Engineers and Construction Insurance

Insurance policies to help cover unforeseen losses

Insurance for engineers and construction business owners may help protect your business against financial loss.

As an engineer or a contractor, workers’ safety and the project’s success are your top priorities. But errors in design, technical advice or specification may lead to expensive civil liability claims against your business. Add the risk of confusing client instructions, and you can easily find yourself in a middle of a legal claim.

Learn how to lessen the threat of losing what you have built in the industry. FD Beck in Australia may be able to arrange coverage for professionals and business owners in the construction industry.

Insurance Cover for Construction Contractor or Engineer

Whether you’re independent contractors or business owners, you may need a cover as you provide your professional services.

Professional Indemnity Insurance

Without PI insurance, you may be liable for the full costs of alleged negligence, errors, and omission in your projects. But with the right policies, you can reduce the stress of dealing with legal costs and other claim-related expenses.

For instance, during work, one of the erected walls collapsed due to incorrect technical specification. Since it’s your job to check everything about the project, a client files a claim against your business alleging a failure to provide adequate professional services. If this were to happen, you can deal with the legal fees and claim for damages with Professional Indemnity insurance.

Public Liability Insurance

In some cases, the contractor may be held liable for claims by third parties for injury or damage during the construction.

Legal claims filed by a third party can range from injury or loss of life along with property damage. However, if you have public liability coverage in place, the policy will allow you to manage the financial consequences of such claims.

Supplementary Construction Insurance Policy

Be prepared rather than suffer from the consequences of industry-specific claims. You may want to consider additional insurance for you and your business such as:

Specific Risk Inclusions in An Insurance Cover

Here are some risks that may lead to expensive claims and may be covered by insurance covers.

Arrange a customised insurance with FD Beck

Regardless of your attention to detail, things can still go wrong on a project. Construction projects often require specialised risk mitigation strategies, and the right insurance may give you some peace of mind.

FD Beck offers professional services specific to construction professionals and small business owners in Melbourne and other parts of Victoria.

Our insurance broker understands that your industry needs a distinct policy wording that fits your requirements. We also partner with a wide network of insurers who may be able to offer a customisable premium available for various risks.

Check out what we can offer today. Use our easy-to-use online quoting tool for insurance information.

Arrange a customised insurance with FD Beck

FD Beck offers professional services specific to construction professionals and small business owners in Melbourne and other parts of Victoria.

Check out what we can offer today. Use our easy-to-use online quoting tool for insurance information.

FAQs

In general, how much PI cover will ensure protection against risks?

A standard PI policy may range between $2,000,000 and $10,000,000. But to have the right policies, you should consider factors, including business size, the nature of projects, and / or contractual requirements.

Do all contractors need professional indemnity cover?

For some projects, a PI cover may be a requirement stipulated in the contract. Make it a priority to check the contract to see if PI is required, what the minimum limit is and how many years you are required to have cover in place after the project is finished. If you need help with the insurance clause in your contract contact FD Beck Insurance Brokers.

Can you create an engineering insurance package based on my budget to ensure security?

Please contact our office to discuss policies and options that are available based on your requirements.

Can I get a quote online for engineering insurance?

When it comes to Professional Indemnity Insurance for Engineers or those in the Construction Industry, we may not be able to cater for you needs online. To ensure that the coverage provided is tailored to mirror the risks that your business faces on a day to day basis please call our office on 1300 155 338.