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Best Architect Insurance of 2022

Bryan Keith

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.

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

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.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

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.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

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.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

eCommerce-only insurance solution

$2,000,000

Coverage Up To

$0 - $5,000

Deductibles

Overview

Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.

What we like

  • Tailored eCommerce insurance
  • Liability insurance for Amazon sellers
  • Store Suspension coverage
  • Compares leading insurance carriers
  • Flexible coverage options and payment plans
  • Knowledgeable about Amazon’s rules and policies

What we don't

  • Limited physical offices

What is architect insurance?  

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.

Who needs architect insurance?

Architects, architectural designers, and architectural firms should consider taking out architect insurance to protect their business against liability. 

What insurance do architects need?

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:

Professional liability insurance

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. 

General liability insurance

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.  

Workers’ compensation insurance

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. 

Commercial property insurance

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.

What are the limits of architect insurance?

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. 

How much does architect insurance cost?

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:

  • Years of experience in business: Business owners that are more experienced in their field are less likely to make mistakes than a new business owner might make. With fewer claims, this is likely to reduce the cost of policy renewals.
  • Location: This can be particularly important for commercial property insurance. If your business property is located in an expensive area where the cost of real estate is high, this can increase the amount you could pay for your insurance premium. Alternatively, if medical costs are high in the area of business, this can impact professional liability and workers’ compensation insurance premiums.
  • Payroll: The more employees you have on payroll, the larger the risk that an error could occur. As workers’ compensation insurance covers employees with time off while they recover from an accident, this can increase your policy premium. 
  • Type of work: Different jobs have risk factors that need to be taken into account. For instance, employees that are on a construction site could be at greater risk of an accident than employees that work in an office space. 
  • Deductibles: Deductibles for architect insurance can range from a few hundred dollars to a few thousand dollars depending on the size of the company and the type of coverage. Typically, the more you pay in deductibles, the lower your insurance premium. 
  • Insurance claims history: In certain cases, you may be required to pay increased premiums during renewals due to claims made on your policy. 

How to choose the best architect insurance

Here are some key factors to consider when shopping for your architect insurance policy:

  • Types of services provided: The specific policies you take out can depend on the type of services provided and the risks associated. For instance, if business activities include driving a vehicle, you may want to consider commercial auto insurance.  
  • Read the fine print: It’s important to take out adequate coverage as mistakes and legal proceedings can be costly. Read the terms and conditions to be aware of any exclusions that can apply to your specific policy. This can help to avoid surprises when filing an insurance claim, and finding out that your business is not covered.