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…
Engineers assess risks for a living, but the cost of failing to adequately protect your practice presents unexpected problems. Imagine you’re a self-employed civil engineer awarded a tender by a local construction firm to conduct a topographical survey and detailed design to upgrade a private road. Not only is it a fantastic project in your…
Engineers across many disciplines are grappling with skyrocketing Professional Indemnity (PI) Insurance premiums and unprecedented market conditions. The challenge of securing suitable PI Insurance cover only continues to grow.
With PI Insurance being a legal or contractual requirement for many engineers, market conditions persist to pose a major issue for many practices. Watch our free webinar recording and hear from a leading PI Insurer and engineering legal specialist, who will help you better understand how to combat this PI Insurance storm.
Under the current insurance market conditions, it is becoming increasingly common for engineers to find their PI Insurance cover has altered in some way at renewal. Below we explain the reasons behind this and some things you can do to assist in achieving the best available insurance coverage for your business.
Cyber-attacks are ranked as one of the top three business risks globally for 2021 (Allianz Risk Barometer, 2021). Engineering businesses rely on technology more than ever before, and the global pandemic has only served to heighten this dependency. It is this reliance on tech which has seen cyber-attacks become a highly lucrative crime, and drive…
Any company or individual that provides professional advice or services can be held liable for financial loss that occurs as a result of an act, error or omission in carrying out their work. Does this apply to you? If so, it might be time to purchase Professional Indemnity Insurance for your engineering business. What is…
A large number of engineering businesses across many different disciplines are currently grappling with sky rocketing Professional Indemnity (PI) Insurance premiums. Below we provide an update on the current state of the PI Insurance market, explain why premiums are increasing, the disciplines most affected, and steps you can take to help minimise premium increases, and…
Does your Business Insurance still align with your risk exposures? The risks your engineering firm faces are continually evolving – particularly in today’s economy. Whether it be the purchase or sale of assets, new legislation, developments in technology, a modification of your engineering business activities, or a change in operating location, it is crucial to…
