There are several types of insurance for architects that can cover essential business needs, such as architect professional liability insurance.
A good way to combine several coverage types is with a business owners policy (BOP). This typically includes general liability insurance, property insurance, business interruption insurance and customizable coverages.
Basic insurance for architects
Architect professional liability insurance
Also known as errors and omissions insurance, this covers claims that you did not provide services that were expected or promised. For example, a client might say that your building plans were flawed or that you gave bad advice. Professional liability insurance typically covers the cost for a legal defense, settlements and judgments.
Business general liability insurance
This covers your firm against injury and property damage lawsuits. For example, it could cover an injury claim if a client fell and got hurt in your office.
Business interruption insurance
If a problem covered by the policy, such as a fire at the office, forced you to temporarily close or relocate, this helps cover expenses.
Business property insurance
This covers your building and its contents from problems covered by the policy such as vandalism, theft, hail and fires. Outdoor fences and signs are also typically covered.
Additional insurance for architects
Commercial auto insurance
If you're using a vehicle for business purposes, such as meeting with clients and transporting building plans, your personal auto policy generally won't cover you for any accidents while working.
Cyber liability insurance
Your firm may store sensitive information, such as building designs or plans for public projects. If you're the victim of a data breach, this covers expenses such as legal counsel and repairs to damaged computer systems.
Workers compensation
This covers medical bills and some lost wages for employees if they're hurt or become ill from work-related tasks. For example, if an employee is injured at a job site.