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…
“What limit of Professional Indemnity (PI) Insurance cover do I need?” You’re not alone, this is a question asked by a vast number of engineers when researching and requesting PI insurance cover. Unfortunately until delving deeper into the details of your business, the answer initially equates to “how long is a piece of string?” This…
Are you in the process of closing or selling your engineering business? Or perhaps you’re not working as an engineer for a period of time? Don’t make the mistake of cancelling your Professional Indemnity (PI) Insurance without the appropriate Run-off PI Insurance cover to protect against future claims. Without it, there is no financial protection…
Cost pressures are mounting for countless businesses during this challenging economic period, thrust upon us by COVID-19. And while many company owners are looking to cut expenditure, or even cancel insurances as a result of winding up their business, it’s essential to understand the importance of maintaining Professional Indemnity (PI) Insurance. Cancelling PI Insurance could…
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