What Insurance Does an Architect Need? 

Insurance

Architects design and build entire buildings from scratch, which is a fantastic skill. However, they also have an incredible responsibility because the architect is the first to get blamed if anything goes wrong. So, they are always at risk of getting claims against them.

Anything can happen, from a miscalculation to a design error, which can lead to financial ruin. In these situations, it’s always best to have comprehensive insurance to protect yourself and your business. Let’s look at five types of insurance any architect should consider.

Professional Indemnity Insurance

If you are an architect providing a professional service for third-party organizations, you should consider getting professional indemnity insurance. This insurance type protects you against allegations or claims against you. Companies resort to suing if they receive incorrect or negligent advice, especially if they have physical proof. 

Most clients only work with architects that already have professional indemnity insurance. More so, negligence claims include many variable actions, such as project delays or errors in cost estimates. It is human to error; therefore, one needs professional indemnity insurance to protect your work.

General Liability Insurance

General or business liability insurance protects you and your business against bodily injury claims or property damage from your business activity. Without this insurance, you would have to pay unexpected medical or property bills if anything terrible happens.

For example, if you are at your client’s house discussing their project and accidentally knock off and break an expensive ornament, the client can potentially sue you for that damage. 

Workers’ Compensation Insurance

Worker’s compensation insurance or workers’ comp helps your employees recover faster from work-related injuries. For example, your workers can fall from scaffolding and injure themselves badly. Without worker’s comp, hospital bills can skyrocket.

This insurance helps with medical bills, helps wages in case an employee needs to take time off work because of injury or illness, and can provide disability benefits. But, even if your goal is to have a workplace where everybody is safe, workplace accidents are still prone to happen. 

Commercial Property Insurance

You should check out commercial property insurance if you own or rent a business building. In addition, you should invest in such insurance if you keep all your equipment there. It can protect your building against fire, theft, wind, and lightning.

If you are an architect that works from home, this insurance covers way more than the standard homeowner insurance. This insurance will protect your equipment, furniture, tools, inventory, and personal property.

Architect’s Insurance

It is worth noting that architect’s insurance is an umbrella for several key insurance products. Click here to learn more. You should always have your business covered from any angle. This type of insurance covers all the bases and is a great starting point if you are setting up your own architectural consultancy.

As an architect, you should always consider getting the necessary insurance you need to help your business thrive. It also helps potential customers, who are more likely to do business with insured architects.

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