Engineers Insurance in South Africa
Engineers need their own insurance policy, just in case the airplane falls out of the sky. Like contractors and doctors, engineers face a unique set of business insurance perils. An engineers’ insurance policy covers everything from accidental damage, to machinery and equipment, to public liability cover.
The types of insurance included in an engineers insurance policy are combined to form a complete portfolio and are often underwritten by specialist insurance companies. Engineers’ insurance includes the following types of cover.
Insurance for Equipment and Materials
The high cost of engineering equipment and the high risk of it being damaged in an accident makes it imperative that engineers insurance include equipment. These, and the raw materials used to construct their engines, machines or public works, are covered for damage and theft.
Damage and theft while in transit should be included, but this depends on the insurance company and the nature of the engineer’s business. If he or she regularly travels with his or her equipment for work, then this is important. Raw materials may also be covered for deterioration, especially if these are perishable and stored.
Features that some insurance companies provide for engineers is data recovery. Should an accident, electrical surge, or other disaster cause them to lose valuable data, the insurance company will cover the cost to recover the data, if it is recoverable.
Insurance for Liability
An engineer faces a high risk of public liability. Should a poorly constructed airplane or vehicle, for example, cause the death or injury of a member of the public, the engineer who designed it and the manufacturer who assembled it may be held responsible. Such claims could bankrupt an engineering company if it does not have public liability insurance, which covers claims made by the public for personal injury or death.
If the public can be injured as a result of an engineer’s negligence, then so can the engineer. For this reason, personal accident insurance is usually included in an engineer’s insurance policy. Personal accident insurance covers injuries and death caused as a result of an accident while on the job. This is over and above workman’s liability insurance.
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