Precision Engineers Insurance

Insurance for Precision Engineers by Prosura

As a precision engineer you will be involved in the design, development or maintenance of machines, structures or even data systems. Using maths and science to solve problems is exacting work, and it must be done to the highest of standards.

At Prosura, we think that your business deserves the same high standards when it comes to insurance. We recognise you’ve got better things to be doing than trawling through insurance policy wording. So let our expert brokers do it for you.

Don’t just insure it. Prosura it!

What can be included in a precision engineering business insurance policy?

Plant and Machinery Insurance. Owning or managing a precision engineering business, you’re likely to own expensive specialist plant and machinery, including production machinery. It may be that, from time to time, you also hire in specialist equipment. Appropriate cover should be arranged protecting both owned and hired in plant and machinery.

IT equipment and Associated Software Insurance. Critical to your business, you will need them insuring in case of damage, breakdown or theft. But you may also need to consider cyber cover to protect you from cyber fraud. It might be that you have significant intellectual property invested in software, or that you are concerned about security breaches or cyber extorsion threats. Cyber liability cover can protect you from a range of threats.

Professional Indemnity Insurance.  You are likely to offer professional advice to clients in your line of work. Professional Indemnity Insurance (Sometimes referred to as Errors and Omissions cover) protects you when a client alleges that you have been negligent or made a mistake in your work.

Product Liability Insurance.  Where you supply your own or third party equipment and install it, you may be held liable should that product prove defective.

Public Liability Insurance. If you work on client premises, or have clients visit yours, Public Liability, while not a legal requirement, is a good idea to have in place for most businesses. It protects you where a member of the public claims to have suffered injury or property damage as a consequence of your business activity.

Employer’s Liability Insurance. If you have any staff working for you – even casually or part time – it’s a legal requirement in the UK to have a minimum of £5m Employers Liability Insurance in place. It works in a similar way to Public Liability, but protects you in the event of a claim made by an employee.

What else should be thought about when buying Precision Engineers Insurance?

It really does depend on how you operate your business, but there are other covers that you need to consider. Where you have teams out on the road in either business or their own vehicles, appropriate business motor cover needs to be in place.

In terms of presenting the business to insurers, being able to demonstrate good quality control procedures, as well as documented risk management practices are likely to mean that you get better value from your cover – insurers naturally like to see a well run business that works to mitigate risk.

Why choose Prosura to buy Precision Engineers Insurance?

We’re here to let you get on with running your business by providing friction free access to expert advice and high quality insurers.

We also give all our Precision Engineers Insurance Clients free access to PROSURA Digital Lawyer, saving them hundreds of pounds a year on Legal Fees.

When it comes to Precision Engineers insurance, don’t just insure it – Prosura it!

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