Architects, Engineers & Surveyors Insurance

What is Architects, Engineers & Surveyors Insurance?

A comprehensive insurance policy that is suitable for architects, engineers and surveyors needs to protect all parties involved from a wide range of claims. Any mistakes made during the planning or implementation stage of a construction project can lead to a legal dispute. On top of this, architects may hold valuable equipment and plans in their premises, and protecting against theft is essential to avoid any delays.

What does Architects, Engineers & Surveyors Insurance Cover? 

Architects, engineers and surveyors insurance includes the following types of insurance policies:

• Public liability insurance: Provides protection if your business activities kill or injure a third party (non-employee) or damage their property. As with any business in this industry, accidents can occur at any time and this is a type of insurance that you should certainly consider to ensure that you’re covered against potential claims.
• Product liability insurance: Provides cover if a product that you supplied, manufactured, adapted or imported has caused damage or injury to people or property.
• Employers’ liability insurance: This is a compulsory type of insurance for employers, regardless of whether the member of staff is permanent, temporary, volunteer, contractor or freelancer. The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
• Contractors all risk (CAR) insurance: CAR insurance provides protection against damage that occurs to site materials and works that you have been contracted to undertake. These are normally excluded under a regular public liability insurance policy.
• Professional indemnity insurance: Provides cover against negligent advice or if your work causes a problem for your client (for example if a construction project is delayed). If your business offers advice to clients or is responsible for designs, this type of insurance should be considered. Some clients also require construction businesses to have a certain level of cover in place, so it is worth checking this before you start work.
• Office insurance: If you store your equipment in your office, this covers internal items including your computer as well as any other expensive items that may be necessary for your work.
• Structural warranty: If your business is responsible for building or buying new buildings, then a structural warranty will provide you with 10 years’ worth of protection. This includes cover for latent defects that occur during the build period, but which are not discovered until after completion has taken place and is also known as latent defects insurance.
• Business assets insurance: Provides cover for the things that your business needs to operate, such as mechanical equipment, tools and materials.

These are just examples of some of the types of architects, engineers and surveyors insurance policies that we look after at Woodfield & Riley. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.

What Else Do I Need to Know About Architects, Engineers & Surveyors Insurance

With such a high risk profile for architects, engineers and surveyors, properly managing the risks is essential. Any injury can result in a claim being made for any time that a client or employee is out of work. For this reason, it is important to create a plan through careful evaluation of any risks and dangers in the industry.