If you run an electrical or software engineering business, or work as a freelancer in the engineering field, the contracts you apply for may require you to purchase engineering insurance. This should cover your job and the equipment you use.
Ja një vështrim se çfarë mbulon siguracioni inxhinierik dhe pse është e rëndësishme të keni sigurime të përshtatura për profesionin tuaj.
When looking for engineering insurance, it is important to purchase insurance specifically made for engineers as the risks are different from other occupations. If you purchase only general business insurance, you are most likely not fully protected and your claim may be denied.
Engineering insurance protects you in the construction and operation of special installations and machinery, the design of systems, and the operation of computer software and hardware. It can be tailored to different industries and business types, such as power and energy, biomedical, and signal processing. However, when you receive your insurance quote, be sure to accurately describe your work.
Without proper insurance, some of the contracts or projects you are working on may be deemed too risky to start.
Engineering insurance has traditionally focused on covering large machinery and equipment used in the manufacturing and construction industries. The first insurance policies designed specifically for engineers covered the work of engineers in inspecting machinery and equipment.
This is due to health and safety concerns. Dangerous machinery caused accidents and employees were often injured or killed. By appointing an engineer or "smart person" to inspect the machines, we were able to identify the risks associated with different types of machines and prevent accidents from occurring.
Nowadays, cover has been extended to cover inspected and uninspected machines and equipment. The types of machinery and equipment that can be covered has become more varied too, ranging from:
Engineer insurance also covers business interruption, machinery movement, plant hired in or out and deterioration of stock.
Engineering insurance covers all electrical equipment and machinery used on the job. You can choose to have an insurance amount that reflects the value of your machine, or you can choose to replace it "as brand new". However, once the equipment has passed a certain age, or if the equipment has been stored and used outdoors, "as new" is generally no longer available as an option.
Technician insurance covers off-site equipment and generally does not require itemization of individual equipment. You should also insure any professional equipment that you may need to rent for the specific contract you are working on.
Cover can be provided for:
As part of your Engineer Insurance you may have Business Interruption Insurance (also sometimes referred to as Contingency) included. This protects you if your equipment develops a fault causing a breakdown or explosion. If this happens you may have to stop working for a period of time while it’s fixed. Your Business Interruption Insurance would provide financial recompense to cover loss of profits or increased costs of working should such an incident occur.
The EAR covers work where you are hired to install and test your machine. This ranges from deploying and commissioning a single pre-assembled machine or piece of equipment at a manufacturer's facility to setting up a multi-million pound production line at a car factory. Often the main risk you face is failure during testing.
Technicians are required to have professional liability insurance. This will protect you if you make a mistake while working. They may inadvertently give bad advice, provide inappropriate service, or provide bad design. Professional liability insurance covers anything that causes financial loss to the client. It also covers legal defense costs and financial compensation for clients.
Professional indemnity cover can include:
Just as you would protect your home and its contents with insurance, so you should insure your office (if you have one) and its contents. Contents insurance will cover all the equipment you use for work, including portable devices that you use away from your own business premises.
Atlantik Sha provides electrical, software and other engineers with insurance tailored to their needs. You can be reassured that we understand the work you do and the specific risks you face. Get in touch today to discuss your own insurance requirements!
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