(Professional Liability Insurance)
Types of Architect’s Insurance
Add-Ons and Bundles
Architect’s Insurance Covers Multiple Types of Architects:
- Commercial architects
- Residential architects
- Sustainability architects
- Industrial architects
- Conservation architects
- Textile designers
- Urban designers
- Interior architects
- Extreme architects
- Developer architects
- Lighting architects
- Political architects
- Industrial designers
- Furniture designers
- Restoration architects
- Research architects
- Municipal architects
- Housing architect
The Benefits of Architect’s Insurance
Aside from coverage, there’s a lot to consider when you’re thinking about buying architect’s insurance.
Here are some of the benefits or perks of buying this type of insurance:
- It’s cost-effective in the long run.
Surely the thought of this is counterintuitive. After all, isn’t insurance expensive? The answer to this is yes, it can be.
But, claims can be even more expensive. That is to say, it’s better to pay the upfront costs of insurance than regret it later down the road when you’re dealing with claims adding up to $50,000.
In short, it’s always best to take a proactive approach, especially when it comes to insurance.
2. It will keep your businesses’ reputation intact, and keep your business running.
This may seem dramatic, but it’s true. Not only will professional liability insurance be able to maintain your businesses’ reputation, but it’ll also make sure your business doesn’t crash.
As you probably are already aware, claims are costly. If you receive more claims than your business is able to handle, then a.) you won’t be gaining customers, and b.) your business model likely won’t be able to handle the claim charges.
3. Contracts frequently require professional liability.
A lot of times contracts made with clients will require professional liability insurance. Also, most states require you to have professional liability insurance as an architect.
4. It can help you and your employees.
Purchasing architect’s insurance can help protect you and your employees from charges filed against you.
Things to Consider Before Purchasing Architect’s PI Insurance
What does my Architecture insurance company cover?
Before making any type of insurance purchase, double-check with your employer to make sure that your company doesn’t already cover the policy.
Obviously, if your company already protects you then you don’t want to accidentally purchase something additional that you don’t need.
But most importantly, you want to make sure that your company protects you as an individual employee. In many scenarios, the company buys policy for the entire organization, but that policy doesn’t necessarily cover you as a specific employee.
If you aren’t fully protected, or as protected as you’d like to be, then purchasing professional indemnity insurance may be in your best interest.
What if I own my own firm?
If you own a firm then you may want to look into other policies that protect you and your employees.
Also, owning a firm can have an impact on your insurance quote. So, be sure to click “Customize Quote” below to see what you’d pay.
What type of architecture do I specialize in, and what is covered by my insurance company?
Are you designing large corporate buildings, a family home, or both? The types of projects that you’re taking on have a degree of risk associated with each. If you’re designing large corporate buildings you’ll definitely want to purchase insurance that matches that particular level of risk. Especially since claims for projects like corporate buildings will be high.
We Care Insurance can do this heavy-lifting for you. If you scroll down and hit “Customize Quote” we’ll give you a quotation of what you’ll be paying based on these factors and more.
Also, if you’re ever uncertain, please reach out to [email protected] or (402) 957-2123 for help.
Get a free quote to see how much you’d pay
There are a range of factors that may influence your quotation. For example, your area of practice, the number of employees at your business, and your salary can all have an impact on your insurance quote.
Above all, it is our goal to give you a fair and accurate estimate. Below, we’ve provided a place where you can input this information.
So, if you’re interested in customizing your quote to see what your rate would look like, click on “Customize Quote” below.
Other Types of Insurance for Architect Business Owners
Even professional liability won’t cover certain work mishaps. If you are an architect that owns a business, you may want to check out some of these policies. Especially if you want to make sure you are additionally protected.
Worker's Compensation Insurance
Firstly, the price of this policy depends on the number of workers in your business and the occupational risk. This means it can range anywhere between $800-$1200 per year. More importantly, however, is that it covers medical bills from job-related injuries and wage replacements for recovery time.
Employer's Liability Insurance
Also known as EPLI, this policy allows additional coverage for one’s employees. It covers claims filed that involve employment, hiring, and HR practices.
Commercial Property Insurance
This policy is helpful if you pay rent on a facility or own a facility. More importantly, you’ll be covered if there is a fire or explosion, theft, or vandalism. Also, for this type of insurance, you should expect to pay $500-900 a year. But, take note that this pay range will be dependent on your building’s property value.
Many insurance plans are commonly bundled together for simplicity and a cheaper rate.
Business owner’s policy (BOP)
A popular option for small businesses like clothing boutiques that combines Commercial General Liability insurance with Commercial Property insurance, usually at a cheaper price than if the two were purchased separately.