Engineers Insurance
Carry on designing structures and driving innovation with Engineers Insurance.
Questions? Call us now on
What is Engineers Insurance?
With Professional Indemnity (PI) Insurance at its core, Engineers Insurance is a type of cover designed to protect professionals like you from financial losses caused by claims related to your work.
It’s a policy that covers you if a client claims your professional advice or services caused them financial losses due to errors, omissions or negligence.
In Australia, PI Insurance is often mandatory for engineers, especially if you’re a registered professional engineer (RPEQ) under the Design and Building Practitioners Regulation 2021.
Why Does It Matter?
Here’s why it’s essential:
.webp){kind=icon}
Legal Requirement: In most Australian states and territories, engineers need PI Insurance to maintain professional registration or meet contract obligations.
Financial Protection: A single claim can lead to hefty legal fees and compensation payouts. PI Insurance can cover these costs, so you’re not paying out of pocket.
Client Confidence: Having PI Insurance shows clients you’re serious about your work and prepared for any issues, building trust and credibility.
Reputation Management: A claim can harm your professional reputation. Insurance helps manage legal disputes discreetly, covering costs for public relations if needed.
Peace of Mind: Knowing you’re covered lets you focus on making engineering solutions without worrying about potential claims lingering in the background.
Risks Covered
Engineering is a high-stakes field where even minor errors can have big consequences.
PI Insurance is designed to cover a range of risks, including:
01
Negligence Claims: If a client believes your advice or work caused them financial loss, such as a design flaw leading to project delays, PI Insurance can cover legal costs and damages.
02
Errors and Omissions: Mistakes can happen, whether it’s a misjudged structural calculation or missing a deadline for paperwork. PI Insurance can cover claims arising from these oversights.
03
Breach of Professional Duty: If you fail to meet the expected standard of care, such as non-compliance with building regulations, PI Insurance can cover fines, penalties or client losses.
04
Legal Defence Costs: Even if a claim is baseless, defending yourself in court can be expensive. PI Insurance covers legal fees, so you’re not left footing the bill.
05
Mitigation Costs: If you spot an error (e.g., a design flaw that could cause a structure to fail), some policies cover costs to fix it before it becomes a bigger issue.
06
Intellectual Property Issues: Unintentional breaches of copyright or trademarks in your designs are covered under some PI policies, but it’s best to check your policy to make sure.
Frequently asked questions
How much cover do I need?
It depends on your business and projects.
Factors to consider include:
-The complexity of your projects (e.g., a high-rise vs. a small residential build).
-Client contract requirements which may specify a minimum cover.
-The financial impact a mistake could have on your clients.
It’s best to speak to an insurance broker to assess your risks and choose the right limit.
Does it cover subcontractors or employees?
It depends on the policy. Some cover work done by subcontractors or employees under your supervision, but you’ll need to check the fine print. If subcontractors are working independently, they may need their own cover to avoid gaps in protection.
Can it cover overseas projects?
Some policies can be extended to cover international work but you’ll need to first confirm with your insurer. Coverage may depend on the country, project type and whether your qualifications are recognised overseas. Always disclose international work when getting a quote.