The insurance safety net for the engineering sector
Posted on 14th December 2020 by Phil Ainley MCIM CMktr
As an engineering contractor your clients trust you and your specialist expertise to get things right for their businesses. That’s why the engineering sector needs an insurance safety net it can rely on.
In today’s business world it is vital for businesses to carry enough insurance to ensure they are protected if something goes wrong. That includes protecting their finances, their staff and the company’s reputation.
Caunce O’Hara’s engineering insurance covers engineering businesses against the risks they are exposed to each day.
Cover offered includes public liability insurance, professional indemnity insurance and employers liability insurance, as well as personal accident & sickness cover, tax enquiry & legal expenses insurance and contract reviews.
In business, mistakes happen and fixing them can be expensive. Whether it’s an error in design calculations or flaws in a product design, a mistake could cause problems for your client’s business and your own company.
Our insurance for engineers provides cover for a variety of engineering roles, including:
- Electrical Engineers
- Health & Safety Engineers
- Mechanical Engineers
- Offshore Oil & Gas Engineers
- Engineering Project Managers
- Systems Engineers
- Technical Engineers
- Most other technical engineering professionals
How does each policy help you?
- Public Liability Insurance (PL) – Engineers often work in the public field, therefore it is important for engineering companies to carry PL insurance to protect against a public liability claim from a third party, such as a member of the public that has suffered injury (or death) or property damage caused by you or one of your engineering employees.
- Professional Indemnity Insurance (PI) – PI will provide cover in the event that advice, designs or guidance you have provided to a client cause them a financial loss. The policy will cover legal costs and expenses in defending a claim as well as compensation payable to your client for loss or damages. Making PI a valuable business insurance policy for all engineering businesses.
- Employers Liability Insurance – it is a legal requirement if you employ staff. It will provide cover for claims made against a business by employees who have suffered injury or disease as a result of their work. Engineering is a potentially risky profession with potential accidents and illness from long-term exposure to substances are not uncommon. This is why employers liability insurance is important to protect your engineering staff.
- Personal Accident & Sickness Insurance – can provide cover for your loss of earnings while you are unable to work due to a work-related accident or illness..
- Combined Liabilities Insurance – combines public liability, employers liability, office contents cover (including portable equipment), and directors and officers insurance in one package that offers high value to any engineering business.
- Tax Enquiry & Legal Expenses Insurance – provides you with cover (in any one claim) for legal representation costs in the event of an investigation brought against you. The policy can provide cover for the following issues: employment disputes and compensation awards; employment extra protection; property, landlord and tenant disputes; criminal defence; tax protection; regulatory compliance; court attendance costs and jury service; identity theft; and contract disputes.
- IR35 Contract Reviews – will provide a clear explanation of your status in the eyes of the HMRC and help determine whether you are working Inside IR35 or Outside IR35. The contract review is undertaken by the IR35 specialists at Markel Tax, who are highly regarded in the field of IR35 reform.
- IR35 Tax Consultancy – For engineering companies who employ contractors, the off-payroll legislation (IR35) that will be in place from 6 April 2021 will mean they (as the employer) will be responsible for their contractors’ employment status regarding IR35. Markel Tax can provide IR35 consultancy to businesses to help ensure they are compliant with IR35 legislation. Call 0345 223 2727 for further details about Markel Tax’s consultancy services.
Buying your engineering cover from Caunce O’Hara means that if things go wrong, we’re on hand to help you.
if you work in the engineering sector, call 0333 321 1403 today to speak to one of our team and to request a competitive quote for your engineering insurance or click the green button below.
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