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…
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…
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…
Professional Indemnity (PI) Insurance has been a point of pain for a vast number of engineers over the last 12 -18 months, and continues to be so across the Australian market. A significant rise in the quantity and severity of PI insurance claims, combined with the ‘cladding crisis’, and increased litigation have seen PI Insurance…
If a third party believes you or your engineering firm are responsible for loss or damage through an alleged breach in your professional duty, and they decide to seek compensation, you will likely receive a letter of demand. No matter how far-fetched a claim may appear, whether you believe it happened or not, it is…
22 February, 2018 saw the Australian Government enact the Notifiable Data Breaches (NDB) scheme, requiring any organisation affected by a serious data breach to notify all individuals whose information may have been compromised. Non-compliance may result in heavy fines and penalties being imposed on both businesses and individual directors. This article covers the full impact…
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