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Architect insurance provides liability protection for the business and employees, against potential lawsuits, claims of negligence, errors, and omissions that can arise during projects. We’ve evaluated the best architect insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
You’ve worked hard to build your business but your architectural firm carries the risk of liability that could have severe financial and legal implications, which could negatively impact the reputation of the firm. A client may claim that you failed to meet expectations for a project which resulted in financial losses, or employees could suffer from work-related injuries while on a building site.
Architect insurance can protect your business against financial losses and damages that can arise due to legal action, negligence, property damage, and third-party personal injury.
Architects, architectural designers, and architectural firms should consider taking out architect insurance to protect their business against liability.
When taking out architect insurance, it’s important to consider different types of coverage and policies to adequately cover your business for legal liability and potential financial losses. The most common types of coverage for architects are:
If you are responsible for a mistake that causes your client to lose money, professional liability insurance (also known as errors and omissions) can protect your business during a business disagreement. These mistakes can be a financial burden on the business and in a worst-case scenario, it may force your business to shut down. For instance, a client may claim that you breached a contract and win a large legal settlement against your business.
Professional liability insurance coverage can protect you against business errors, accusations of negligence, legal defense costs, legal judgments, and missed deadlines.
Exclusions for professional liability insurance can include workplace accidents, employee injuries, property damage, intentional wrongdoing, and illegal activity.
In many instances, clients can request that you carry general liability insurance to cover basic risk factors such as a customer getting injured while on business premises or property damage to a third party. Unexpected events can happen and general liability insurance can help pay for expenses after an accident if you are held responsible.
Coverage for general liability insurance can include bodily injury, property damage, copyright infringement, medical costs, reputational harm, judgments, and settlements from a lawsuit.
Common exclusions for general liability insurance include employee injuries and illnesses, commercial auto accidents, professional errors and mistakes, and damage to your business property.
We all aim to provide a safe working environment for our employees. However, it’s impossible to predict when accidents may happen. If your business hires employees, most states require you to have workers’ compensation insurance to cover employee benefits if they get ill or injured on the job. For instance, if an employee suffers an injury due to falling down the stairs at work, medical treatment or time off could be required from work to recover.
Coverage for workers’ compensation insurance can help cover businesses for medical care due to work-related injuries and accidents, lost wages, disability benefits, and death benefits. In addition, if the family of an injured worker takes legal action against you, coverage can help pay for legal expenses and settlement.
Exclusions to coverage can include non-work-related injuries and medical costs if the employee had a pre-existing condition.
As an architectural firm, if you own or rent a building for your business, you should consider commercial property insurance. Coverage can protect the building and equipment required to do business. Equipment can include computers, cameras, notebooks, design equipment, clipboards, furniture, and printers. Sometimes you can purchase commercial property insurance combined with general liability insurance, which is known as a business owner’s policy.
Commercial property insurance coverage can include damage that results from specific hazards such as fire, vandalism, explosions, and falling objects. Plus, if someone breaks into the building and steals inventory, or structural repairs are required for your building, this can also be covered.
Exclusions can include intentional damage to business property by employees, flood and earthquake damage.
When you take out an architect insurance policy, your limits will determine the maximum amount you can claim in a given policy period. Limits for professional liability, general liability, and commercial property insurance can go up to $1,000,000 per occurrence or more depending on the size and location of your business, and the level of coverage you choose.
If your policy has a per-occurrence limit, this is the maximum amount you could be covered for a claim. Alternatively, your policy could have an aggregate limit, which is the maximum amount you can receive during a policy period no matter how many claims are submitted.
Several factors go into the calculation of architect insurance, and policy premiums can vary from one business to another. Coverage for general liability insurance can start from $35 a month, and workers’ compensation insurance can start from $50 a month.
Here are some factors that insurers will consider when providing a quote:
Here are some key factors to consider when shopping for your architect insurance policy:
