Building design projects involve multiple stakeholders and dependencies, resulting in unique risks. Insurance provides the protection you need to withstand financial loss from an unexpected lawsuit, fire, or work injury.
This policy covers common building designer risks, including customer property damage and personal injuries. Bundle with property insurance for savings in a business owner’s policy.
A BOP bundles commercial property insurance and general liability insurance under one plan. It’s often the most cost-effective commercial insurance policy for small business owners.
This policy, sometimes called errors and omissions insurance (E&O), is important for building designers. It can cover legal costs related to your work performance.
Workers’ comp is required in almost every state for building design professionals with employees. It also protects sole proprietors from work-related injury costs that health insurance might deny.
This policy, also called cyber liability, helps building designers recover from a data breach or cyberattack. It's strongly recommended for any small business that handles sensitive information.
Commercial auto insurance can help cover the cost of property damage and injuries in an accident involving your business vehicle. Each state has its own requirements for auto liability insurance.
Our application will ask you for your annual revenue and payroll, among other details. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance plan for your building design company, whether you’re a sole proprietor or run a small firm that employs several subcontractors.
Below are answers for frequently asked questions about design-build risks and insurance coverage.
However, state laws and client contracts may stipulate specific insurance requirements to obtain jobs and work. Additionally, licensing requirements will vary by state as well.
Licensing requirements for architects often include:
Licensing requirements for engineers often include:
There are two main types of business insurance building professionals should consider carrying as part of their risk management plan: general liability and professional liability.
General liability insurance is often the first policy architects and engineers consider, and it may be required to sign a commercial lease. General liability coverage can protect your business from accidental damage to a client's property or accusations of breaking machinery on a job site.
Professional liability insurance, also known as errors and omissions insurance, protects your business if a mistake in your building plans causes a financial loss to your client or if you're accused of not doing your job properly. This coverage will help pay for the legal costs to defend your business.
Additionally, if you're business role is both the acting project manager and construction manager, carrying both general liability and professional liability policies will greatly protect you from many risks, including any vicarious liability you might face.
Insureon's certified insurance agents can work with you to determine which policies will best cover all parts of your role.
To fully protect your building design firm from all risks and liabilities, you may need additional types of insurance.
License and permit bonds guarantee your business will complete a project in accordance with regulations and industry standards. Unlike insurance, you must then pay that amount back to the insurance company.
Commercial umbrella insurance provides additional coverage for liability claims made on general liability, commercial auto, or employer’s liability insurance.
What's more, having the appropriate insurance coverage can make a difference in being able to undertake certain jobs, adequately protecting your business from financial risk, and building trust with your clients.
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