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…
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.
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…
“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…
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