New risks for engineers as NSW rewrites proportionate liability rules. Legal changes in NSW mean engineers could face greater liability exposure. Learn what this means for your contracts, coverage and risk.
Why continuous professional indemnity insurance is essential for engineers In the world of engineering, precision and foresight are crucial. Yet, when it comes to professional indemnity (PI) insurance, some engineers take a project-by-project approach – only purchasing coverage when required to secure a contract, and cancelling it once the project is complete. While this might…
Unfortunately it’s not if but when a business will experience a cyber breach…which means it’s vital to be prepared before one happens. The first step for a small business experiencing a cyber breach is to enact its cyber security incident response plan. “If a cyber breach happens, don’t touch anything, call for help. Engage professionals…
Cybercrime shows no signs of slowing down in Australia. And while attacks on big business may hog the headlines, smaller enterprises are squarely in the sights of hackers and cyber criminals. The Federal Government’s online cybercrime reporting service, ReportCyber, received close to 94,000 reports in FY2023, according to the Australian Signals Directorate Cyber Threat Report….
There’s a lot to like about starting and running your own engineering business, including freedom and flexibility. As your own boss, you have the freedom to set your own schedule, giving you control over your working hours…and your income. You can strategically book clients to increase your earnings, or prioritise downtime by accepting fewer jobs….
Engineering is a highly specialised and complex industry, more so than ever in today’s increasingly regulated environment Any company or individual providing professional advice or services that can significantly impact clients’ lives and businesses – including engineers, consultants, builders and designers – are at risk of claims related to breaches of professional duty. This means…
Insurance contracts play a pivotal role in the risk management strategies of businesses, and engineering firms are no exception. It is critical for business owners to comprehend the nuances of such contracts, particularly the terms ‘Named Insured’ and ‘Interested Party’. This article aims to elucidate these concepts in a clear and comprehensive manner. To explain…
Engineering firms play an integral role in designing, building, and maintaining critical infrastructure, from power plants and bridges to complex computer networks and spacecraft. However, these companies face numerous risks in their daily operations, and one of the most significant challenges they encounter is obtaining adequate insurance coverage. This article delves into the complexities surrounding…
Keep these points in mind… Many underwriters who exited the market during the pandemic are now re-entering, and with premiums having stabilised, it’s likely that underwriters will need to find alternative ways of enticing customers in order to remain competitive. This could mean they offer lower prices, increase the amount of coverage, or provide different…
While there are no guarantees, implementing strong risk management measures when drafting contract with clients can help engineers achieve more favourable insurance outcomes. The cost of insurance is dependent on a lot of factors, from the insurance market and your claims history to the size and scope of your projects, so there is no simple…
Protect your business with those who know you best.
Explore
