PROFESSIONAL LIABILITY INSURANCE for Architects, Engineers, and Design Professionals

As an architect or engineer, the projects you design have to answer to many different sources: client specifications, laws and regulations, and the test of time. As a design professional, your future business depends on your ability to blend a client's desires with the creative vision that made her choose your business in the first place.

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Architects, engineers, and design professionals may lead very different professional lives, but one quality checks boxes across the board: You strive for 100 percent perfection. A little error might mean costly delays or even threats to people's safety. For your business, the stakes are high.

If your business gets sued over a mistake, you will need to be prepared for an expensive legal battle with your client— unless you carry Professional Liability Insurance (also sometimes called Errors & Omissions Insurance, or E&O).

Professional Liability: Protecting You from Professional Mistakes

Professional Liability Insurance protects your company or business in the event that a client alleges your or an employee's mistake caused them financial loss. These mishaps can take on many forms including…

Unfulfilled Promises: inability of an engineer, contractor or architect to complete a project at a stipulated time. The client sue you for incovinences it has cost him.
Carelessness: when a project is being completed and there is water damage and mold problem, you client sues you for these issues.
Was poorly executed or simply wrong. For example: the client sues you for inadequate drinage system
Forgot to do something.

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Professional Liability Insurance: Protecting Architects, Engineers, and Design Professionals from Professional Mistakes

For example: when your employee forgot and installed the wrong item demanded by the client.
Professional Liability Insurance helps pay for lawsuit-related costs, even if the lawsuit turns out to be unfounded. It's not uncommon in the design business to find clients who try, say, to sue their design professionals in order to recoup losses on a project. Professional Liability coverage will make it so you don't have to waste time or money. Some policies will even reimburse your business for the lost income you incurred while defending yourself in court.

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Key Details About Your Professional Liability Insurance

Architects, Engineers, & Design Professionals: Key Details About Your Professional Liability Insurance

Professional Liability Insurance can be customized to suit the individual needs of your architectural, engineering, or design firm. Before you add this type of coverage to your business insurance plan, though, take a look at these important questions:

What Is "Claims-Made" Coverage?

Most Professional Liability plans only offer "claims-made" coverage. It means that your policy must be in place both when an incident occurs and when you file your claim.

Some startup and small-business owners only realize this importance and cancel coverage and try to submit a claim. For most engineering, design firms, architectural it's not a good idea to only carry Professional Liability Insurance when you are under contract

Sometimes — if you must cancel your policy — you can replace it with a basic plan that offers limited coverage. For the stated amount of time, these policies still allow you to make claims on a previously reported incident.

What Are Your Professional Liability Coverage Limits and Deductibles?

Your protection limit is the extent to which your policy will pay in the event of an Professional Liability claim. Generally, this kind of insurance is sold in increments of $1 million. A deductible is the amount you must pay out of pocket before your business can receive the benefits of its policy. Per claim, deductibles can be as low as $1,000 or as high as $25,000 — depending on the needs of your business and the specifications of the policy.

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What If You Are Having Trouble Securing Professional Liability Coverage?

It is mostly very difficult to startups and small businesses to find an insurance provider to offer them Professional Liability Insurance coverage, Insureon can get you coverage when others can't.

Customize Your Professional Liability Insurance

Architects, Engineers, and Design Professionals: Customize Your Professional Liability Insurance

If you are ready to add Professional Liability Insurance to your business insurance plan, contact an insureon agent who specializes in the needs of engineer, architects and design professionals. Insureon will assist you to find a policy that meets the unique needs of your design firm.


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