Assisting in the shaping of the already built environment is such a huge responsibility which is characterised a fair amount of risks. The good news is that our civil engineer insurance features provisions which will protect you from compensation claims, regardless of what it is that you are working on – whether it is roads, buildings or even major infrastructure projects.
Take note, not only will having a solid civil engineer insurance policy help get your business back on its feet in any eventuality, but it is also able to reassure potential clients when you set out in search of better business. To crown it all, you should also make it a habit to comprehensively compare quotes from multiple insurers since they’ll make it easier for you to set up a personalised policy in a matter of minutes (bearing in mind the fact that you will be able to choose from covers such as the public liability, business legal protection, professional indemnity etc).
Why do I need Civil Engineers Insurance Cover?
Whether you’re a sole trader, own a small business or are part of a large engineering company, Civil Engineers Insurance can be your life line should disaster strike at work. If your machinery breaks or is stolen, an employee is injured at work due to your negligence, stock you’ve supplied turns out to be faulty or something you’ve designed has not worked, you can face lawsuits. Liability and indemnity claims can not only be costly but time consuming and stressful. A Civil Engineering Insurance Policy will help you through any claim you may face whether at fault or not.
How much Civil Engineers Professional Indemnity Insurance do I need?
The amount of cover you need is dependent on the type of jobs you undertake. You should consider the scale of the project and how much money and time it will take to repair if something goes wrong. You should also factor in the cost of legal fees should a claim go to court and any compensation costs you may be instructed to pay. The minimum amount of PI insurance we recommend is £5 million worth of cover, however you should take out as much as you realistically can afford.
Is Civil Engineers Insurance compulsory?
No, it is not compulsory to have Civil Engineers Insurance and it is not a stipulation by the Engineering Council for you to have it. However, if you have anyone in your employment, you will require Employers Liability Insurance by law. You may find that clients will require you to have insurance before they do any business with you and large corporate or government contracts may need proof of insurance before even considering working with you.
What else should I consider?
It’s important to ensure that all aspects of your business are covered, as well as your Professional Indemnity responsibility towards your clients. Other cover that you should consider includes:
- Employers Liability – a legal requirement if you employ anyone, including part time volunteers.
- Public Liability – covers your business should a member of the public have an accident at your place of work.
- Buildings Insurance – this can cover the physical building as well as any contents you have in it. If your property was to be damaged could you continue business as usual without premises?
- Tools Insurance – it’s important not to underestimate the value of your tools. They are often collected over time and can amount to a large sum. If they were suddenly not available to you, could you afford to replace them all in one go and continue business?
- Business Interruption – If you have to move premises suddenly or a key member of staff is unable to work, this can cover the cost of setting up in a new location and even cover loss of income in this time.
What is public liability insurance for civil engineers?
The civil engineer public liability insurance policy protects you against claims in respect of your legal liability for personal injury or property damage sustained by third parties arising during the course of your business. It pays any awards that are made against you and also meets the cost of any legal defence of any claim, whether you are responsible or not.
Why does a civil engineer need public liability insurance?
Every day civil engineers face the risk of legal action being taken against them in respect of their liability for personal injury or property damage arising in the course of their business activities. The awards that may be made as a result of a successful claim can be catastrophic but even the legal costs of defending the most spurious claim can cause severe financial hardship.
What is the limit of indemnity under the civil engineers public liability insurance policy?
The limit of indemnity under the civil engineers public liability policy is the maximum liability of the insurance company in respect of each and very claim under the policy. Common limits are £1M, £2m and £5M with additional levels available upon request. It is up the individual civil engineer to decide what the appropriate level for their needs is and this may depend upon the type of activities you are engaged in, your perception of the risks you face and perhaps any contractual requirements that the civil engineer may have entered into.
How much is public liability insurance for a civil engineer?
The price you pay is specific to your requirements and will depend how many people are involved in your business, the limit of indemnity you require and whether you have previously had any claims made against you. If there are any unusual features about your business or you require cover for additional occupations, we can accommodate most businesses but this may also affect the premium you pay.
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