Architects play an extremely important role in society. They are responsible for planning, designing, and overseeing the construction of buildings. Without them, we would not have any of the structures we need for everyday life.
However, architects face a certain amount of risk in their field of work. If you are an architect and you get sued, it could cause you significant financial harm. Luckily, you can buy insurance to help protect you from this risk and others.
Professional Liability Insurance
If you want coverage from a variety of claims, professional liability insurance for architechs is for you. Otherwise known as errors and omissions insurance, this type of coverage can protect you from claims of inaccurate work. On average, professional liability insurance costs $1,730 per year which is a small price to pay in exchange for protection from devastating lawsuits.
General Liability Insurance
This type of insurance offers protection against claims of third-party injuries, property damage, and advertising injury. On average, this type of coverage only costs $425 per year.
If you run an architecture firm that has employees, this coverage is a must-have. If one of your employees is injured on the job, you would be liable for the associated costs which include medical fees, lost wages, and sometimes lawsuits. Workers’ compensation can pick up these costs for you.
Being an architect is not always easy. Having good insurance can make all the difference.