Owning certain plant and machinery becomes a legal obligation for you to make sure it is safe to use and well suited for the purpose. We understand that this obligation requires a good insurance cover. That is why we have developed an engineering insurance policy specifically for the engineers’ sector.
The risks involved with engineering tend to be more complex than the standard risks involved in commercial business. You require an engineering insurance which compliments your business needs. With the help of our insurance specialist team, you can select the best policy for your business. Also, our direct dealing with customers ensures that premium rates are low, without affecting the cover you need.
The essentials of engineering insurance
All commercial business needs some type of engineering insurance. For example, if you are an office-based business, computer cover is required; if working in industry, insurance for machinery and equipment becomes a necessity for you. Being the UK’s largest insurance group, we are using our expertise and knowledge to support our customers and provide the right kind of engineering insurance their business demands.
You require the extra protection
As an engineer, you might have designed, developed and engineered some excellent products, but can you deny the risks associated with these services? The answer definitely is ‘NO’! So, we advocate the need for you to get yourself a cover, an engineering insurance policy, to safeguard your business from these impending risks.
Here is an example to understand this well. Let’s say, you are a design engineer. A few insignificant mistakes in your design of a software/ device/ product/ building can be very costly for the client and the client has every right to claim the financial loss from you. Thus, it is predictable that the mistakes will prove to be as costly for you too. You need to be prepared to face such risks. We help you get prepared by giving you an extra edge with the right kind of engineering insurance.
There are a few other very vital reasons for buying engineering insurance:
- Safety: Insurance will ensure a cover (including the legal expenses and loss up to an upper limit) for a claim from your clients- either for a mistake or a false complaint.
- Professionalism and a sign of authenticity: Of late, an increasing number of clients are looking out for engineers with professional indemnity cover for their work. Having indemnity insurance, will give a professional edge to your firm/service.
- Tax and other benefits: Engineering insurance supports your ‘independent status’; such a cover are fully allowable against taxes (not to mention the PAYE and VAT benefits) and will aid your argument against an IR35 ruling too.
Engineering insurance is your bet to engineer safety! Whether you are looking for an individual policy, or to add to existing liability cover, we can find a solution that really works for you!! Please contact us by mail or call us for specific enquires.