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Architects Require Insurance to Run Their Business

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Architects Require Insurance to Run Their Business

Architects require insurance since they are at risk for many different types of liability, the most obvious of which comes from any oversights they might have made in the drafting of blueprints. It is important that, as an architect, you are fully insured against any suits that might come your way. If you are an independent contractor, you will need to make sure that you are covered with errors and omissions insurance. If you are the owner of an architectural firm, you will need the same coverage as an independent contractor, but you should supplement that coverage with general liability insurance or employee dishonesty coverage in case anyone gets hurt while visiting your offices or if one of your employees has a dishonesty suit brought against them.

 

General Liability Insurance

What Is General Liability Insurance? Commercial General Liability Insurance protects small-business owners from claims of injury, property damage, and negligence related to their business activities.

Workers’ Compensation

What Is Workers’ Compensation Insurance? Workers’ compensation insurance covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Business Owners Policy

What Is a Business Owners Policy? A BOP is simply bundled insurance designed to provide essential coverage to certain business owners at a competitive price. A BOP insurance coverage includes

Professional Liability Insurance

Professional liability insurance also called , errors and omissions insurance (E&O; insurance), protects you if a client claims that your services caused them to suffer a financial loss. While general liability insurance is primarily focused on property damage or bodily injury,

Disability Benefits Insurance

Employers in New York State are obligated to offer disability benefits insurance to their employees. This coverage is specifically designed to provide financial assistance in the event of off-the-job injuries or illnesses.



Business Umbrella Insurance

Without Business Umbrella Insurance (also sometimes called Umbrella Liability Insurance or Excess Liability Insurance ), you would have to pay the uncovered expenses out-of-pocket. Even if you carry General Liability Insurance for your business, without business umbrellainsurance you might face a repair, settlement, or judgment in excess of your coverage limit.

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