Learn about business insurance requirements and the most common policies for architects in New York.
Which policies are required for New York architects?
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.
What are the most common policies for architects in New York?
The most common policies for architects in New York 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 insurance 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.
New York workers' compensation
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 employers with more than five employees. This policy can help pay for medical expenses and lost wages associated with work injuries.
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 New York pay for insurance?
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' compensation.
Save time and money with Insureon
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.
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.