subject: ENGINEER INSURANCE: Mistakes Can Be Costly. Very Costly [print this page] ENGINEER INSURANCE: Mistakes Can Be Costly. Very Costly
The number of different words you can put before engineer' from design to construction, from electrical to offshore goes to show what a wide spectrum of activities engineers can be involved in. But whatever your specialty, whether you're a freelance professional or you run a consultancy, you need engineer insurance.
Why? Because all engineering activities have one thing in common. Mistakes, even simple ones, can lead to potentially catastrophic consequences. Cars can crash; buildings can collapse; faulty installations can catch fire.
And if you (or one of your employees) make such a mistake, or even just offer advice that can subsequently be construed as negligent, you could be facing a claim for substantial damages, possibly running into six or even seven figures.
With the UK becoming an increasingly litigious place, the chances of being sued are becoming more, not less, likely. Even if it's not your fault, without engineers insurance in place, you could still be faced with having to fund an expensive legal defence in advance of a judgement in your favour.
So Professional Indemnity Insurance should definitely form part of your engineering insurance package. And you should also make sure that it includes retroactive cover. That way, you'll be protected against the cost of any mistakes - such as design flaws or faulty installations - you may have made in the past.
But it's not just PII that you might need. Comprehensive insurance for engineers will also often include Public & Employers Liability Insurance, Business Equipment Insurance, IR35 Tax Protection Insurance, Personal Accident & Sickness Insurance and Health & Safety Insurance.
Precisely which insurances you need will depend on your particular circumstances. But whatever type of engineer you are, simply follow this link to find an engineers insurance package tailored to your specific needs.
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