Customize Your Architect Liability Insurance With:
- General Liability: This type of coverage is essential to ensure that anything like property damage or medical costs are covered during the extent of your business’ work.
- Business Personal Property: Any office supplies, furniture, machinery, or other equipment used by your business should be covered. Business personal property coverage will ensure that it is.
- Business Auto: Have vehicles that are used for your architecture business? Business auto coverage will guarantee your vehicles are covered in any situation.
- Worker’s Compensation: It can be expensive to pay for injuries sustained by you and your employees on a job site. Worker’s Compensation coverage can help you make sure that an unexpected injury does not cause undue financial hardships for your business.
- Umbrella: Sometimes the existing limits of your insurance coverage may not be enough for the project you are on. Umbrella coverage adds additional coverage for injuries, property damage, and other forms of liability.
- Professional Liability: Also known as errors and omissions insurance, professional liability coverage ensures that your company would not bear the full cost of a negligence claim made by a client during the project you are hired to work on.
- Third Party Crimes: Sometimes a worker or employee of your business commits an offence while on the client’s property. Third party coverage works to cover you from the liability of such an offense.
Peninsula Excess Insurance Brokers, Inc Brokers Inc. was created to provide the best insurance solutions for the architecture and engineering industry. By having multiple professional relationships with different insurance carriers, we can easily help you and your business by designing you a personalized insurance plan that meets all the different needs that you may have.
Although you may think that your architecture business is okay without extended coverage, you may be surprised that there are a large variety of risks and legal challenges that may confront you and your business. Here at PenEx, we will work to ensure that your company has the perfect architect liability insurance to meet your needs without breaking the bank.
When Do I Need Architect Liability Insurance?
There are several reasons why you may need architect liability insurance as an architect. First, insurance can be a big deal to potential clients that may be interested in hiring you. Although someone without insurance may charge less for their services, most clients are aware of the risks that accompany hiring uninsured architects and steer far away from them.
However, clients tend to gravitate towards those with excellent architect liability insurance, likely because in the event of a lawsuit or other legal action that they will be more likely to get their money back.
Second, you would likely need architect liability insurance to work with other firms. Although some companies carry insurance cover that includes coverage for joint ventures, that can be an extremely large risk for the company carrying the policy, as they have no guarantee that you and your business can afford the potential costs if something goes wrong.
Last, if you are interested in leasing or owning an office space for your business, you will most likely need some form of liability insurance, whether general, architect, or a combination of the two. If an accident were to happen on the property, the liability insurance carried by your business would cover any incurred medical bills. If you did not have this coverage, the owner of the property would then be liable.
What Are Architects Liable For?
- Producing and coordinating plans and specifications
- Specific designs
- Accuracy of technical documents and contracts
- How well the design functions
- Is the project code compliant?
- Submittal review and approval
- Prompt action and response on projects
- Worksite evaluations
- Good judgment equal to professional competence in the field
Some Insurance Agents I Talk to Say They Are Paid Employees of the Insurance Company While Other Agents Say They Are Independent Business People – Why the Difference? Should I Care Which One I Purchase Insurance From?
Insurers deliver their insurance products to policy owners primarily through independent agents or through exclusive agents. Historically, almost all insurance agents were independent business people paid on commission. More recently, many insurance companies have adopted a system where the agent is a paid employee of the firm rather than an independent business person. These agents are referred to as exclusive agents.
Independent agents have the freedom to shop your insurance for you with multiple insurance companies. The reason some companies have paid employee agents is obvious. The exclusive agent companies do not want their agents to be able to compare their policies with other insurance companies.
Also, since independent agents are not employees of the company, they have the freedom to offer more objective claims advice and more personal claims service. Many exclusive agent companies require their policyholders to call an 800 number rather than call their agent. Once this number is called, the potential claim goes on a claim record whether or not it is covered by the policy. The personal, customized service provided by independent agents has stood the test of time as the number of independent agencies has grown dramatically in the 21st century.
Get the Best Customized Errors and Omissions Insurance with PenEx
Contact our skilled agents at PenEx today for a free quote on insurance and to discover what will best work for you and your business.