Learn about business insurance requirements and the most common policies for architects in New York.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by architects in New York, general liability insurance 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 was late, erroneous, or incomplete.
State law in New York requires nearly every small business with employees to provide workers’ compensation insurance, which covers medical bills for work injuries. Business-owned vehicles must be covered by commercial auto insurance. Personal vehicles used for business purposes should have commercial coverage, as well.
Architects in New York 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 (E&O) or architect liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.
In New York, nearly all employers must provide workers’ compensation insurance for their employees. Noncompliance can lead to up to $50,000 in fines for businesses with more than five employees. This policy helps pay for medical expenses and lost wages associated with work injuries.
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 work.
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.
New York's requirements for auto liability insurance are:
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 New York, architects must be at least 21, meet education and experience requirements, pass an exam, submit an application, and pay a fee.
An analysis of Insureon applications shows that architects in New York can expect to pay more than the national median for most policies.
New York architects pay about $2,165 (or $180 per month) for professional liability insurance, significantly higher than the national median of $1,735 (about $145 per month).
A business owner's policy costs more than $800 a month for New York architects, again higher than the national median of $650. However, architects in New York can expect to save money on workers' comp.
Insureon’s industry-leading technology helps architects in New York 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 New York and can answer your questions as you consider coverage.
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