.svg)
Being an engineer is a rewarding career choice, but it also comes with risks. Engineers are required to undertake a variety of tasks that require specific knowledge and equipment. If something goes wrong during these processes, the engineer could be held liable if they did not have the appropriate engineering insurance coverage in place. The following guide will help you determine what insurances you need as an engineer and how your specialisation affects those requirements across engineering types.Why do engineers need a comprehensive insurance policy?Engineers are at risk of many different accidents and injuries, and these can be costly to repair. A comprehensive insurance policy will help you avoid having to pay out-of-pocket for an accident that wasn't your fault.A comprehensive insurance policy can cover all kinds of risks, including property damage and liability for accidents caused by your company or employees. With this type of policy in place, you'll be able to rest easy knowing that you can be protected against the unexpected costs that come with accidents—and so will your business.
What risks do engineers face in their role?Engineers face a wide range of risks in their day-to-day work which varies depending on their industry, including but not limited to those listed below.
- Working at heights
- Working in confined spaces
- Working remotely (eg on offshore platforms)
- Working in hazardous environments (eg asbestos removal)
- On large structures or high-speed transport systems
- In a workshop environment
- Allegations of professional negligence
- Inadequate design or specification
- Poor project management
- Incorrect certification
Essential insurances for engineersThere are two essential insurances that engineers in Australia need to have. These policies must meet the standards set by the National Council of Engineers.
- Professional indemnity insurance protects you from claims made by clients or customers if you make a mistake that results in damage to their property or physical injury. It also covers legal costs for defending yourself against such claims, up to a certain limit.
- Public liability insurance is required by law in most states, and it covers you for any damages caused by your work on behalf of others—for example, if someone falls into a ditch because there's no barrier around it and breaks their leg, this policy will cover the medical expenses associated with treating them and other costs related to the accident (such as lost wages).
Read our blog “The Difference Between Public and Product Liability Insurance” for more information on these policies.How much cover do engineers need?The amount of cover you need depends on a number of factors, including the type of work you do, and the risks involved.For example, if you are a professional engineer who works in the construction industry and is responsible for buildings and high-rise structures, then your insurance needs will be different from those of an engineering student studying civil or mechanical engineering.As well as considering the type of engineering that you're involved in, it's important to consider whether your work will involve working at heights; designing bridges; large infrastructure projects; electrical systems; heavy machinery or vehicles; hazardous materials like asbestos. All these types of work come with specific risks which can affect how much cover is necessary for engineering insurance in Australia. Get in touch for a free quote.
How your specialisation affects your insurance requirements/insurance needs across engineering typesIf you are an engineer, there is a good chance that you have a specialisation in your field. Depending on the industry and type of engineering that you do, it can affect your insurance needs. For example, if you are a civil engineer who deals with transportation projects, then this may be more risky than structural engineering which deals with buildings and bridges.Here are some common specialisations:
- Chemical Engineering
- Mining Engineering
- Forensic Engineering
- Landscaping Engineering
- Communication Engineering
- Electrical/Electronics/Power Systems/Controls & Instrumentation Engineering
The best way to know what insurances engineers need is by understanding what risks each type of engineering presents and how they affect premiums. Speak with one of our brokers for more information.Get the right coverWhen it comes to insurances, engineers need to make sure they’re covered. An engineer’s job is a very important one and can have serious consequences if something goes wrong. This means that having insurance is essential for an engineer’s career, but also for their well-being and peace of mind. Contact us today for a free quote.
.jpg)
