Compare business insurance quotes with Savvy to find the best policy for your engineering business
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As an engineer, you’re trusted to be an expert in a diverse range of areas and your expertise is relied upon by many others. The buck often stops on your desk for complicated and expensive construction projects. For this reason, all engineers must have a broad range of insurance policies to offer protection for a range of eventualities.
You can get multiple quotes for a range of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need, and within minutes you’ll have multiple quotes from a range of respected Australian insurers to compare. Whether you’re a civil, mechanical, electrical or software engineer, you’ll be able to find the best-value insurance for your business through Savvy today.
There are several types of business insurance that engineers should consider, regardless of whether you work as an engineering consultant or you run your own business. These include:
Professional indemnity insurance
The greatest risks faced by engineering firms relate to legal liability. Whether a project encounters design issues, or a building or structure fails a compliance inspection, there is always a risk someone will hit you with a professional liability lawsuit. For this reason, professional indemnity insurance is a must for all engineers and engineering consultants.
Professional indemnity liability insurance covers you against claims the design service you provided was negligent or fell short of expected professional standards. It’s one of the most important types of insurance and is a compulsory aspect of membership to many professional associations. Cover is available starting at $250,000, but can extend up to $10 million or more depending on the size of the project you’re working on.
What it covers
Public liability insurance
Public liability insurance is essential for anyone who works with the public or handles any property belonging to a third party. It will cover you against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
General business insurance
General business insurance may also be worthwhile, particularly if you have tools, portable equipment, machinery or stock to protect. Commercial vehicles aren’t included, so you may need separate commercial vehicle protection for your work ute or truck.
What it covers:
Management liability insurance
Management liability insurance will protect your business owners, managers, senior officers and company directors against the following mismanagement risks:
Management insurance is highly customisable, so you can choose whichever type of insurance you feel is necessary to make up your business package. Cover is available for amounts ranging from $1 to $5 million. Choose from:
What it covers:
What isn’t covered under my engineering business insurance?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one engineering firm compared to another.
However, the cost of public liability insurance for a company in the Australian Capital Territory may not be the same as the cost for a similar engineering company in Perth, as location also plays a part in determining insurance risk.
You can find out how much public liability insurance will cost for your business in your state by comparing quotes right here with Savvy. Whether you need insurance just for yourself, or for your company, you’ll be able to find a policy that is perfect for your business needs right here.
You’ve worked hard to get qualified and set up your own business, so it makes sense to want the best protection just in case things do go wrong. Engineers are particularly vulnerable to personal lawsuits because of the responsibility that comes with the job. Professional indemnity insurance offers protection in case anything happens to you personally. This means if the claim or case goes against you, you won’t have to sell your home or declare bankruptcy to pay for your legal defence or expensive damages claims.
Other forms of insurance such as public liability and management liability can protect you against different types of lawsuits, which can either be brought by a member of the public or a disgruntled employee. Whether you’re a civil engineer, builder or carpenter, this type of business insurance can potentially save you from claims which can amount to thousands if not millions of dollars.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
