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Essential coverages to meet client demands
In addition to basic General Liability insurance, every Architect should carry Errors and Omissions Insurance. If you have employees, you also need Workers Comp and Employment Practices liability becomes prudent when the workforce starts to grow. If your firm has business vehicles or employees drive personal vehicles to job sites, Commercial Auto Insurance will also provide useful coverage.
Also known as E&O or Professional Liability, this covers you for any potential mistakes including breach of contract, budget issues, faulty design, or any other decision that causes a bad outcome for your client.
Protects you when a third-party is injured on your property by paying medical bills, settlement and defense costs. It also includes coverage for damaged property and libel and slander claims.
Pays costs associated with cyber breaches including notifications, public relations, and investigations. Some also includes coverage for replacing digital assets like designs when they are accidentally damaged.
Covers all of the property you own to run your business from acts of nature like fires and theft.
While architects tend not to face great threats when designing a building, your line of work might require you to visit construction sites or manufacturing facilities that could risk getting you injured. Workers' Compensation helps your architectural firm to pay for medical expenses and some lost wages of your employees in the event they fall ill or get injured on the job.
Architects are known for their vision. Your ability to design buildings and bring them to life is a true gift that clients rely on. As an architect, you also hold the weight of every project on your shoulders, because one missed step or overlooked building code can be devastating. Insurance for your architecture business is a smart decision and can help maintain your reputation, financial resources, and future projects.
Architects face many risks on every project including:
Every carrier has a different risk appetite and some avoid your industry altogether. The majority will want to know your safety procedures, what types of contracts you use, and your experience. The cost can range from $2,000 - $10,000 per year for a million dollar professional liability policy.
Design and Build is when architects and engineers are hired to perform both design and construction under a single contract. The type of risk management handles both the design and build process when the architect is contracted under this method. As a part of an architect's design and build insurance coverage, the whole process is protected.
First, educate your client about the potential risks. Manage your client's expectations. If deadlines can't be met or there will be some project changes be sure to inform your project manager. Make sure to document the project process. This ensures that you have solid proof when the need to defend yourself against your client arises.
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