Systems Engineering Insurance

The insurance policy will provide cover for claims including:

Alleged negligence

You have advised your client where efficiencies and potential monetary savings can be made through certain adjustments to their current system. However, your calculations are slightly wrong, resulting in the system adjustments being no less efficient and costing your client more to run.

The client takes legal action against you for incorrect advice. Professional indemnity insurance would provide cover for you in this instance.

Design errors

You design a new system for a client and oversee the installation, but the system doesn’t work as a result of an error in your designs and the client takes action against you to recoup the costs of correcting the error and the lost revenue as a result of the delay. Professional Indemnity insurance would provide cover in this instance.

Breach of contract

You miss an agreed deadline for delivery of a project you are contracted for resulting in extra costs being incurred for your client. Professional Indemnity insurance would provide cover for this in the event your client made a claim against you.

With Caunce O’Hara’s intuitive online quote and buy system you can get an indicative quotation for your engineering contractor insurance in a matter of minutes.

As an example: a systems engineer with an annual turnover of up to £50,000, who needs Professional Indemnity insurance with an indemnity of £500,000 of cover (in any one claim) would pay as little as £192.00 per year. That’s only £16.00 per month, which we think represents good value considering the level of cover and peace of mind that you gain.

Apart from Professional Indemnity insurance, engineering contractors will likely be asked to ensure they carry Public Liability insurance as part of their contractual obligations to protect the clients’ property and members of staff.

It is also important to note that as a self-employed business owner, a claim can be made against you personally with unlimited personal liability, therefore Directors and Officers insurance is a valuable insurance policy which will cover you in this instance.

Legal Expenses insurance will provide cover for costs incurred from a legal occurrence or claim that your indemnity and liability insurance does not cover, including the costs incurred from an IR35 tax investigation.