We understand that when you’re freelancing, you want to focus on the job at hand and creating the best work possible. Sometimes, insurance products don’t come at the top of your to-do list and can seem like an unnecessary expense.
However, if you’re a freelance engineer, you occupy a unique and interesting position when it comes to insuring yourself. Your work is based on problem solving and solution finding, and more often than not, your work product will affect the public, not just your end client. It is for that reason that gaining access to adequate insurance cover should be at the very top of your to-do list!
What’s more, many (if not all) freelance contracts stipulate that a freelancer must be covered by a minimum amount of insurance, so your future contract jobs could depend on having access to quality insurance.
What types of insurance do engineers need?
Each contract you work on will be different, so it always pays to check what is required each time you enter into business with a new end client. However, there are a number of important elements of freelance business cover that you should consider.
Professional Indemnity cover – professional indemnity, or PI as it is commonly referred to, relates to claims resulting from any mistakes you may make while you’re working on a job. If you make an error or provide inaccurate advice that results in your client incurring a financial loss they can make a claim against you.
It is professional indemnity cover that is there to protect you; covering your legal costs as well as any damages awarded to the client. It provides peace of mind for engineers, that you can get on with your job to the best of your ability, complete with cover to protect you.
Public liability cover – if you’re working on a freelance engineering contract, it’s not such a stretch of the imagination to assume that you will conduct some work on a client’s site. If you, for example, accidentally spill some tea on a client’s computer, you will be held liable for any damage caused.
Mistakes are bound to happen sometimes, but with public liability they don’t have to be at the expense of your business. Public liability insurance provides cover for any damages awarded to someone because of an injury or damage to their property caused by a freelance contractor or anyone within their business, as well as any resulting legal fees. It’s a must for any engineer.
Personal accident cover – as a freelance contractor your livelihood depends on your ability to show up every day and complete the work that you are contracted to do. However, life sometimes has other plans and you could be involved in an unexpected and very much unwanted accident.
If you fall victim to such an accident, personal accident cover will pay you a weekly benefit while you get better. For further peace of mind, if you suffer permanent disability or die as a result of a serious accident, a lump sum will be paid out to your beneficiary. Personal accident cover means that you don’t have to be left personally out of pocket while you’re on the mend.
How can Kingsbridge help?
We pride ourselves on understanding the particular demands of contractors and their businesses, and we’re well versed on the unique risks that engineers are exposed to in their everyday working lives.
It is out of this in-depth knowledge that we created our comprehensive contractor insurance package. Featuring Professional Indemnity, Public Liability and Occupational Personal Accident cover, as well as Employers’ Liability and Directors’ & Officers’ Liability cover, we’ve tailored our policy package to provide simple, compliant and comprehensive insurance that any modern freelance engineer would need.
If you want full cover in one easy to manage package, get in touch with the team at Kingsbridge for a simple, fuss-free service that will give you the peace of mind that you’ve got the right people taking care of you.
Call our friendly, professional team on 01242 808740 where we will be happy to discuss your requirements. Or you can apply for a quote online to gain access to cover instantly.