What is Engineering Insurance?
Running an engineering business is a lot of responsibility. Not only do your customers expect the highest quality work (probably with some guarantees in place too) but you need to think about employee safety in what might be a dangerous environment. You may have expensive, specialist equipment and tooling that you have to ensure is fit for work at all times. But even the best run businesses face problems sometimes, and that’s where a specialist engineering insurance policy can prove invaluable. Real Insurance Brokers can help you choose from a range of key covers to suit you, including plant and machinery insurance and professional indemnity cover.
Who needs engineering insurance?
Engineering insurance is likely to benefit anyone who runs, owns or manages an engineering business. You may be a precision engineer, designing and manufacturing products from your own commercial premises, for example. While your specific needs will differ, you will need to consider insurance for your business assets and liabilities.
What cover might I need including on an engineering insurance policy?
With today’s fast-paced and increasingly litigious business climate, no engineering business can afford to be without some form of insurance. But it’s easy to get confused when it comes to exactly which policies are the most necessary. This is where we can help.
A great place to start is by choosing a policy which is designed to protect your main assets. You will need to have cover in place for the building as well as contents. You may rely heavily on computers with CAD design software which could be costly to replace. You’re likely to have other machinery and electronic equipment in order to run smoothly and efficiently on a daily basis so these should be covered too. If these items suddenly fail, productivity can plummet and your businesses can rapidly lose money. You will also need cover for any stock that you may carry.
This is why it’s so important for business owners to consider getting professional insurance cover for equipment breakdowns, deterioration and other causes of downtime. By carrying out regular equipment maintenance, the risk of a breakdown and interruption to everyday operations can be reduced.
Engineering insurance policies generally include cover for:
- Buildings and contents
- Computers and electronic equipment
- Damage to machinery (including short-term hire of replacement machinery)
- Business interruption
- Stock deterioration
- Employers Liability
- Public Liability
- Professional indemnity
- Product Liability