Architect & Engineering Insurance
Business Insurance Policies Constructed for Architects & Engineers
Buying insurance can be intimidating. And if you're new to the world of small business insurance, you may wonder where you should even start.
So when you need help pinpointing your risks and selecting policies for your architecture or engineering firm, why not let our insurance experts help out? We have years of experience insuring architects and engineers, which is why we typically suggest carrying…
Let insureon help you put together a risk management strategy as strong as any structure you've built.
General Liability Insurance
General Liability Insurance for Architects and Engineers
General Liability Insurance is designed to protect your business when it interacts with the public (e.g., clients, vendors, and partners). Say, for instance, a business partner slips on your icy walkway and breaks a bone. You could be held liable for their injury, which can cost a fortune in legal and medical bills. Luckily, General Liability can cover third-party claims of physical injury, property damage, and advertising injury.
Professional Liability Insurance
Professional Liability Insurance for Architects and Engineers
Professional Liability Insurance goes by a number of different names, chief among them Errors & Omissions Insurance and E&O. This policy steps in when a dissatisfied client alleges that your professional performance failed to meet acceptable standards or that you breached a contract.
No matter how careful you are, there's always a chance of such a lawsuit, which is why E and O is an essential coverage for architects, engineers, and design professionals. It can help pay for legal defense fees, court costs, and judgments or settlements.
Business Owner's Policy
Business Owner's Policy for Architects and Engineers
Every business has a different degree of risk. But as an owner of an architecture or engineering firm, your risk profile may be low enough to make you eligible for a Business Owner's Policy (BOP). A BOP bundles General Liability and Property Insurance together, usually at a reduced rate. BOPs were designed with small-business owners in mind, so ask your agent about it.
Workers' Compensation Insurance
Workers' Compensation Insurance for Architects and Engineers
Almost every state requires employers to have Workers' Compensation Insurance for their employees. Even if your state doesn't require it, purchasing Workers' Compensation is smart choice. The likelihood of you or an employee suffering a work injury may be small, but it isn't impossible. And remember, repetitive stress injuries can be covered, too.
Property Insurance for Architects and Engineers
Commercial Property Insurance protects more than just your office space. It also insures the furnishings, fixtures, and equipment within your office against loss or damage caused by fire, theft, and weather damage. Some policies can even cover important papers associated with architecture and design, such as blueprints and client files.
When shopping for Property Insurance, look for a policy that also includes Business Interruption Insurance. This coverage pays for up to 12 months of lost income when unpredictable situations (e.g., a horrible storm or public uprising) force you to suspend operations.
Umbrella / Excess Liability Insurance
Umbrella / Excess Liability Insurance for Architects and Engineers
Maybe you feel comfortable with the amount of General Liability you carry, but what if a client won't hire you until you have more? Is it crazier to up your policy limit for just one client or to forgo a money-making opportunity?
Umbrella Insurance, sometimes called Excess Liability Insurance, saves you from making that choice by supplementing the coverage of certain liability policies. For example, if your client requires you to have $2 million in General Liability coverage but you only have $1 million, you can purchase Umbrella Insurance to make up the difference.
This is almost always a more economical choice than raising the limits of an existing policy, but be careful. Umbrella coverage can't be applied to every type of liability insurance. Most importantly, it doesn't help with Errors and Omissions Insurance.
Cyber Liability Insurance
Cyber Liability Insurance for Architects and Engineers
Most small businesses assume that cyber thieves are only interested in targeting big guys. However, because small- and medium-sized businesses usually can't invest a lot in cyber security measures, hackers tend to target smaller businesses more than their corporate counterparts.
Surviving a data breach is difficult and expensive. Cyber Liability Insurance, however, can help by paying for breach notification fees, credit-monitoring services, and a host of other costs that come with trying to repair your firm's reputation after a cyber attack.
Commercial Auto Insurance
Commercial Auto Insurance for Architects and Engineers
Do you spend all of your time locked in an office? More likely, you travel to construction sites and client meetings on a daily basis. And as a small-business owner, you know that the post office runs and bank errands never end. Whether the car you drive is business-owned or not, you usually need Commercial Auto Insurance to cover these work trips.