Some of the most commonly purchased insurance products for American architects are:
Professional Liability Insurance
Professional Liability (also known as E&O insurance), is your safeguard against an allegation of negligence, mistake or a misrepresentation in your work. Lawsuits can be costly for your finances and your reputation and often, Professional Liability Insurance is the one measure of protection against an unintentional error.
Business Owners Policy (BOP)
A BOP is an insurance package that protects your architecture business against daily risks of doing business. BOPS can include coverages such as General Liability, Business Income and Equipment Breakdown. The great thing about selecting a BOP is that you can customize it to suit the unique needs of your business because no two architecture firms are the same.
General Liability Insurance
This insurance protects your business against property damage or an outside party suffering bodily injury as a result of your business activities. Whether an accident is your fault or not, or the accusation is untrue, General Liability can help protect by covering defense costs and any damages up to your chosen policy limit.
Designed to help keep your employees safe. Sometimes it is referred to as workman’s comp or workers comp. This type of coverage provides protection for your employees if they were to suffer a work-related illness or injury.
Workers Compensation can provide your employees with benefits like:
- Medical care
- Replacement of lost wages when taking time off to recover
- Funeral costs paid for if they were to pass away
- Disability support costs