Learn about business insurance requirements and the most common policies for architects in Illinois.
Which policies are required for architects in Illinois?
If you have a commercial lease, your property manager may require you to purchase general liability insurance. General liability insurance is the most common policy purchased by architects in Illinois. It can protect your business from expenses associated with common mishaps, such as client property damage and injuries.
Your clients may require professional liability insurance in a contract. Also called errors and omissions insurance, professional liability insurance provides financial protection if a client files a lawsuit claiming your work caused financial harm because it was late, erroneous, or incomplete.
Illinois state law requires workers’ compensation coverage for any small business that has employees, including those with only one part-time worker or an employed family member. Business-owned vehicles must be covered by commercial auto insurance. Personal vehicles used for business purposes should have commercial coverage, as well.
What are the most common policies for architects in Illinois?
The most common policies for architects in Illinois vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance
General liability insurance is the foundation of an architect’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.
Business owner's policy (BOP)
Architects often qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.
Professional liability insurance
Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or architect liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.
Illinois workers' compensation
Illinois state law requires workers’ compensation coverage for any small business that has employees, including those with only one part-time worker or an employed family member. If an employee gets injured on the job, workers’ comp helps pay for medical expenses and lost wages.
Commercial auto insurance
Commercial auto insurance can cover vehicles your business owns or uses for business purposes. If your vehicle is involved in an accident, this policy can cover your liability for the other person's bodily injuries and property damage. It can also cover vehicle theft, weather damage, and vandalism.
What do architects in Illinois pay for insurance?
According to an analysis of Insureon applications, architects in Illinois can expect to pay more than the national median for some policies. Professional liability insurance may be the most notable difference. Architects in Illinois pay almost $2,000 per year for professional liability insurance, much higher than the national median of $1,730. However, architects in Illinois can expect to pay $425 per year for general liability insurance, the same as the national median premium.
Save time and money with Insureon
Insureon’s industry-leading technology helps architects in Illinois save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in Illinois and can answer your questions as you consider coverage.
To make the application go quicker, have this information ready:
- Workforce details, such as the number and types of employees
- Current and projected revenue
- Business partnerships
- Insurance history and prior claims
- Commercial lease insurance requirements
Apply for free architect insurance quotes today.