PROFESSIONAL INDEMNITY INSURANCE FOR ENGINEERS
From civil, structural, heating & ventilation and geotechnical engineering, we know Engineers’ risks and understand their insurance requirements are unique.
YOUR ENGINEERING INSURANCE POLICY - HOW WE CAN HELP YOU
As an independent broker we have built strong working relationships with a wide panel of specialist insurers in this sector, to deliver high level professional indemnity insurance for engineers. We can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.
We have built strong working relationships with a wide panel of specialist insurers in this sector and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim
With extensive experience working with your profession, our experienced team of insurance brokers have a truly unique understanding of the risks you, your clients and potentially members of the public face.
Invested fully in understanding and supporting our clients achieve their wider business objectives, often becoming a natural extension to their team.
Trusted, personal and proactive approach that delivers long-term strategic and tailored insurance solutions for Engineering firms
We can help with the follwing types of Engineering insurance policy:
Heating and Ventilation
Railway and Logistics
Science and Industry
Adjudication / Arbitration
Leisure and Sport
Marine Dredging Consultants
Structural Engineer Professional Indemnity Insurance
A PERSONAL SERVICE
Independent & Specialist Insurance Broker
Transparent & Simple Communication
Friendly & Personable Approach
Valuable insight and industry knowledge
Understands your industry specific risks
Impartial & objective
A TAILORED SOLUTION
Access to a wide panel of Insurers
Comprehensive selection of products & services
WHAT CAN PROFESSIONAL INDEMNITY INSURANCE FOR ENGINEERS COVER?
In engineering, knowledge underpins big projects – if something goes wrong, an Engineering insurance policy can support you with the cost of client disputes, legal action and compensation.
If you're responsible for causing financial loss to your client due to error or omission in the services you have provided, your Professional Indemnity (PI) policy will protect you and your business if your client alleges a financial loss for:
A breach of a professional duty of care or unintentional breach of contract
Unintentional breach of confidentiality or copyright
Misunderstanding of the customer brief
THINGS TO CONSIDER
Professional Indemnity insurance may be useful to an engineer because of the service-based nature of engineering work. It could be especially important for those who provide engineering consultancy services as part of their offering, since giving advice can leave a company more vulnerable to negligence claims.
Professional indemnity cover is all about shielding your business from the financial impact of claims which relate to alleged mistakes. The issue could be your fault, the fault of an employee, or you may feel it’s nobody’s fault at all. Either way, the professional indemnity insurance for engineers that Simcox Brokers can provide, could help with compensation and fees.
FREQUENTLY ASKED QUESTIONS
What is Professional Indemnity insurance for Engineers?
Professional Indemnity (PI) insurance will cover legal fees incurred, and also any damages and/or expenses which may be awarded against your business if it is claimed that you caused your client a financial loss.
What determines the cost of an Engineering Professional Indemnity policy?
When assessing an insurance premium for engineers, insurers will look at a number of different elements. This can include areas of practice i.e. low or high risk, experience/qualifications, your claims history, fee income and the types of contracts you get involved with. This will include the total contract value and also your own fees. Insurers might also want to know what risk management procedures you have in place.
In order to get the best premiums from the insurers, it is imperative to complete an accurate and clear proposal. This will need to include detailed information about your experience, the services you provide to your clients and the procedures you have set to mitigate your risk. This information will also help your broker negotiate the most competitive premium for you.
What limit of Professional Indemnity should I buy?
When putting in place Professional Indemnity insurance for Engineers, there are a few areas of consideration.
Firstly, it will depend on the type of clients you work with and the sectors you work within. What also needs to be considered is your regulatory or contractual responsibilities with the work you carry out and the maximum amount you could potentially be held labile for, should a claim be made against you.
Additionally, it is essential to make sure that the limit of indemnity cover you have meets your regulatory bodies' requirements, or covers what limit your client may have stipulated within a service contract with you.
Do Engineers require Cyber Insurance in their Engineering insurance policy?
No matter what industry you work in, or your level of computer based work, we believe it is unlikely that your business is not at risk from cybercrime.
Potential cyber risks such as data breaches, funds transfer fraud, ransomware, phishing and social engineering amongst others, are where many businesses are still unprotected!
At Simcox Brokers, we encourage all engineers and engineering firms to review their risk and need for Cyber Insurance and we are here to support you through this process and make sure you have the right level of protection in place.
I have my own business, do I need Directors & Officers Insurance?
It is important to remember that Directors have specific duties and responsibilities within a business, so they could become personally liable if they are found to be in breach of these duties.
This may be the result of litigation from various parties such as regulatory bodies creditors, or shareholders.
If legal action is brought against a director or officer for an alleged wrongful act, a Directors & Officers (D&O) policy will cover their legal defence costs, as well as any expenses.
FINANCIAL ADVISORS, BRISTOL
After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks
CHARTERED ACCOUNTANT, SHROPSHIRE
Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!
RENEWABLE ENEGRY COMPANY, BRISTOL
Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly