Professional Indemnity Insurance premiums for engineers can vary considerably between businesses.

Insurers assess a range of factors when determining the premium, including:

• Engineering discipline: Some engineering activities have a greater potential for large or complex claims.
• Annual turnover or professional fees: Larger businesses generally have greater overall exposure.
• Project size and type: The value, complexity and end use of the projects you work on can affect the insurer’s assessment.
• Services provided: Design, certification, project management and other professional services can create different exposures.
• Claims history: Previous claims, complaints or known circumstances can affect pricing and insurer appetite.
• Professional experience: Qualifications, registration and experience may form part of the underwriting assessment.
• Contractual exposure: Contracts containing additional liabilities or onerous insurance requirements can affect risk.
• Overseas work: International projects or contracts can require additional underwriting.
• Limit of indemnity and excess: The amount of cover selected and the excess payable can affect the premium.

Different insurers can assess the same engineering business differently. This is particularly relevant where a business provides specialist services or works across several engineering disciplines.

Webber Insurance works with insurers that understand engineering and professional services businesses. We can help present your business to suitable insurers and compare the terms available.

Contact our team if you would like assistance reviewing your Professional Indemnity Insurance.