Business Insurance Requirements for Architects in New York

From the Gothic revival Woolworth Building to the Art Deco Chrysler Building to the green design of the Condé Nast Building, New York has been pioneering architectural styles for more than a century. To succeed as an architect in New York, you will need business insurance to protect your practice. New York state law requires all employers to have workers’ compensation insurance. Most firms require proof of professional liability insurance in order to work with clients and business partners. Commercial leases often demand that tenants have general liability insurance in case visitors suffer an injury. If you have a business-owned vehicle, you need commercial auto insurance to cover it.

Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Find more information about architect insurance and its cost below, or start an application to get your free quotes today.

Find the right insurance policy for your architecture firm

The most common architect insurance policies in New York depend on a variety of factors, including number of employees, revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business structure.

 

Business type General liability / BOP Professional liability Workers' comp Commercial auto
Sole proprietor X X X X
Partner X X X X
Contractor / freelancer X X   X
Employer X X X X

 

General liability insurance: General liability insurance is the foundation of an architect’s business protection. Coverage extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Professional liability insurance: Many clients require proof of professional liability insurance before entering 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 work or a business discrepancy. If you work in a partnership with another architect or firm, make sure that your professional liability policy provides joint-venture coverage. It can help protect each member if the venture is sued.

Business owner's policy (BOP): Architects typically 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.

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 pay to repair your car when it is damaged by theft, weather events, or vandalism.

New York workers' comp insurance: 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 occupational injuries.

Architects don't usually suffer a high rate of injuries, but that doesn't mean your job is without risks. For instance, your work may bring you to construction sites or manufacturing facilities. That can increase your chance of a work injury. According to the Bureau of Labor Statistics, the most common workplace injuries for architects in New York in 2016 were overexertion and falls, slips, and trips. When architects did experience these injuries, the BLS reports they missed 18 work days in 2016.

Most Common Workplace Injuries: Architects in the U.S.

Business insurance costs for architects in New York

An analysis of Insureon applications shows the cost of architect insurance in New York is lower than the national median for two key policies: professional liability insurance and workers’ compensation.

New York architects pay about $2,164 (or $180 per month) for professional liability compared to the national median of $3,205 (about $267 per month). Workers’ comp also costs New York architects less at $447 per month versus the national median of $558 per month. However, any savings from these policies may be offset by the relatively high cost of a business owner’s policy ($828 versus $550 monthly) and bundled general liability and professional liability ($6,187 versus $2,150 monthly).

Median Insurance Costs for New York Architects

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 dozens of top U.S. carriers. Apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in New York and can answer your questions as you consider coverage.

To make the application go even 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.