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Like most businesses can benefit from an errors and omissions policy, architects need a policy to protect against the increase in client litigation. When a client sues the architectural firm, architect professional liability insurance steps in to protect against financial loss.
Benefits of Liability Insurance
As clients have increased their expectations and emphasis on sustainable practices, the risks to architects have risen. Many policies benefit architects by taking care of:
- Court costs even on meritless claims
- Maintain financial stability
- Asset protection
Opportunities for Customized Policies
Policies should be designed around what your architectural firm actually does, who is involved and where the firm operates. Types of coverage options to choose from include:
- Joint Venture Coverage
- Pollution Incidents
- Contingent Bodily Injury/Property Damage
- Design-Build Services
- Project Specific Coverage
- Structural Defects
- Predecessor Firm Coverage
- Coverage for Independent Contractors
- Professional Negligence
- Fines and Penalties from OSHA, ADA or FFHA
- Innocent Insured Coverage for Dishonest Acts
- Personal Injury
With the increase in litigation on architects and their firms, it is important now more than ever to insure the company. One lawsuit can destroy the firm’s financial stability even if the firm wins the case. Use the protection of an architect professional liability insurance policy to cover your risks and exposures. A little preparation up front can spare your firm financial loss in the future.