Protection for professional engineers Insurance for engineers

Professional liability insurance

Engineers play a key role in planning and implementing construction and engineering projects. Even small mistakes in calculations or planning can cause extensive damage resulting in major expenses. Professional liability insurance for engineers protects you against the financial loss that arises from erroneous advice, construction defects or miscalculations. 

This protection is not prescribed by law for self-employed engineers, but it is highly recommended because you will be personally liable if something goes wrong. Engineering firms with employees that often work together with architects or other specialists in the construction industry also benefit because they can protect themselves from liability claims. 

Accident insurance and supplemental accident insurance

An accident can happen anywhere – whether it’s on a construction site, in the office or on the way to meeting a client. Although statutory accident insurance provides a basic level of coverage for occupational accidents, this coverage is often limited. Supplemental accident insurance enhances this mandatory coverage with higher daily sickness benefits and better benefits for longer absences. 

Engineering firms with employees are required to have accident insurance for their employees, while supplemental accident insurance provides additional coverage. Self-employed engineers should also insure themselves against a loss of income after an accident. 

Daily sickness benefits insurance

Absences due to illness can be extremely costly for engineers – whether it’s due to lost fees or additional expenses from a project. Daily sickness benefits insurance ensures that you have a regular income stream even for longer work absences. 

This type of insurance is especially important for engineering firms with employees because the firm needs to ensure that it can continue to pay salaries. Self-employed engineers should ensure they have coverage that protects them from financial loss if a claim arises.

Cyber insurance and services

Engineering firms work with sensitive project data and complex digital systems. A cyber attack or loss of data can not only paralyze their business, it can also be extremely costly. Cyber insurance protects against financial loss from hacker attacks, data leaks or IT outages and pays for the costs of loss mitigation and data restoration, among other things. 

This protection is particularly relevant for engineering firms with employees as they often work with confidential customer information. Self-employed engineers also profit from targeted coverage in order protect themselves from the financial and legal consequences of a cyber attack. 

Commercial legal protection insurance

Engineering firms are involved in many business and contractual processes. Disputes with contractors, suppliers or employees can quickly become expensive. Commercial legal protection covers the business against the financial consequences of legal disputes by paying for attorney fees and the cost of proceedings. 

Legal protection insurance for engineers provides targeted coverage for legal conflicts that arise from day-to-day work. It helps assert substantiated claims and defend against unsubstantiated ones – a decisive advantage for both self-employed engineers and engineering firms with employees. 

Occupational benefits

As soon as an engineering firm hires employees, it is required to offer them Pillar 2 occupational benefits solutions. This basic coverage can be expanded to best advantage – particularly for management positions or above-average incomes:

• Management pensions:  This type of retirement plan offers greater flexibility in investment strategies and effectively supplements statutory basic insurance. With offers such as our Top Invest or 1e pension solution, AXA promotes proactive wealth planning.

The following applies to self-employed engineers: If you’re self-employed, joining a pension fund is voluntary. If you own a GmbH or an AG and are paying yourself a salary, then this insurance is mandatory.

Private pensions

 Pillar 3 individual retirement solutions  give you more options for building up your retirement savings over the long term. Pillar 3 is divided into two parts: 

• Pillar 3a: Tax-advantaged savings solutions with fixed terms until retirement. These solutions are a particularly smart way to supplement occupational benefits insurance for self-employed engineers. 
• Pillar 3b: Flexible savings and investment options without any legal restrictions, ideal for individual financial planning that goes beyond basic insurance.