Get the right insurance cover for your engineering business
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
Talk to a member of our specialist insurance broking team today
Types of insurance to consider when buying engineering insurance
Engineers product liability insurance
If you design, make or sell products to the general public it’s down to you to make sure they are completely safe. Most products are regulated by health and safety and product safety laws and it’s essential that these laws are complied with.
Whilst every care is taken by your business to ensure that your products meet the necessary safety criteria, it’s still possible that a person or their property may be injured or damaged by your products. For protection against costly legal fees and/or compensation claims, you should therefore consider product liability insurance if your business makes, designs or supplies a physical product, as a claim can be made by a customer even up to 10 years after purchase.
Engineers professional indemnity insurance
Also known as PI insurance, engineers professional indemnity insurance covers legal costs and expenses you may run up in defending a claim made against you. It’s also likely to cover any damages or costs that may be awarded if you are alleged to have provided sub-standard advice, services or designs that cause your client to lose money. It’s highly recommended for anyone who is a contractor or freelancer.
Why choose Real Insurance Brokers for my engineering insurance?
Here at Real Insurance Brokers we pride ourselves in listening to what our customers need from their insurance and offer a personal, bespoke service. We work with a range of leading UK insurers and would be pleased to guide you through your options.
Simply call us now and let us do the searching so you don’t have to.
Talk to Real Insurance Brokers today
Real Insurance Brokers have many years of experience finding cover that meets the requirements for a range of different engineering businesses.
Going through Real Insurance Brokers gives you the peace of mind that you’ve chosen your cover from a wide range of appropriate options.