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There's no question about it — you have an eye for details. From building plans and technical drawings to legal documents, you understand the importance of details and fine print.
But what about when it comes to protecting your business? Do you have the proper coverage?
At Simply Business, we make it easy to find customized draftsman insurance options for business owners like you. Whatever type of coverage you need, we can help you find insurance policy options that do the heavy lifting for you.
With just 10 minutes of your time, we can show you policies that are unique to your company and needs.
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Business Insurance Policies Available for Draftsmen:
Draftsman insurance can be customized to include several policies, which can protect draftsmen from everyday risks seen in the industry. When building your draftsman insurance coverage options, we may suggest these three core plans as part of your comprehensive policy:
Professional liability (PL) insurance — also known as errors and omissions insurance (E&O insurance) — offers coverage for situations regarding clients and negligence. Your clients trust you and your eye for detail, but what if something goes wrong?
That's where professional liability insurance can help. This type of insurance can protect your business from claims of negligence regarding your services. Also, if you have employees, PL insurance can cover your employees, too.
But what does PL insurance look like in a real-world setting?
Let's say you're working on a big project for a client who you've been dreaming of working with since you started your career. While working on the project, you make a mistake testing tolerances for a draft, which causes the product to function incorrectly. As a result, your client faces major financial problems and threatens to take you to court.
What do you do in this situation?
If you have professional liability insurance, your policy may cover the costs of the error and court costs, should your client take you to court.
In a nutshell, here's what professional liability coverage for draftsmen can typically cover:
Keep in mind that PL insurance usually doesn't cover:
Do you have an office space where you meet with clients to discuss projects? If so, you'll likely need commercial general liability insurance. This policy — also referred to as general liability (GL) insurance — can cover costs associated with third-party accidents, property damage, and bodily injury to a client or vendor, for instance.
GL insurance is considered a core insurance policy for several reasons. The main reason is that it can protect you from major claims and costs you may encounter as a draftsman. Plus, with the average customer injury or damage claim being $30,000, it's essential to protect your business and your wallet with general liability insurance.
Without general liability insurance, you could be required to pay for any claims out of your pocket.
How does general liability insurance function in an everyday scenario?
Imagine that a client comes to your office to pick up a few plans you recently completed for them, but they fall down the stairs and injure themselves while walking up to your suite.
What happens next?
If you have general liability insurance, your plan typically would cover your client's medical bills and any legal fees if they take you to court, up to your policy limits.
In short, here's what general liability insurance usually can cover:
Now check out what general liability insurance usually doesn't cover:
If you have any full-time, part-time, or even temporary employees, you may be required to have workers compensation insurance. This type of insurance can cover the costs of an employee injury or illness they sustain while working for you.
Most states require business owners with employees to carry workers compensation (or some form of it); check to see your state's laws.
Carrying workers compensation insurance can be a vital part of building a successful draftsman business. It's estimated that the average work injury cost is $41,000, with a whopping $170.8 billion worth of claims filed in 2018 alone.
There's no denying the importance of considering adding workers compensation to your overall insurance policy, even if you have only a handful of employees.
To summarize, workers compensation insurance for draftsmen can cover:
As a draftsman, you have a keen eye for detail. But maybe you aren't sure if your business needs draftsman insurance right now. Perhaps you've just started on your own or you have only a few clients.
Business insurance for draftsmen is critical to reducing the liabilities you're at risk of incurring, even if you're just getting on your feet. What happens if a client files a negligence claim — even if you did everything right — or is injured on your property?
You can do all you can to limit the risks you face as a business owner, but that doesn't mean accidents still can't happen. Here are the most common incidents that can happen to small business owners, including their average costs:
Those costs can be detrimental to a business, especially one that is new to the market. If you have draftsman insurance, your policy can potentially cover some or all of the costs of claims or lawsuits you may face.
Speaking of lawsuits, did you know that up to 43% of small business owners polled reported being threatened or involved in a civil lawsuit?
In other words, a client could sue you for claims of negligence or damages they've experienced from your services, even if you did everything by the book.
Don't leave your hard work and money up to chance. At Simply Business, we make finding the right insurance plan options at the right price easier than ever. Just answer a few questions about your business, and you can start comparing free quotes from top insurers in less than 10 minutes.
Plus, we can provide you with a certificate of insurance (COI), so you can show proof of coverage to your clients, vendors, and more.
Simply Business is an online insurance platform that makes it easy to compare the best policies and quotes from top insurers. We're one of the fastest-growing online providers of small business insurance, with thousands of customers who trust us to protect their businesses.
Why choose us?
We're fast and affordable. You have a lot on your plate, and you don't have time to worry about your insurance coverage. Our policies are fast, affordable, and ready when you are.
We're flexible. Your business changes over time, so you need an insurance policy that can keep up. We're here to help make sure you're protected.
We understand your business's unique needs. You deserve an insurance policy that gets your business. We can help you get that coverage.
You work hard to build a successful draftsman business, and you should have an insurance policy that protects that hard work.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated reinsurance carrier by A.M. Best. Harborway Insurance is a trade name of Simply Business, Inc., which is a licensed insurance producer in all 50 states and the District of Columbia.