Also referred to Errors and Omissions (E&O) or design liability insurance. This pays for damages resulting from project oversights and mistakes you are held liable for.
General Liability mainly covers medical expenses and costs associated with visitors injuring themselves (or their possessions) on your property or job site. It also includes coverage for electronic data loss in the event you experience lost income from destroyed files.
Cyber Liability insurance pays expenses associated with cyber breaches including negotiating, notification, lost income and the addition of monitoring services.
Crime Insurance protects you from expenses associated with theft of money, equipment or property.
Commercial Property insurance pays to rebuild or fix damage to your property including the building and its contents. Some property or Business Owners Policy (BOP) insurance also include coverage for loss of business income which reimburses your expenses and lost revenue if you have to close temporarily.
Industrial designers solve problems by fixing or creating new products to fulfill a need. No matter what you design – automobiles, furniture, hand tools, or buildings – you are important to our future.
Managing an industrial design business comes with a list of responsibilities. One of your responsibilities is buying the right insurance, as it can be critical to protecting your business and assets from the risks you face every day.
Risks that industrial designers face include:
This list is small, and some are more likely than others. If you don’t have the right insurance you risk losing your business, assets and the reputation you’ve worked hard to build.
The cost of industrial design insurance varies depending on the insurance carrier and a few additional business factors. How long have you been in business? Do you offer consulting services? What type of design services do you offer? A business that designs vehicles faces more risk than one that designs furniture. Request a quote for industrial design insurance below and review your coverage options.
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