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 seem like a cost-saving measure, the reality is that…
As EOFY approaches, engineers often review insurance at a high level. The risk is assuming your cover still matches your work and contracts.
Running an engineering business brings opportunity, but also risk. Professional indemnity insurance is essential, but so too are protections against cyber incidents and business disruption. Find out how the right cover safeguards your business.
Subcontracting offers flexibility, but it also increases responsibility and risk. In a soft insurance market, it’s tempting to focus on lower premiums, yet the wrong cover can leave your livelihood exposed. This article explores why the right insurance matters for subcontractors and how to safeguard your business in a shifting industry.
In just a few years, Australia’s insurance market has gone from one of the hardest in recent memory to one of the softest. Premiums are falling. Quotes are suddenly easy to come by. And a number of insurers who once pulled back from engineering risks are re-entering the market, looking to secure business they had not long ago declined to cover.
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…
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…
