Architects Insurance is a unique product for the architectural industry. It is a must for all licensed and registered architects in the state of Florida. Architects are trained professionals with an expertise in designing buildings and homes and have a large impact on the economy of a community. When you design a new home or structure, the architect is one of the biggest people involved. Architects make the final plan and are often the ones working closely with the contractor to make sure everything goes together properly.
Architects Insurance protects your company from major lawsuits due to negligence. For example, if your contractor does not get their building permits from the city, or you blow out a window, the professional may be held liable for the injury or death of a person because of your actions. An Architectural expert is a highly skilled professional that uses their knowledge and expertise to help design any type of structure. Obtaining your certification and a professional insurance policy saves your company thousands of dollars. If you hire architects insurance to protect your professional interests, then it is possible to save hundreds of thousands of dollars.
A typical product liability insurance policy has several elements. One of the key components is the professional liability element. Professional liability protects your company from lawsuits that occur because of injuries or damage to property that happen while you or your employees work on a job site. Many times the cost of these cases is the deciding factor in whether or not your business is successful. Obtaining an architect’s insurance policy to protect your business liability can prevent you from paying out large amounts of money for professional negligence claims.
Many architects insurance policies offer their clients a Professional Indemnity Plan. This type of plan is designed to protect an individual or firm against professional negligence claims made against them. This plan typically includes coverage for an architect’s personal liability and their business liability. With a professional indemnity plan, an individual architect has coverage against themselves, their employers, and their clients if they are sued as a result of negligence or professional malpractice. In addition, the plan may cover the cost of any legal fees that must be paid in connection with the claims.
In order to protect your company and protect your employees, you will need to obtain architect’s insurance to cover the costs associated with professional negligence claims. You may wish to consult an independent insurance agent who has experience working with architects and building companies to help you locate the best coverage options for your specific needs. An independent insurance agent will also be able to assist you with the creation of a policy that best fits your needs and provides the maximum level of protection.
Professional indemnity insurance plans are a worthwhile investment if you want to protect your company and your employees from professional liability claims. If you are an independent contractor, you may also want to consider adding this type of protection to your general contractor’s contract. By engaging in the planning and development of an architect insurance policy you are taking a proactive step towards protecting your business assets. Remember, architects are some of the most creative and skilled professionals in the world, but they are still human and can make mistakes. Don’t take the risk of having any legal or financial liabilities while you design your building.