for Architects, Engineers, & Design Professionals
As the owner of an architectural, engineering, or design firm, your productivity depends on your property: furnishings, computer equipment, tools, supplies, fixtures — and, of course, your space! Whether it seems like it or not, these things are your company's assets, and you need each one of them to keep your business running smoothly.
What if something were to happen to one of your assets? Could your architectural, engineering, or design firm afford to repair or replace the damaged items out of pocket? If you are like most startup or smaller firms, the answer is "no," and that's why there's Property Insurance.
Read on to learn more about how Property Insurance can protect your assets and your pockets.
How Property Insurance Protects You
Architects, Engineers, & Design Professionals: How Property Insurance Protects You
Without your office space or your equipment, your architectural, engineering, or design firm may be forced to shut its doors. Replacing computer networks and specialty equipment is expensive, and Property Insurance can protect your business in the event that your property is lost, stolen, or otherwise damaged. Imagine these property-damaging scenarios…
- A tornado rips through your town, causing structural damage to your firm.
- A thief breaks into your interior design studio, stealing one-of-a-kind vintage furniture.
- Lightning strikes your building, causing an electrical surge that damages your computer system.
- A pipe bursts, flooding your office space.
Though you can and should try to prevent what you can (by installing security cameras, for example, or having an electrician double-check your building's wiring), you can't control the mind of a determined crook or the apathy of Mother Nature. That's why Property Insurance is so important for businesses that can't afford to close their doors or pay out of pocket for pricey repairs or replacements.
Still, some firms are still considered "low-risk" for property damage by insurance providers. If you think this might describe your company, ask an insureon agent whether you qualify for a Business Owner's Policy. If you do, you can package your Property Insurance with your General Liability policy in the form of one discounted monthly premium.
Property Insurance: Key Details
Property Insurance: Key Details for Architects, Engineers, and Design Professionals
If and when you decide to add Property Insurance to your business insurance plan, there are a few key details to keep in mind. Not every architecture, engineering, or design firm will have the same Property Insurance needs, after all. One great thing about working with insureon is that we can help decide exactly what your business needs so that you can purchase a plan that covers that — nothing more and nothing less. So before you talk to an agent, first consider whether you…
- Own or rent. Whether you own your building or rent offices, you can purchase Property Insurance coverage that meets your needs. If you rent, you may only need a basic plan that insures the property contained within that space. But it's important to realize that many leases defer property liability to the renter — don't make the mistake of assuming you are covered under your landlord's Property Insurance policy.
- Travel. Property Insurance plans can provide coverage for property whether it stays in your office or travels with you onsite. If you travel frequently, you'll want to make sure your policy includes this caveat.
- Handle client property. Many times, a Property Insurance policy will cover you if a client's property is accidentally damaged in your custody or care.
- Need your property replaced at full value. Full-replacement value plans will reimburse you for damaged items at full replacement cost, while cash-value plans take depreciation into consideration. If your equipment tends to hold its value, a cash-value plan may be the more economical option.
- Work in an area prone to certain natural disasters. Property Insurance tends to only cover common incidents, such as theft, fire, and wind damage. If you live in an area prone to, say, flooding or earthquakes, you may need to add this special coverage to your policy.
Before buying insurance, it's important for business owners to understand all the unique risks associated with their business. If you are unsure about the risks of your architectural, engineering, or design firm, an insureon agent can provide you with a free risk assessment.
Customize Your Business Insurance Plan
Architectural, Engineering, & Design Business Owners: Customize Your Business Insurance Plan
When you're ready to add Property Insurance to your business insurance plan, contact an insureon agent who specializes in the insurance needs of architectural, engineering, or design firms like yours.