Business Owner's Policies (BOP)
for Architects, Engineers, & Design Professionals

As the business owner of an architectural, engineering, or design firm, most of your work consists of a combination of artistry and science. Since most of your projects are built on intellect, your firm might not experience the same kind of physical threats or likelihood of property damage as other types of firms.

If your insurance provider determines that your risks are small, you could be eligible for a Business Owner's Policy, or BOP. A BOP combines your General Liability and Property Insurance policies to offer you one discounted bundle.

It's important for low-risk businesses to carry some kind of insurance — if not because accidents do happen, then because many of your client contracts will require it. Read on to learn more about how a BOP can work for your business.

Business Owner's Policies: Protecting Architects, Engineers, & Design Professionals.

Business Owner's Policies: Protecting Architects, Engineers, & Design Professionals.

A Business Owner's Policy will protect your architecture, engineering, or design business from the same claims as your General Liability and Property Insurance policies would. These include situations such as…

  • An allegation that one of your employees assaulted a client, resulting in a lawsuit.
  • A lawsuit from a client who tripped over a bump in the carpet, broke a bone, and sued your company.
  • An incident involving an interior design employee breaking a valuable vase in a client's home.
  • The theft of your computer equipment.
  • A fire in a neighboring space that spreads to your office and damages furnishings.

An uninsured architectural, engineering, or design firm probably couldn't handle the expenses that rack up after a lawsuit — legal defense fees, settlements, judgments, and other court costs — or the costly repairs that result from a natural disaster.

The good news is that a BOP provides coverage for these legal costs and, in the case of property damage, can replace the unusable goods with new ones. That means you'll be able to buy new equipment at its current market cost, not its depreciated value.

If you'd like to know whether or not your architectural, engineering, or design firm is qualified to purchase a Business Owner's Policy, verify your eligibility today!

BOP Insurance: Key Details for Architects, Engineers, & Design Professionals

BOP Insurance: Key Details for Architects, Engineers, & Design Professionals

Often, the most economical way for a business owner to thwart the cost of accidents and to satisfy contractual insurance obligations is to purchase a Business Owner's Policy. But since it is a combination of two plans, it's important to understand exactly what this policy does and doesn't cover:

Business Interruption Insurance

After your architectural, engineering, or design firm experiences a lawsuit or property loss, expenses don't always end with legal fees or replacement costs. As a business owner, you may have to shut your doors or move your operations to a different location. This might mean lost income or the added cost of moving. Some BOPs can account for these extra expenses thanks to an optional endorsement known as Business Interruption coverage.

General Liability Claims

If someone sues your business with claims of property damage or personal injury, the General Liability portion of your BOP will kick in. This means that if one of your employees breaks a client's computer while using it and the client sues, your BOP will pay for related expenses. Further, if a client is hurt in your office space, your BOP will pay for legal expenses. Sometimes, it will even pay for immediate expenses — like an ambulance ride — in order to thwart the lawsuit.

Your BOP may also cover other liabilities, such as completed operations liability, contract liability, personal and advertising injury, and liquor liability. Contact an insureon agent for more information.

Property Claims

Whether you rent an office or own it, your BOP will protect your business property — equipment, supplies, furnishings, fixtures, and the space in which you operate. In addition to reimbursing you for damage caused by theft, fire, or wind damage, a BOP can protect your property even if the accident happens outside the office. It may even pay for the damages from a fire that starts in someone else's office and damages yours.

What a BOP Doesn't Cover

It's important to note that BOPs do not offer coverage for employees who incur a work-related injury or illness or for expenses related to the theft of electronic information. You will need Workers' Compensation Insurance and Cyber Liability Insurance, respectively, for that.

Customize Your Business Insurance Plan

Architectural, Engineering, & Design Business Owners: Customize Your Business Insurance Plan

Ready to see if your business qualifies for a Business Owner's Plan? Contact an insureon agent who specializes in the insurance needs of architectural, engineering, or design firms like yours.

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