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What Is Professional Liability Insurance Coverage?
Professional liability insurance protects businesses when employees make mistakes in the professional services they’ve provided to customers or clients. This coverage is also known as errors and omissions insurance (E&O). Even if you’re an expert in your business, mistakes happen. And if your client or customer thinks a mistake in your professional services caused a financial loss, they can sue you.
Protect Your Business With Architect Professional Liability Insurance
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Professional liability insurance helps protect your architectural design professionals from claims arising from the professional services given. This coverage is also known as:
- Errors and omissions insurance
- E&O insurance
- Architects professional indemnity insurance
Learn more about this type of insurance for architects and see how you can start protecting your business today.
Does an Architect Need Professional Liability Insurance?
It’s a question many people in your industry ask: “Do architects need professional indemnity insurance?” Whether you need professional liability insurance for your architectural firm is an important decision you’ll make as a business owner. You may want to consider this coverage as part of your risk management plan because without it, you’d have to pay out of pocket for claims and lawsuits related to your professional services.
What Is Covered By Professional Liability Insurance for Architects?
Architect professional liability insurance can help cover claims of:
- Negligence
- Inaccurate advice
- Misrepresentation
If your small business gets sued because of the professional services given, this insurance can help cover your:
- Legal costs
- Defense costs
- Judgments
- Settlements
What Other Types of Insurance Do Architects Need?
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Workers’ compensation insurance to help your employees recover from a work-related injury or illness. It gives them benefits that can help pay for their:
- Medical bills
- Lost wages
- Ongoing care costs for surgeries or physical therapy
General liability insurance, which can help protect your business from claims that it caused:
- Lesiones corporales
- Property damage to another person’s belongings
- Personal injury, like libel or slander
Commercial property insurance to help protect your owned or rented building and the equipment used to operate. This includes:
- Height adjustable tables
- Rulers
- Adjustable triangles
- Tablets
- Computers
- Stationary
Data breach insurance, which some insurers call cyber insurance, to help your business respond to a breach if personally identifiable information gets lost or stolen. It can help cover your costs to:
- Notify impacted individuals
- Create a public relations campaign to improve your business’ reputation
- Offer credit monitoring services
How Much Does Architect Professional Liability Insurance Cost?
Architect professional liability insurance costs vary. That’s because every business is unique and has different needs. An insurance company uses several factors to determine your professional liability insurance cost. These can include:
- Years in business
- Claims history
- Number of employees
- Lugar
You may pay between $300 and $4,000 a year for professional liability insurance cost. The best way to find out your business’ cost is to get a cita.
Get a Quote for Architect Professional Liability Insurance
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Reciba una cotización for professional liability insurance for architects today.