Professional Liability Insurance For Architects

Architect Professional Liability Insurance also known as E&O Insurance for Architects is a liability insurance coverage that financially protects Architects in the event they get sued for negligent acts, Errors, and or mistakes by Clients or third parties. This policy only pays the lawsuit claim in the event the cause of the loss is covered under the Architect Firms PLI Policy.

We recommend having no less than $1,000,000 in E&O Coverage along with Commercial general Liability Insurance for an amount of $2,000,000 if your business demands it. A good broker can help you figure out what coverages you need to protect your firm.

Architect professional liability insurance plan

 

The Importance Of PLI For Architects

In this day and age, architects in the country of Canada have tons of responsibilities on their shoulders. They’re required to work day in and day out to ensure that they’re designing the very best buildings humanly possible. The sad truth of the matter is that some customers are not going to be satisfied no matter what you do. This is why it is absolutely imperative to protect yourself with professional liability insurance for architectural services. Architects professional liability insurance will make a huge difference in the long run. You’ll find out why below.

First and foremost, you should understand that architects E&O insurance is actually a requirement in Ontario. If you do not have this insurance, you’re not going to be able to serve the public. To ensure that you’re able to run a legal business, you need the insurance. At the same time, the architectural services insurance offers you a wealth of benefits. It can protect you and your business in the event that something goes wrong and you’re blamed.

Without this insurance, you’re taking a huge gamble. If a lawsuit is suited, you’re going to have nothing to back you up. With the Architect professional indemnity insurance, you can rest assured knowing that you’ll be safe and sound. This insurance for architect professionals will cover the costs of the legal trial and any potential settlement that is reached.

Other Type Of Coverages in addition to Architect Professional Errors Liability Insurance That are Needed

When it comes down to it, E&O insurance is a necessity. Nevertheless, you also need to understand that this type of architect insurance policy is not going to cover everything. As an architect in Ontario, you really need to cover all of your bases. Otherwise, you’re going to be taking a massive gamble. There are plenty of other insurance coverage options that can help. One the most important design services insurance policies you need is E&O for Architect Company. You’ll also want to get other types of insurance coverage that will protect you from financial loss associated with claims and lawsuits.

Cyber Insurance

With so many crimes involving the Internet, it is crucial to protect your privacy with cyber insurance. This coverage is extremely affordable and it will protect you in the event someone hacks into your company’s network. It is recommended to obtain at least a $500,000 policy. If you believe your company is at a greater risk, you may want to consider increasing the coverage to $1 million.

Commercial Auto Insurance

Another coverage necessity is commercial auto insurance. This type of insurance will protect you in the event one of your company vehicles is involved in a motor vehicle accident and you or one of your employees is determined to be at fault. The rate of commercial auto insurance depends on several factors, including the size of your fleet, accident history and the types of vehicles in your fleet. For example, if your company fleet consists of small sedans, your premiums will be more affordable, as compared to large trucks. For small firms with small fleets, it is recommended to obtain at least a $1 million policy. This will ensure you and your business will be protected from financial loss associated with third-party claims and civil lawsuits.

Fraud Insurance

Another vital coverage for architect firms is fraud insurance. This type of coverage will protect you in the event one of your employees or a third-party steals your trade secrets or customers’ information. All of this information can be utilized to create a new business, which could become one of your biggest competitors. It is recommended to obtain at least $1 million in fraud coverage.

errors and omissions insurance for architectural firms

 

The Average Cost Of Insurance For Architects

When it comes down to it, architects are going to pay reasonable amount of money on insurance when comparing and deciding on proceeding with the coverage with an Architect Liability Insurance Broker. After all, insurance hunt requires one to go above and beyond to protect their businesses. You just need to understand that the insurance will prove to be well worth the costs in the long run. So, what are the average costs? How much should you expect to pay? You’ll find out below.

Professional Liability Insurance – $70 a month for $1,000,000 annually

Fraud – $35 a month for $300,000 annually

Cyber – $30 a month for $250,000 annually

 

Get an architect firm Errors & Omissions Insurance Quote Now!

The truth of the matter is that insurance can be quite reasonable for pretty much every professional in Ontario. There is no exception for architects. Be prepared to spend a fair amount of money on when dealing with a Canadian insurance company. Nevertheless, it is true that the insurance will prove to be well worth it in the long run. The good news is that getting the architect professional insurance you need will prove to be far easier than you could ever imagine. In fact, you can get a quote for an insurance policy much quicker than you could ever imagine.

All you need to do is use the small architect insurance application form by clicking below. You can also call our office or contact us by email. We’ll take care of each and every problem you have.

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FAQ before buying
 insurance for Architects

 

Other professions we also provide insurance for:

Academic Testing Centres
Accident Investigation
Accident Prevention Consultants
Accountants
Actuaries
Adjusters
Adoption Agencies
Advertising
Advertising Agencies
Advertising Agents & Services
Aerial Mappers
Agents
Agrologists
Agronomists
Alarm Monitoring Services
Allied Health Professionals
Alternative Dispute Resolution Firms
Alternative Energy
Answering Services
Anthologist
Anthropologist
Appraisers
Arbitrators & Mediators
Arborists / Tree Surgeons
Archaeologists
Architects
Architects & Engineers
Architectural technicians and technologists
Associations
Attorneys
Auctioneers, Auction Houses
Authors
Bailiffs
Blueprint & Photocopy
Boat Registrars
Bookkeepers
Broadcasters
Building Designers(Bill 124)
Business Brokers/Managers
Business Consultant
Business Enterprise Agencies
Business Training Courses
Cabling Designers
Camera & Photo Supply Stores
Careers Advisory Service
Catering Consultancy
Cereal Growing Advisors
Chambers of Commerce & Trade
Charities
Chiropodists
Chiropractors
Civil engineers
Claims Adjusters & Administrators
Collection Agencies
Commercial Printer
Communication Consultants
Company Formation
Company Search Agency
Conference & Event Management
Conference Facilities & Services
Conservation Consultants
Conservation Organizations
Consultants
Consumer Organisations
Contest Managers
Contractors Accountants
Convention Planners
Copywriters
Counselling & Advice Services
Court Reporters
CPA/CMA
Credit Reference Services/Bureaus
Custom House Broker
Customs & Forwarding Agents
Data Processing Services
Database Managers
Day Spas
Decorators – Interior
Dental Laboratories
Designers
Dieticians (Consulting)
Directors
Directors and Officers
Documentary creators
Employment Agencies
Employment Agencies/Recruiters
Employment Placement Agencies
Energy Audits & Assessments
Engineers
Environmental Engineers
Event Planners
Excess & Umbrella Liability
Filmmakers
Fitness Clubs
Foreign Legal Consultants
Holistic Professional
Home inspectors insurance
Immigration Consultants
Independent Contractor
Industrial Designers
Information Technology
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Journalists
Lawyers
Lawyer’s Excess Professional Liability
Long Term Care
Management Consultants
Mediators
Medical Clinics
Medical Devices
Medical Professionals (Malpractice Insurance)
Medical Related
Medical Student Malpractice Insurance
Mortgage Brokers
Multimedia designers
Naturopaths
New Media
Occupational Health and Safety Consultants
Paralegals
Photographers
Placement Agencies
Podiatrists
Private Investigators
Process Servers
Product Designers
Professional Entertainers
Professional Organizer
Professionals Liability
Project Managers
Property Managers
Publishers
Publishers and Printers
Quality Control Consultants
Recruiters
Recruitment and Employment Agency
Recruitment Consultants
Research & Development
Roofing Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Spa Package
Structural Engineers
Sub-Contractor
Surveyors
Tax Prepares
Technology Companies
Therapist Professionals
Town / Urban Planners
Training Providers/Trainers
Translators etc.
Travel Agencies
Travel Agents
Travel Agents, Tour operators
Web Designers
Web-Site Designers
Workplace Engineers & Consultants