Engineering
The engineering sector faces unique and complex risks, from liability for design and structural integrity to protection for high-value equipment and skilled personnel. For medium to large engineering firms, tailored insurance solutions are essential to safeguard against these exposures and support continuous operations. For engineering firms, having the right insurance coverage is essential to protect their assets, projects, and teams against industry-specific risks.
Safeguard your Business
Insurers provide a variety of insurance products tailored specifically for engineering businesses, such as:
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general engineers
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consultant engineers​​​​
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metal / precision engineers​​
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plastics engineers (assembly only)
These policies can be customised to meet the unique requirements of different engineering operations, ensuring robust coverage against risks such as property damage, liability claims, employee-related incidents, and project delays. Whether you run an engineering firm or oversee a large-scale engineering project, insurers can offer specialised coverage options that protect your business from the specific challenges and risks inherent to the industry.
Types of Cover
Professional Indemnity
Professional Indemnity is an important cover for engineers and engineering firms. It provides protection against claims arising from errors, omissions, or negligence in professional services provided. Professional indemnity cover can pay for legal fees and damages if a client suffers financial losses as a result of an engineer's design or advice. This cover is essential for engineering businesses aiming to safeguard their reputation and finances in the event of a claim.
Public Liability
For engineering companies and contractors, Public Liability cover offers essential protection against claims from third parties. This cover protects against claims related to accidental injury or property damage caused by the business's operations. If an engineer accidentally damages a client’s property or a member of the public is injured at a worksite, Public Liability cover can cover legal fees and compensation. It’s a vital cover for those regularly interacting with clients, suppliers, and the public.
Employers' Liability
Employers' Liability cover is a legal requirement for most engineering firms with employees. This cover provides financial protection against claims from employees who suffer illness or injury as a result of their work. Engineering can involve high-risk environments, and Employers' Liability cover ensures that companies can meet legal obligations and offer support in the event of a workplace accident.
Contractors’ All Risks
Contractors’ All Risks cover is designed to protect engineering and construction projects from start to finish. This comprehensive cover includes protection for materials, equipment, and ongoing work, whether on-site or in transit. If a project suffers from unforeseen events such as fire, theft, or accidental damage, Contractors’ All Risks cover can help engineering firms manage the financial impact. It’s ideal for firms handling projects with high-value materials and equipment.
Product Liability
For engineering companies involved in the production, design, or supply of products, Product Liability cover is a valuable addition. This cover protects against claims of injury or damage caused by a product provided by the engineering firm. Even with stringent quality control, product-related incidents can still occur. Product Liability cover offers financial security and peace of mind, allowing firms to focus on innovation and customer satisfaction without worrying about unforeseen claims.
Business Interruption
Business Interruption cover can be essential for engineering companies looking to protect their income in the event of unexpected disruptions. If a business is forced to halt operations due to events like fire, flood, or equipment breakdown, this cover can cover lost income and operating expenses. It enables engineering firms to recover quickly and maintain financial stability, ensuring projects and commitments are not left unfulfilled.
Directors and Officers (D&O) Liability
Directors and Officers Liability cover offers protection for the key decision-makers within an engineering company. This cover is designed to safeguard personal assets of directors and officers in the event of claims related to mismanagement, negligence, or breaches of duty. For engineering firms, D&O cover provides peace of mind for leadership, ensuring they can make strategic decisions without personal financial risk.
Machinery and Equipment
For engineers relying on high-value machinery and specialised tools, Machinery and Equipment cover is an essential cover. This policy protects against accidental damage, breakdown, or theft of essential equipment. Since such equipment can be costly to repair or replace, having this cover helps companies avoid financial strain and minimises downtime in projects. It’s especially beneficial for engineering firms with a substantial investment in equipment.
Cyber Liability
Cyber Liability cover is increasingly relevant to engineering firms as they rely more on digital data and online systems. This cover protects against data breaches, cyberattacks, and related losses that could impact clients and projects. With strict data protection laws in Ireland and the EU, Cyber Liability cover can help engineering companies manage financial liabilities associated with data loss, fines, and the cost of notifying affected clients.
When Purchasing Cover
It is essential for businesses to evaluate their unique needs, and the terms of the insurance policy prior to making a purchase. Working with an insurance professional can provide a business with clarity around the details of the coverage, ensuring it is tailored to their unique operational risks and regulatory requirements.
Get a Quote
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What types of coverage do medium to large businesses typically need?Medium to large businesses often require a range of coverages - such as public liability, employer liability, business interruption, property, cyber, and directors & officers (D&O) insurance - to address their diverse and greater exposure to risks. For instance, manufacturing companies may need protection for machinery breakdowns, while hospitality businesses might require enhanced liability coverage due to high customer interaction.
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How can a business determine the right level of coverage for its industry and size?To determine the appropriate level of coverage, a business should assess the specific risks related to its industry, operational scale, and asset value, including property and equipment. It is also important to factor in workforce size and regulatory requirements. Consulting with an insurance specialist can help customise coverage to address the unique exposures of the business.
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What factors influence the cost of business insurance?The cost of business insurance is affected by several factors, including industry type, business size, number of employees, location, annual revenue, and specific risks associated with operations (e.g., machinery, inventory, customer volume). Insurers may also consider the business’s claims history and safety protocols.
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Is business interruption insurance important for medium to large businesses?Yes, business interruption insurance is critical for medium to large businesses, especially those with significant physical assets or complex operations. This coverage helps replace lost income and cover operational expenses in the event of a disruption, such as a natural disaster, fire, or supply chain issue. It ensures that a business can continue operations or recover quickly, minimising financial losses due to unexpected interruptions.