Structural Engineer Insurance
What is Structural Engineer Insurance?
Structural engineer insurance is extremely important for businesses as you never know what may be around the corner. As an engineer, it will be your own personal responsibility to make sure that you are adequately protected from the risks you face.
Due to the nature of your work, compensation claims made against you can be extremely costly. There are also the added costs that are required to defend your business against allegations of wrongdoing or negligence.
Having the right structural engineer insurance in place can protect you against these losses by providing contractual insurance cover against payouts and the costs of defending claims made.
Do You Need Structural Engineer Insurance?
As an engineer, you are a problem solver, organiser, calculator and designer, offering a bespoke solution to fit your client’s vision. With the complexity of this work, you must have adequate cover in place to protect your business. Eliminate the stress of potential claims and invest in an insurance policy designed to suit the needs of your business.
Protecting your structural engineering business from these risks is complex and often will require a fully tailored policy to ensure you have the breadth of cover you need. Our team takes the time to understand the needs of your business, then we put together a fully bespoke policy that will include insurance products that cover you for a range of claims. Often a structural engineer insurance policy will include the following insurance products:
Structural Engineering Specialists
Professional Indemnity Insurance
As a structural engineer, Professional Indemnity insurance will cover you for legal costs incurred if your business is found to have provided a service that is inadequate and resultantly causes the client financial loss. After all, as a professional, you will take pride in providing great work, yet if a disagreement were to occur, professional indemnity insurance can help with costs incurred in putting things right, including legal fees.
Public Liability Insurance
Public Liability insurance offers cover for you if either a client or a member of the public claims that they have been either injured or had their property damaged as a result of your business activities. Due to the nature of your work as a structural engineer, it’s important to ensure you’re covered by liability insurance that is appropriate to your specific activities.
Employers’ Liability Insurance
Employers’ Liability insurance offers protection for your business for claims made against you by your employees in the event of an injury, a work-related accident, or a work-related illness. No matter whether your staff work for you full-time or part-time, or are permanent, temporary or voluntary, you have a legal obligation to hold employers’ liability insurance.
Personal Accident Insurance
Having Personal Accident insurance can offer you and your family reassurance that, should you sustain a serious injury that stops you from working, you can continue to receive an income for an agreed period, meaning you can continue to meet bills and other such expenses.
What is Professional Indemnity Insurance for Structural Engineers?
Professional Indemnity insurance protects businesses for claims made relating to advice your business has provided. If a client feels like they have been misadvised they have the right to seek to gain compensation.
Indemnity cover (often known as liability insurance) can offer peace of mind in knowing that, should allegations be made against you, this can provide both legal assistance in defending your position and fund resulting damages you may become liable to pay.
Having engineers professional indemnity insurance means that not only are you provided with legal support, but also the costs to put everything right and therefore, contributes to helping you to uphold your commercial relationships.
Many companies have now made professional indemnity insurance for engineers a compulsory condition should you wish to work with them, and will not hire any engineers who do not have a comprehensive professional indemnity insurance policy in place.
Frequently Asked Questions
A structural engineering company should have an insurance policy in place to manage the risks faced daily. Due to the nature of this work and the heavy involvement throughout the design and construction process, the policy will often include employers liability, public liability, professional indemnity insurance and any other relevant insurance products which may protect the business against claims from a third party.
Working with a specialist insurance broker with experience in insuring companies within the structural engineering industry is a great way to ensure your business has adequate insurance. They will take the time to understand your businesses operations and work with you to create a tailored policy that will offer complete protection for a wide range of risks that the business is exposed to
Here in the United Kingdom, the only type of business insurance that is mandatory under the law is employers liability. This is a form of cover which offers protection against the personal injury of their employees. For any company that is employing a member of staff whether it be freelance, part-time or full time, you must take out this form of cover.
The additional insurance products that you often hear associated with the structural engineering industry are recommended extras. As far as the law goes, employers liability is the one that is required at all times. This being said, it’s still highly recommended to have other insurance products, especially when working within the construction industry as this will help prevent the business from costly claims.
Cyber risk insurance is often the last type of cover that someone will associate with the construction industry. With a large proportion of the work being done out on a site, there are plenty of other insurance products which seem to be more relevant for this industry. This being said, the recent shift to digital over the past 10 years has led to a huge increase in cyber risk, therefore, making it important to have adequate cover in place at all times.
Cyber insurance offers businesses protection against a range of security risks including data breaches, hacking and the exposure of sensitive data. We now live in a day and age where our databases store valuable information and without a suitable cover in place, a hack can lead to substantial claims which your business may be left to cover the costs.
Professional Indemnity insurance otherwise known as PI insurance offers protection against professional advice offered by your business. As a structural engineer, you are often helping to guide the design of a structure and advising other members of the design team on which decisions have to be made to give the structure sufficient stability. If this advice was perceived to be incorrect your business is vulnerable to claims.
Professional Indemnity insurance will provide a layer of protection against your business from these types of claims. Structural Engineers are open to a number of exposures around the advice and design work you undertake professional indemnity will provide protection for insured events if a client perceives this to be incorrect and proceeds to try and claim against your business.