Learn about business insurance requirements and the most common policies 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.
Architects in Illinois most often need the following insurance policies. The specifics depend on client contracts, lease agreements, the number of employees, and other factors.
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.
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 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.
Architects who work independently can choose whether or not to purchase workers' compensation. Workers' comp is recommended even for sole proprietors and independent contractors, as health insurance companies can deny claims for injuries related to your job.
Architects who store sensitive customer information, such as email addresses or credit card numbers, should invest in cyber liability insurance. This policy helps businesses recover from cyberattacks and data breaches. For example, it would cover the cost of notifying affected customers and providing them with fraud monitoring services after a breach.
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.
Illinois state law requires the following auto liability insurance for both personal and business vehicles:
Architects might need a license or permit bond to obtain a license in their state or work on a project. These bonds are types of surety bonds that guarantee you will fulfill the terms of a contract and adhere to local regulations. The contract will usually specify the size of the bond that you need.
To get licensed in Illinois, architects must have experience in the field, pass an exam, and pay a fee.
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.
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.
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