Architect Insurance

A client hires an architect to create a plan and design of a structure, also availing the time of start and completion of a project. The plans have specifications of the structures location, size, space design. The designs are permanent to be used for years to come. In some cases, architects redesign and restore old structures.

An architect’s projects carry certain risks and hazards. One mistake or structural inconsistencies can cause a lot of damage to your business and may result in a substantial financial loss.

Architects work hand-in-hand with civil engineers. The engineers make the vision of the architect a reality by following safety guidelines, codes, and rules.

Architects insurance pays for lawsuits against your business, and it covers legal fees and any settlements from the cases.

 Cost of Architect Insurance

The standard cost of a general liability architect insurance will depend on the business location, the type of project, the value of equipment, the number of employees, experience, sales, revenue and claims history.

Professional Liability Insurance

Also referred to errors and omissions. A client can sue you for work not done correctly, incomplete work or for work that you did not deliver. Professional liability insurance offers coverage against clients allegations.

Professional liability insurance covers incidences that involve

• Professional negligence
• Design failure
• Misinterpretation of design

Types of architects insurance

General liability

This policy covers property damage and bodily injury to third parties.

Examples of third parties include clients, subcontractors or employees. For instance, if a ladder falls on a client’s car, the policy pays for the third party car damage, and if there was an injury, it covers the medical cost.

Commercial property

This insurance policy covers your business property and the contents inside. The items covered include tools, equipment, plans and designs regardless of whether they are rented or owned.

Workers Compensation

This insurance covers your employees from work-related injuries or illnesses. If an employee slips and falls, sustaining an injury, the policy covers medical care and wages lost during the treatment.

Umbrella Insurance

Also called excess liability insurance, the policy offers additional insurance coverage over and above what your existing policy covers. It combines the policies to a single premium.

Business Owners Policy

BOP is an affordable policy general liability insurance that covers commercial property damage and business interruptions. For example, if your business stops or is closed down for a particular reason, the policy will cover the income lost due to the unexpected closure.

Speak to professional insurance to find out the coverages you need as an architect And how much coverage you require.