Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defence fees & settlement costs.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Why does an Architect need insurance?
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.
What are risks Architects could face?
Architects face many risks on every project including:
How much does insurance for Architects cost?
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.
What is meant by Coverage for Design and Build?
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.
How can I reduce my liability risk as an Architect?
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.