E&O Insurance for Architects
Architect insurance for a conventional firm should include the abovementioned coverages (Commercial Property with Business Income and General Liability) at minimum.
Due to the scope of business for an Architect, the likelihood of claims arising from Errors and Omissions is heightened. Otherwise known as Professional Liability insurance (LINK (E & O is designed to protect architects from claims resulting from mistakes and negligence during consulting, planning, designing, and more.
Considering the substantial risks and exposure involved with designing buildings for human occupancy, Architects should always carry E&O insurance to limit their legal liability exposure.
Depending on your architecture firm’s circumstances, it may be wise to carry other coverages as well. Some good options for further consideration include:
- Employment Practices Liability (EPLI): Can protect an architect against damages incidental to improper termination or hiring, sexual harassment and workplace discrimination.
- Workers’ Compensation Coverage: Can protect an architect against legal liability for workplace injuries. Helps with cost of wage replacement, medical bills, and other expenses related to an injured employee.
- Cyber Liability Coverage: Designed to safeguard an architectural firm against the threat of a cyber-attack. Considers coverages for costs of data loss and subsequent restoration, legal settlements, and attempts at extortion.
- Commercial Umbrella: Extra coverage to protect an architect’s business in excess of the general aggregate limits of their standard insurance coverage. Often required in order to meet insurance requirements set forth by General Contractors
Why You Need a Tailored Architect Insurance Policy
The risky nature of an Architect’s work makes a strong argument for carrying Architect insurance.
Due to the high probability that people could be hurt or killed as a result of an architectural firm’s mistake, professional liability insurance is particularly critical for Architects.
Tomins Architect Insurance offers fully-customizable coverage for any individual situation. Our specialized Architect Insurance policies can also include:
- Limited Care, Custody, or Control Property Coverage
- Important Record and Document Coverage
- Employee Benefits Liability Coverage
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