When you design a building, you take on an enormous responsibility for the lives of the people who will be using that building for generations to come. As an architect, you are aware of the intricacies and complexities of designing functional, modern buildings that are safe.
Failure could be catastrophic. Your finances, your family’s finances, and your future could all be hurt from by any kind of professional negligence. Even an accusation of professional negligence could lead to astronomically high legal bills and fees just to defend yourself against a baseless claim.
This is where architect insurance becomes important for the individual architect or small architectural firm. Read our overview (below) of the types architect insurance so you can determine what coverage you need.
What Insurance Do Architects Need?
Insurance All Architects Need
Of the insurance that all architects need, the most important is general liability insurance. Without general liability insurance, you are putting your finances and your business at significant risk. The majority of architect claims are general liability claims, with professional liability claims coming in second.
|1. General Liability||General liability insurance covers you in the event you are held responsible for causing bodily injury or property damage related to the architect services you provide.||Learn More|
|2. Professional Liability (E&O) Insurance||Professional liability (errors & omissions) insurance protects you against defense costs and potential settlement payments (up to your policy limits) in the event that you or your small architect business are accused of providing negligent or inadequate work that failed to meet industry specifications.||Learn More|
What Additional Insurance do Architects Need?
Additional Insurance Architects May Need
Additional insurance coverages depend largely upon the size of your business, the risks you have, your number of employees, and the use of automobiles.
|1. Property Insurance||Whether you work from an office building or at home, you will need insurance to cover losses or damage to the property. Be aware that if you do have a home office, your homeowner’s insurance may not fully cover the portion of your property used for business purposes.||Call Your Broker|
|2. Pollution Insurance||Pollution insurance covers architects who oversee construction projects that have a risk of runoff or air pollution. This insurance covers the cost of cleanup, if it is needed.||Call Your Broker|
|3. Commercial Vehicle Insurance||This insurance applies to architects who use company cars or other vehicles and is similar to standard automobile insurance.||Call Your Broker|
|4. Workers' Compensation||If you have employees, this insurance will cover medical costs, lost wages, and in some cases, short term disability if they are injured on the job.||Call Your Broker|
|5. Health, Life, and Disability||If you are a self-employed architect, don’t overlook your health, life, and disability insurance so that you're covered in the event of injury, illness, or death.||Call Your Broker|
All insurance policies have conditions, limitations, and exclusions, please refer to the policy for exact coverages.