There is no single Professional Indemnity limit that is suitable for every engineering business.

The amount of cover you need can depend on factors including:

• Your engineering discipline
• The type of professional services you provide
• The size and value of your projects
• The potential financial loss if something goes wrong
• Your contractual requirements
• Registration or licensing requirements
• The types of clients you work for
• Whether you work on major infrastructure or government projects

Common Professional Indemnity limits available to engineering businesses include:

• $1 million
• $2 million
• $5 million
• $10 million
• $20 million

Higher limits may also be available depending on the insurer and the nature of the risk.

It is important not to select a limit based only on the size of your business. A smaller engineering practice can still be involved in a project where an error results in a significant financial loss.

Contracts can also require a specific limit of Professional Indemnity Insurance. If you regularly work for larger organisations, government bodies or principal contractors, these requirements should form part of your assessment.

Some registration schemes may also prescribe minimum insurance requirements.

Webber Insurance can help you compare different limit options and consider the exposures relevant to your engineering business.

Contact our team if you would like to review your current Professional Indemnity limit.