An engineering insurance policy protects your business and engineering activities from a wide range of risks related to engineering, especially those related to machinery and equipment. A property insurance can only cover fire or thefts but not perils related to machinery breakdowns, engineering or electronic equipment failure, or construction. An engineering insurance can cover all risks or a specific equipment / machinery. 

Why should I buy an Engineering Insurance policy?

Financial protection against losses: As a business or an engineering firm, your machines and equipment are the backbone of your engineering activities. In case of breakdown or other unforeseen failures, replacing machinery and equipment be expensive and time-consuming. An engineering insurance will protect you against financial losses arising from such situations. 

Business continuity: Whether you are a small manufacturer with a single machine or a large manufacturer with an automated production line, your machinery is exposed to a large range of risks. Downtime due to machinery breakdown or accidental damage, for example, can result in loss of income or lead to additional expenditure. An engineering insurance will allow you to quickly recover your losses and continue your business operations smoothly.

Legal or contractual requirement: Depending on the type of goods being transported or the country it is being transported to, a marine cargo insurance may be mandated by law or be a contractual obligation. In such cases, you are thus bound to provide proof of insurance.