Architects wear many hats. They may spend one day in the office alone, working on blueprints, and the next day in face-to-face meetings with clients. Some feel their busy schedules do not include time to research insurance coverage, and they may doubt that they even need to worry about it. Find out why professional liability insurance should be a top priority for any architect.
Reasons to Buy Liability Insurance
Do architects need insurance? The short answer is yes. Here are just a few reasons to purchase a plan that protects from liability or indemnity:
- Clients can be unhappy with project outcomes.
- Architects are often falsely accused of breach of contract.
- Most large companies will not employ architects without liability coverage.
- Potential legal costs and settlements range outside the operating budget of small firms.
Types of Coverage
Professional liability, sometimes referred to as errors and omissions coverage, is a specialized type of insurance that varies by profession as well as by individual firm. It helps pay for the following expenses:
- Personal injury
- Legal defense costs
- Claims against architectural services given in the past
Many companies have payment options that can help your business make this important investment in its future. Talk to your insurance agent to find coverage that is right for you.