EOFY insurance review | What engineers often overlook
As EOFY approaches, engineers often review insurance at a high level. The risk is assuming your cover still matches your work and contracts.
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Protecting your engineering business | Essential insurance cover
Running an engineering business brings opportunity, but also risk. Professional indemnity insurance is essential, but so too are protections against cyber incidents and business disruption. Find out how the right cover safeguards your business.
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Beyond the Contract Requirement
Why continuous professional indemnity insurance is essential for engineers In the world of engineering, precision and foresight are crucial. Yet, when it comes to professional indemnity (PI) insurance, some engineers take a project-by-project approach – only purchasing coverage when required to secure a contract, and cancelling it once the project is complete. While this might…
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The question isn’t “do you have Cyber Insurance?”… It’s “what are you doing without it?”
Cyber-attacks are ranked as one of the top three business risks globally for 2021 (Allianz Risk Barometer, 2021). Engineering businesses rely on technology more than ever before, and the global pandemic has only served to heighten this dependency. It is this reliance on tech which has seen cyber-attacks become a highly lucrative crime, and drive…
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Who needs Professional Indemnity Insurance?
Any company or individual that provides professional advice or services can be held liable for financial loss that occurs as a result of an act, error or omission in carrying out their work. Does this apply to you? If so, it might be time to purchase Professional Indemnity Insurance for your engineering business. What is…
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Why are my PI Insurance premiums so high when I don’t consider myself a ‘high risk’ business?
A large number of engineering businesses across many different disciplines are currently grappling with sky rocketing Professional Indemnity (PI) Insurance premiums. Below we provide an update on the current state of the PI Insurance market, explain why premiums are increasing, the disciplines most affected, and steps you can take to help minimise premium increases, and…
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Insurance Health Check for engineering business owners.
Does your Business Insurance still align with your risk exposures? The risks your engineering firm faces are continually evolving – particularly in today’s economy. Whether it be the purchase or sale of assets, new legislation, developments in technology, a modification of your engineering business activities, or a change in operating location, it is crucial to…
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How much Professional Indemnity cover does an engineer need?
“What limit of Professional Indemnity (PI) Insurance cover do I need?” You’re not alone, this is a question asked by a vast number of engineers when researching and requesting PI insurance cover. Unfortunately until delving deeper into the details of your business, the answer initially equates to “how long is a piece of string?” This…
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The risks of cancelling Professional Indemnity cover
Cost pressures are mounting for countless businesses during this challenging economic period, thrust upon us by COVID-19. And while many company owners are looking to cut expenditure, or even cancel insurances as a result of winding up their business, it’s essential to understand the importance of maintaining Professional Indemnity (PI) Insurance. Cancelling PI Insurance could…
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Tackling the challenging PI Insurance market
Professional Indemnity (PI) Insurance has been a point of pain for a vast number of engineers over the last 12 -18 months, and continues to be so across the Australian market. A significant rise in the quantity and severity of PI insurance claims, combined with the ‘cladding crisis’, and increased litigation have seen PI Insurance…
