Although there are no mandated licensing insurance requirements for architectural or engineering firms your clients will often have a minimum insurance requirement for design firms they enter into contracts with.
While design professional liability is the most important insurance carried by architectural & engineering firms, by no means is it the only coverage necessary to properly protect your firm from potential losses you might face during the course of your architectural or engineering operations.
Want more information on the different insurance coverages for design professionals?
Professional Liability: insurance for actual or alleged negligence or errors and/or omissions claims arising from rendering or failing to render your professional services.
full retroactive coverage
first dollar defense within the deductible
project specific excess limits
Business Owners Policies (BOP) : package policy that includes third party general liability and first party property coverage and will include some additional coverage features, such as employment practices liability and have the following options available for an additional premium:
hired/non-owned auto liability
1st pary data breach
3rd party cyber liability
General Liability: insurance for actual or alleged third party negligence claims for bodily injury/property damage caused during the performance of your operations.
Business Personal Property: first party insurance for your business property that is not permanently affixed to your office. (ie: computer equipment, fine arts and furniture)
Commercial Auto Insurance: liability and physical damage coverage for autos owned by your business.
Inland Marine Insurance: insurance for property in transit.
Workers' Compensation Insurance: provides loss of income benefits, lifetime medical benefits, burial benefits and death benefits to employees injured within the course and scope of employment.
Data Breach: insurance to help cover the cost of items like identity protection solutions, public relations, legal fees, liability and more for a data breach that might expose a firm's customers' personal information. It can also provide coverage for loss to a business whose files are held for ransom or breaches that result in a firm's financial interests being compromised or stolen.
If you prefer to speak to a specialist regarding the coverages that might be best for your firm please call, email or complete the form above.to the left.
Cost of Insurance:
Annual premiums for a professional liability policy can start around $1,000 but
there are various factors that contribute to the calculation of an insurance policy's annual premium.
Some key factors that contribute to the rate of your annual premium:
• Project types
• Type of professional discipline or practice
• Annual revenues
• Retroactive E&O insurance
• Limits & Deductibles
• Prior claim activity
Underwriters will also allow premium credits for your risk management practices such as:
• Use of written contracts
• Continuing education
• Claim free history
• Use of limitations of liability clauses
If you are ready for a formal quote to find out how much coverage would be for your firm, please click here to complete our full application.
If you are looking for ballpark premiums, please contact our specialists by phone, email or complete the form aboveto the left and one of our specialists will contact you within 24 business hours.
Are you properly insured?
Design professional insurance is complex and with all the risk factors that might apply to your
operations you want to be sure that you are not under insured or even
The insurance marketplace is also complex. You want to be sure you have a knowledgeable and independent advisor to guide you to the best coverage at the best price, with excellent service and financially strong insurers.
We can provide you white papers regarding claim costs, common limit requirements and risk factors facing design professional firms. If you are interesting in seeing these white papers, please fill out the form above.to the left.