Professional Indemnity Insurance for Electrical Engineers

• Company Size – this is the gross annual income of the company & the number of partners/directors/employees.
• Qualifications and experience – as with all professions, insurers will want to see a CV that shows how an engineer is suitably qualified and/or experienced to carry out the work undertaken on behalf of their client.
• Type of work carried out – underwriters will be particularly interested in finding out if the engineer is involved in any high-risk exposures, such as work on safety critical systems/ work on bridges/ mines/ tunnels/ underpinning or piling contracts as an example.
  • Electrical engineers – Electrical engineers design new products, write performance requirements and develop maintenance schedules. They also test equipment, solve operating problems and estimate the time and cost of projects. This is seen as a moderately low risk discipline by Professional Indemnity underwriters.
• Contract sizes – there is a direct relationship between the size and complexity of the job and the exposure.
• Claims experience – a poor claims experience is often a reflection of the quality of the company’s work, experience, staff & internal risk management. The premium for such a risk is likely to be heavily loaded by an underwriter when considering terms for such a risk.
• Retroactive exposure – does the business have an exposure to claims arising from past work, whether in the current business or a previous company.
• Overseas exposure – does the practice carry out work for overseas clients.

A typical Professional Indemnity insurance policy for Electrical Engineers will normally cover the following areas:

• Civil Liability
• Negligent act, error or omission
• Unintentional intellectual property rights infringement (other than patents)
• Unintentional breach of confidentiality
• Unintentional defamation
• Fraud & dishonesty
• Loss of third-party documents or data
• Computer virus transmission
• Negligence of Sub-Contractors
• Collateral warranties (limited to 2 assignments)
• Adjudications under the Housing Grants Construction & Regeneration Act
• Irrecoverable fees
• Bodily injury or property damage arising from breach of professional duty
• Defence costs
• Court attendance costs
• Breach of health & safety legislation

Your policy coverage may vary between insurer.

Professional Indemnity

• Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.

Public Liability

• Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.

Employers’ Liability

• Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.

Cyber Insurance

• Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.

Directors and Officers

• Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.

Legal expenses insurance

• If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.

Contact us to find out more about the right cover for your business.