Why do I need Engineers Insurance?
Whether you’re a sole trader or part of a large engineering company, Engineers Insurance can be invaluable in your time of need. Whether your machinery breaks, an employee gets hurt or your stock turns out to be faulty, you can face a multitude of lawsuits. The legal jargon and paperwork can be stressful enough without even thinking about the legal costs and expenses. Engineers Insurance can help you work through any unfortunate incident you may have, whether you’re at fault or not.
For more free advice, please don’t hesitate to give us a call on 01246 575 625 or use our enquiry form.
What Does Engineering Insurance Cover?
An Engineering Insurance Policy can be arranged to cover a wide range of perils including:
Employers Liability Insurance – If you have employees in the UK, £5m worth of Employers Liability Insurance is a legal requirement and can protect you against any complaint your employees may have. If you employ people outside of the UK, you must check what the law requires in that country.
Public Liability Insurance – There is no minimum requirement for PL Insurance but with liability claims on the rise we suggest that you take out as much as you can afford. Most SME’s are covered between £1 million to £5 million. Public Liability Insurance is essential if you have anyone visit you at work. They could slip on an unmarked wet floor or hurt themselves on a piece of machinery and you could be held liable.
Product Indemnity Insurance – If you’re an engineer, the likelihood is that there is an end product being made. Suggest we need to add this in – when we’ve done a landing page for it today.
Professional Indemnity Insurance – If you give advice to a client that affects them in a negative way, you could be held liable. Consulting engineer insurance protects you against their claim. If you carry out work for somebody and it goes wrong causing more damage you could be held responsible for this too. PI Insurance protects you and your work against costs and liability should you have to replace or repair anything.
Premises Insurance – This will insure the physical building against perils such as fire or flooding. Buildings Insurance can not only help cover the costs of repairing your building but also the rental on an alternative building to work from whilst the repairs are taking place.
Contents Insurance – This will cover any fixtures or fittings in your building if they were to be damaged or stolen. For example, sofas in your waiting room or the coffee machine in your client lounge. Refitting out an entire building is costly, having the insurance in place to cover these can be a huge relief after any damage to your building.
Tools Insurance – In addition to Contents Cover, you may need Tools Insurance. It is important not to underestimate the value of your tools. They may be the backbone of your business and are often collected over years of working. If they were to all suddenly disappear, do you have the cash to buy all new equipment and return to business as usual?
Transportation Insurance – If you transport your own goods this is a must. If your van were to be in an accident or stolen, this can cover you for your loss of hard work if your product were to be damaged. It can also cover you vehicles and staff if they were to be in an accident. We have a wide range of Transportation Insurance available.
At Buckingham Insurance we know that no two businesses are the same, and therefore no two insurance policies should be the same either. We can tailor a policy to suit your exact needs so that you are safe in the knowledge that you are insured adequately against all eventualities. Call us on 01246 575 625 for more advice or contact us through our website here.
Why arrange your business insurance through Buckingham?
Buckingham Insurance has been providing businesses across Derbyshire and South Yorkshire with invaluable, trusted advice and service for almost 40 years. With a heavy investment in staff training and leading technology, together with good old fashioned close relationships with both our Insurer partners and clients, we pride ourselves on competitively priced, quality cover backed up by first rate service.