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Electrical Engineer Insurance
Don’t let your technical skills go to waste because of a design defect. Find out how to protect your business with electrical engineer insurance in South Africa.
What is Electrical Engineer Insurance?
Electrical engineer insurance is insurance that covers insurable perils in the electrical engineering industry. If you are an electrician or work as an engineer in this industry in South Africa, you will understand the large scope of risks involved. Luckily, South African insurance companies now offer specialised insurance policies designed to cover your specific business needs.
How Does Electrical Engineer Insurance Work?
When you purchase electrical engineer insurance through a trusted insurer, you get access to a range of benefits. These can include a 24-hour emergency call out service and access to an emergency response team. Some insurers offer a dedicated account manager who works exclusively for you or a dedicated telephone line, so you always speak directly to one person.
Your policy document details the agreement between you and the insurer. You commit to paying a monthly premium, and in return, they offer you business insurance to cover things like a defective product or your business property. The policy wording details each insured peril, exclusions, and requirements.
Who Needs This Type of Cover?
Insurance for engineers and electricians covers engineers who offer professional services in the industry. Specialist engineers who work with electric components need unique cover and can benefit from a customised insurance solution. You could face legal liability if you produce a defective product or cause bodily injury and property damage or loss to a third party in the execution of your professional services.
If you test, design, develop, manufacture, or supervise the manufacturing of electrical equipment such as electric motors, you need this type of cover. Whether you work on power generation equipment or design automobiles and aircraft, coverage from an insurance company can give you peace of mind. If a third party institutes claims of negligence or electrical injury, the right level of cover can protect the future of your business.
What Does it Cover?
Your cover will depend on the type of insurance cover you choose and what your insurer offers. Some insurers allow you to combine a wide range of cover types into one policy, while you may have to purchase separate policies with other insurers. It’s best to ensure you know the risks you want to cover beforehand, then compare the offers you receive to the cover you need.
The main kinds of coverage to consider including in the type of policy you choose are:
- Business interruption insurance
- Electrical equipment
- machinery insurance
- Occupational Illness & work-related injury
- Office building cover
- Professional indemnity insurance
- Public liability insurance
What Insurance Does an Electrical Engineer Need?
You may want to include many types of coverage in your business portfolio. Your electrical engineering insurance policy can include commercial auto insurance, health insurance, commercial general liability insurance, and much more. The types of business insurance you include will depend on your unique situation and needs. Here are a few of the most important cover types.
Business Interruption Insurance
If power outages or natural disasters make it impossible for your business operations to continue periodically, this type of business insurance can benefit you. It will help cover the costs of keeping your business alive, such as salaries, purchasing stock, and more. Some of these business insurance policies even pay out for pandemic-related lockdowns, such as Santam and OUTsurance!
Professional Indemnity Insurance (Errors & Omissions Insurance)
Also called professional liability insurance, this type of cover protects you from claims by third parties for bodily injury, death, or losses and damages to property and possessions.
Electrical Equipment Cover
Your business equipment enables you to operate in a very technical field. Without it, an electrical engineering business cannot earn income. To avoid this loss of income, it is important to get electronic equipment insurance and machinery insurance.
You can list each piece of equipment you deem vital in your policy. If accidental damage occurs, you can claim for repair costs or replacement of the piece of machinery from your insurer.
Office Building Cover
What would happen if an unexpected explosion happened in your building? It only takes one employee accident in this complex field of work to spell disaster for your operations. You can protect your business from an insured peril, such as an explosion or fire in your building with this type of cover.
Product Liability Insurance
If a product you have designed has a design flaw or causes personal injury to a third party, you could be held personally liable. In such cases, having product liability cover will help with medical expenses, legal costs, repair costs, and more.
Public Liability Insurance
You can protect your business against liability claims from members of the public with this type of cover. When you face compensation claims for events related to your business and services, public liability insurance will help cover settlement amounts and legal fees.
Why Should I Buy Electrical Engineer Insurance?
There are many reasons why it makes sense to buy electrical engineer insurance. If you don’t have any form of protection, then you could be liable for several things, including:
- Compensation costs when someone gets injured on site, such as repair costs and medical costs
- Costs associated with repairing damaged equipment or property, such as construction costs
- Losses incurred from having to close operations while repairs take place (business interruption)
- Legal costs and defense costs should legal action need to be taken against you
Where to Get the Best Electrical Engineer Cover in South Africa?
Electrical engineering is probably the largest and most diverse technological field in the world and with that comes an incredibly wide range of risks for different projects. As an electrical engineer, you carry a very specific responsibility that can influence a project in several ways, so determining which electrical engineer insurance you need can be daunting.
You don’t need to struggle through lists and quotes to find your ideal insurer. Just fill in the form at the top of this page, and our system will put you in contact with the ideal business insurance company for you. They will call you with a customised offer just for you. Best of all, it’s obligation-free.
