How Aviation Engineer Insurance Mitigates Risk
Whether your aviation engineering firm helps plan airports and aerodromes, develops airspace, or designs crucial aircraft components, there’s a lot riding on the work you do. Aviation insurance can help your organization manage the risks that come with moving people safely through the air.
Ten Risks Facing the Aviation Industry
Satair, the global providers of innovative aftermarket products and services for the civil aerospace industry has published a blog post about the top 10 risks the aviation industry is facing
- “Volatility in the geopolitical and economic environment
- Managing the supply chain
- Competition in domestic and international markets
- Managing and retaining talent
- Ability to perform in key contracts
- Compliance with a wide range of regulations and restrictions
- Incapacity to innovate
- Failure to realise the benefits of M&As and partnerships
- Exposure to cybersecurity events
- Foreign currency and commodity price fluctuations”
Knowing your risks from the safety experts is the first step in avoiding them. But even the best-laid plans are not enough. Comprehensive aviation insurance for engineers is a necessary component of your company’s risk-management strategy.
Aviation Engineering Insurance Coverages
The Aviation or Aerospace Insurance for Engineers is a portfolio of adjustable coverages with liability policies that provide legal coverage including:
- Lawyers’ fees
- Defence costs
- Out-of-court settlements
- Damages awarded by the court
The following are some of the coverages recommended for aviation engineering firms:
Errors & Omissions (E&O) / Professional Liability Insurance can provide coverage for claims based on breach of contract, errors, omissions, bad advice and other forms of professional negligence.
Commercial General Liability Insurance can protect your aviation engineering firm from lawsuits alleging bodily injury or property damage, false advertising and libel & slander.
Property Insurance provides building and content coverage in case of property damage for perils such as fires, floods, windstorms, sewage backups, vandalism and others.
Business Interruption insurance policy reimburses you for revenue lost due to an insured peril.
Extra Expense insurance policy can provide coverage for the costs of setting up a temporary work location following an insured peril.
Cyber Liability & Privacy Insurance can cover the costs of a breach and is a vital coverage for aviation engineering firms as they hold highly sensitive and protected information. Cyber liability insurance policy can provide coverage for third-party liability such as clients losses, data and systems restoration, investigations, ransomware demands, notification costs and more.
Employment Practices Liability (EPL) Insurance can provide legal coverage for damaging lawsuits alleging discrimination, harassment, wrongful dismissal and other employment-related suits.
Commercial Auto Insurance / Commercial Vehicle Insurance for the vehicles used by your engineering service providers when travelling for consultations, testing and other job functions.
Related Article: Aerospace Consultants And Contractors Professional Liability Insurance Coverage
Don’t Leave your Aviation Engineering Company’s Protection up in the Air
Our advocates are commercial insurance specialists that save you time, money and the hassle of shopping around for general aviation engineering insurance policy that covers your risks at competitive rates. We work with Canada’s top insurance companies to ensure that your liabilities are covered and that your insurance policy fits within your budget. Contact an ALIGNED advocate to get a free quote in minutes or get started right away by using our free online tool.
