Chapter 3: Special Insurance Considerations for Freelance Architects, Engineers, and Designers
Now that we've gone over some of the policies that can protect your business, we have to confess something: there are some risks that insurance can't cover. You can't, for example, insure against income loss from a depressed economy. And you can't buy policies that protect you if your actions are fraudulent or illegal (not that you'd need those!).
More relevant to most of the architects and engineers we work with, though, are other kinds of coverage limits. For example, if you're a one-person shop and you collaborate with several partners throughout the year, you may want to know whether your insurance can (or should) cover them, too. Or you may want to know if you can tweak a standard policy so that it will cover the risks associated with an unusual, one-time project you've landed.
In this section, we'll address both of those issues. First, we'll look at additional insured and limited insured endorsements, which allow you to extend some of your insurance protection to your business collaborators. Then, we'll look at common exclusions to the policies design professionals most often buy. Finally, we'll explain how starting and stopping insurance (i.e., buying it on an "as-needed" basis) can increase your premiums and hurt your ability to find policies.
NEXT: Part 1: Common Limitations of Insurance Policies for Architects and Engineers