What is typically included on an electrical engineer’s insurance policy?
While every businesses specific requirements may differ, there are principally three areas that an electrical engineering business should consider:
- Professional Indemnity Insurance for engineers
- Liability Insurance
- Business premises and equipment
As an electrical engineer, you will be well used to designing systems and solutions for your clients specific requirements. Here at Buckingham Insurance, we take a similar approach to arranging business insurance cover for our clients. Finding the right business insurance for electrical engineers can be time consuming, and easy to get wrong thanks to insurance jargon and small print.
Here at Buckingham Insurance, we’re all about making buying business insurance as straightforward as possible. Get in touch, tell us about your electrical engineering business, and we’ll find you a suitable policy.
Electrical engineers PI Insurance
Where you design electrical systems – heating or ventilation circuits, or work in building system maintenance carrying out electrical inspections, you could find yourself with costly legal defence fees as well as compensation where awarded, should your work be alleged to have been in some way faulty. Professional Indemnity (PI) insurance can be invaluable for electrical engineers. It will provide cover for both legal and compensation pay outs up to an agreed indemnity limit.
Employers and Public Liability for electrical engineers
Where you have staff – even if only part time or casual, or working as a sub contractor – you must have Employers Liability Insurance in place by UK law. It protects you from costs in the event that a claim is made by a member of staff that they have been made unwell or otherwise suffered a loss as a result of their work for your business.
Public Liability, while not a legal requirement, may well be a sensible cover to have in place, and it could well be that your customers or main contractors insist that you have it in place as a contractual obligation. Similar to Employers Liability, it provides protection from costs in the event that a member of public claims that they have suffered injury or loss as a consequence of your business activity.
Business Premises, stock, content and machinery
Where you run you’ve business from commercial premises, whether owned, mortgaged or rented, you will need to have appropriate cover in place. It’s likely to be a condition of your mortgage provider or landlord contract.
Perhaps most importantly as an electrical engineering business, you will need to have appropriate cover in place to protect your business critical, expensive, specialist IT, plant and machinery.