers should they be liable for any third party injury or property damage while they are on-site.
In such a diverse profession including industries such as chemical, forensic, landscaping electrical and civil – it’s important to have a clear and thorough understanding of the specific type of insurance solution required.
Calculating the correct amount of cover for your engineering business can be a tedious and complex process, and trying to do it on your own can be a recipe for disaster. Talk to an Adroit Insurance broker about customising a peace of mind insurance policy to fit your exact needs today!
We all have things we subscribe to that end up not fitting our needs down the road. Maybe it’s that magazine you subscribed to back in 1992, or the gym membership that you haven’t used since you finally started fitting back into those jeans. Your insurance policy shouldn’t get lumped in with these things.
It’s one of those things that’s misunderstood; your policy is not something that you just set and leave as it is. It’s something that you should always be reviewing, in conjunction with your broker. – Damon Edwards, Branch Manager.
Insurance policies renew automatically, but you’ll be notified by your insurance broker or financial adviser before that happens to see if anything has changed. This is the perfect opportunity to review your insurance policies and ensure your coverage still suits the needs of your business.
Here are a few examples of changes that could affect your insurance cover:
- A significant increase (or decrease) in revenue
- A significant increase or decrease in stock
- A purchase of a new asset like a property or piece of machinery
- A change in business activity
- A change in market conditions
These business milestones, like growing your staff, opening a new store or upgrading to the latest equipment, are exciting. They can change your life and improve the profitability of your business. As much as they change the way your business operates, they also change the requirements of your insurance policy – and sure, that takes some of the romanticism out of it, but these are the assets you’re working so hard to protect.
Life grows along with you, so make sure you enable your insurance policies to do the same. Your Adroit Insurance Broker or Financial Adviser will get in touch with you to review your insurances, so take that opportunity to update them on any changes in your life or your business. If your broker or adviser doesn’t do this, talk to one of our trusted Adroit Brokers for a free no obligation insurance review.
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‘Do-it-yourself’ business-owners now have a raft of information at their fingertips, and many assume that cutting out their insurance broker would cut down costs. They could not be more wrong.
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