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Engineering Insurance

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Engineering insurance

Engineers commercial insurance NZ

Engineering insurance is a specialized form of coverage designed specifically for consulting engineers. It offers protection against financial losses that can arise from unexpected events, such as accidents, design flaws, or unforeseen complications during projects. This type of insurance typically covers damages, legal fees, and other related expenses.

Why is engineers insurance important? 

Engineering projects come with inherent risks. Even with meticulous planning, unforeseen issues can emerge. Engineering insurance provides a safety net, ensuring that unexpected costs don’t cripple your business.

In New Zealand, the average cost of engineers insurance typically ranges between $200 – $400 per month. 

It’s crucial to have engineering coverage if your business:

  • Undertakes complex projects
  • Handles client-specific designs
  • Faces potential liability claims
  • Operates with sizable assets

What insurance covers are typically included in engineering insurance? 

Engineering Professional Indemnity

Professional indemnity insurance for engineering consultants provides coverage against claims of negligence, mistakes, or omissions in the services an engineer delivers. This insurance helps protect engineer professionals from potential legal costs and damages awarded to a client if their advice or service is found to have caused a financial loss.

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 

Public Liability

This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. Engineer’s liability is required for most commercial projects. 

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps engineers cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Management Liability

Management liability insurance in NZ shields engineering company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence

Cyber Insurance

Insurance that helps protect engineering businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside an engineering business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

How much does engineering insurance cost?

Engineers insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Engineering insurance in NZ typically costs between $200 to $400 per month

Who needs engineering insurance?

All consulting engineers in New Zealand, regardless of their specialization, should consider engineering insurance. This includes but isn’t limited to:

  • Construction Engineers
  • Civil Engineers
  • Mechanical Engineers
  • Chemical Engineers
  • Electrical Engineers

Absolutely! Whether you’re a seasoned engineer or just starting, risks are inherent in this profession. Insurance ensures that unexpected financial burdens from unforeseen issues won’t derail your budding business.

While basic engineering insurance might not, you can often opt for additional coverage or specific policies that safeguard your tools and equipment. Discussing your specific needs with an insurance broker ensures comprehensive coverage.

How do I get an engineering insurance quote? 

We understand the unique needs of engineers in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive engineering insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain an Engineers insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of engineers insurance?

You can usually get proof of engineers insurance same day when you purchase insurance through Gerrards.

Acquiring an engineering insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our engineering insurance brokers. 

What does engineers insurance not cover?

Contractual Liabilities

Unless explicitly stated in the policy, liabilities accepted under contract might not be insured.

Pollution and Environmental Damage

Unless expressly stated, some policies might not cover damage resulting from pollution or environmental hazards your project might inadvertently cause.

Uninsured Acts

Specific actions or areas of work that aren’t mentioned in your policy may not be covered.

Other common questions about engineers insurance

Yes, policies can often be tailored to suit your business’s unique needs. Discuss your requirements with your broker to ensure comprehensive protection.

It depends on your policy. Some might offer global coverage, while others are limited to NZ. Always clarify before taking on overseas projects.

Many policies cover employees, but subcontractors may need their own insurance. Always check your policy specifics.

Regularly! Ideally, review annually or sooner if there’s a significant change in your business or projects.

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