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As as an architecture professional, you probably spend a lot of time designing, researching, or developing properties and consulting clients. If you’re a self-employed architect, you’re also trying to build your own client base.
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Professional Liability insurance - which is also referred to as errors and omissions insurance (E&O insurance) - is a type of policy that provides coverage in the event a customer alleges negligence from your professional services.
Here’s an example where an issue of error and omission may come up:
You finally land a big client, and they’re asking for your advice on a site that just went up for sale (and they want to build a wellness center on the lot). You go and look, and everything seems fine, except you think the actual land may be particularly difficult to build with due to city building restrictions or the historic status of the neighborhood.
If you fail to properly give advice to your client, and the building process comes to a halt or can’t be finished because of your guidance, a claim may be made against you for your error and omission while providing professional services.
General Liability insurance - also known as commercial general liability (CGL) - protects your business from third-party claims of bodily injury or damage to someone else’s property.
For example, if someone enters your office building, trips over your rug and requires medical attention, general liability may cover the medical costs related to that individual’s injury.
General liability insurance is crucial for architects and architecture services because clients are frequently visiting your offices and workspace to meet with the partners and your team.
Learn more about commercial general liability insurance.
If you have an employee or work with other architects within your office, you’ll need workers compensation insurance. This type of insurance policy covers medical bills, lost wages, and any legal costs associated with an employee or subcontractor who got sick or hurt on the job.
Most states require any business with employees to have workers compensation insurance, so make sure you add it to your accounting insurance coverage!
Learn more about workers compensation insurance.
If you’re curious about how much you might pay for architect insurance, the answer usually depends on:
Want to find out how much your architect insurance might cost? Just click here to answer a couple of questions about your business.