It is certain that architects are among the core individuals in building a house one can call home. Through the designs, ideas, and styles that were conceived with long months of study and scrutiny of the building, being an architect means becoming a risk taker at the same time. As a risk, architecture is your business. Like any business, you need insurance that protects the business and protects you as the owner at the same time. Here is the biggest list of saving tips for insurance quotes that cater that need in your architecture business, but which one is the perfect fit for you? Here are some topics you need to know before buying insurance.
Know The Risk Before Managing It
It is basic knowledge that most of your clients will have their homeowner’s insurance policy ready before they would have reached out to you to design their house. However, as a business owner, you should make sure that your architecture firm ensures itself from a lot of risks involved in doing trades with your clients.
Some of the concerns clients have that could put your design business at risk is the lack of information drive from what you are doing and setting up expectations on the project you are working for them. Part of a homeowner’s insurance is protection from damages, and this could include the damage caused by inaccuracy of the house design that could affect the stability of your home.
The Type of Insurance You Can Take
Now that you know where things might go wrong while you work as an architect, it is best to look for the best insurance that could cover you and your business should anything go wrong in your projects. This will also help you get covered from any liabilities on your designs, operation costs and emergency cost in running your architecture firm. These are the following coverage you may want to look at while running your own firm:
- General Liability
- Property Damage
- Commercial Vehicle Insurance
- Pollution Coverage
- Staff Compensation Coverage
You can have this discussed thoroughly with your trusted insurance agent in order to fully understand the coverage policy of your architecture business.
Architect’s Design Professional Liability
Should you think that a project could not be completed on a set schedule or that there is an incongruence on your design versus its outcome, you can be covered through the error and omission (E&O) insurance policy. This will cover the cost on the settlements agreed when you have been pressed charges against your services.
Design and Builds Coverage
Anything that could happen between your design and your client can be covered in this insurance. This should give a helping hand to you should anyone fall into an accident due to your design. The client is covered for their homeowner’s insurance on the injury.
Now, it is time to search for your architect’s business insurance. It is best to talk to your local independent insurance agent before purchasing an insurance policy online.