Insurance for architects and engineers: a straightforward guide.
Architects and engineers are particular at risk of having a sizeable claim brought against them. Due to the very nature of the industry, design and build projects are a huge responsibility and if things go wrong the sums involved in rectifying a mistake can be eye wateringly high.
Anything from an error in a design to a simple administrative mistake could see a claim brought against your firm, so it makes sense to have comprehensive insurance in place to help protect your business from costly payouts.
The question is: what does each insurance cover protect you against?
Professional indemnity insurance
Professional indemnity insurance is necessary for any architect or engineering consultant providing a professional service to third party clients. In the event of an allegation or claim made against you for providing incorrect or negligent advice, professional indemnity insurance will protect you. Some clients may require you to have professional indemnity cover before they will work with you. We provide limits of indemnity ranging from £100,000 to £5,000,000 to suit any contractual requirement you may have.
Furthermore, should you need to increase your limit of indemnity after buying cover from us – maybe to satisfy new contractual requirements – you can do so with a quick phone call. Call us on 0800 640 6600 for more details.
For the majority of activities we can offer cover on an Any One Claim basis which means you get the full limit of indemnity for each and every claim during the policy period.
For certain activities, cover is provided on an Aggregate basis which means that the limit of indemnity is the maximum amount that we will pay out during the policy period. You should bear this in mind when selecting your limit of indemnity. For further information about and Any One Claim basis and Aggregate basis, please refer to our frequently asked questions or the relevant summary of cover.
Public and product liability insurance
If, in the course of visiting client sites and supplying products, someone is injured or their property damaged, public and product liability insurance can cover the cost of defending your business and damages awarded if you are found to be at fault.
Employer's liability insurance
Employer's liability is a statutory requirement as soon as you have any employees. Cover is provided for your employees for claims due to injury or illness as a result of their activities under your employment. It is possible for claims to be made many years after employment has ceased.
Directors and officers liability insurance
Directors and officers insurance protects directors and officers of a company from potential lawsuits launched against them by the stakeholders in a company such as shareholders, employees and creditors. Directors and officers can be held accountable for numerous actions such as misuse of company resources, fraud, lack of due care and attention, and failure to follow workplace legislation. Cover is provided for defending you as a director or officer against allegations of wrongful acts and any damages subsequently awarded against you.
Business and portable equipment insurance
Business interruption cover can protect you against loss of income and/or increased costs of working incurred in order to continue trading due to unexpected events, such as fire, theft or flood.
Markel have over twenty years experience in this sector, providing expert cover for architects and engineers of all descriptions. Cover is available from as little as £13.25 a month and some of the activities that we can insure online are:
- Design and Planning
- Electrical and/or Lighting consultancy
- Feasibility studies
- Heating, Ventilation and Air Conditioning
- Interior Design
- Land surveying
- Landscape architecture, planning and/or garden design
- Mechanical and/or Refrigeration engineering
- Quantity surveyors
- Planning supervisors
- Project co-ordination
- Town planning and/or urban design
- Transport, traffic and highways engineering
(this is not an exhaustive list; if you cannot find your activities listed on our website, call us on 0800 640 6600.)
You can also take advantage of the option to pay by ten interest free instalments, helping spread the cost of cover while you tender and complete your contracts.
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