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 provides coverage to pay for a 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. Keep in mind, workers compensation insurance is also necessary to protect you financially if you ever get sick of injured while working. To arrange workers comp insurance, you need to speak to your employer or arrange it yourself by contacting the workers comp board if you own the business.
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. 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 Additional Coverages
When it comes down to it, Errors & Omissions 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.
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.
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.
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.
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 of professional liability? 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 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.
FAQ before purchasing architects professional liability insurance
- How much professional liability insurance do I need as an architect?
- How do I get an architect insurance policy?
- What does architect professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an architect?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for architects
- How does the claims process work if I get sued because of my architectural services?
- What is the cost of architect professional liability insurance?
- How do I apply for an architect professional liability insurance policy?
- How do I qualify for coverage as an architect?
- What is the purpose of getting insured as an architect?
- How long will it take to get an insurance quote for my architectural business?