Business Insurance Requirements for North Carolina Architects

With North Carolina's recent growth in population, employment, and housing, it's no surprise that its architectural field is growing, too. Whether you create space for tech firms in the Research Triangle, partner with the growing business district in architecturally diverse Ashville, or design new housing communities in Raleigh – which Forbes dubbed one of "America's next boom towns" – you need to have business insurance.

North Carolina law requires employers to carry workers’ compensation when they have three or more employees, even if they are part-time staff or family members. Clients and business partners often require proof of professional liability insurance to address project mistakes. If you lease commercial real estate for your firm, your landlord may require general liability insurance. Commercial auto insurance is a must if you have a business-owned vehicle.

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

Find the right insurance policy for your architecture firm

The most common insurance policies for architects in North Carolina 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
Partner 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 make sure each member is protected if the venture is sued.

Business owner's policy (BOP): Architects usually 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, and vandalism.  

North Carolina workers' compensation insurance: North Carolina requires employers with three or more employees to carry workers’ compensation, regardless of whether those employees are full-time, part-time, regular, seasonal, or family members. Corporate officers are also included in the head count. This policy can help pay for medical expenses and lost wages associated with occupational injuries.

While architects don’t face a high risk for on-the-job injuries, data from the Bureau of Labor Statistics show that accidents do happen. When they do, architects most often experience overexertion; falls, slips, and trips; and injuries from contact with objects or equipment.

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

Business insurance costs for North Carolina architects

The cost of architect insurance in North Carolina is mostly on par with the national median, according to an analysis of Insureon applications. However, professional liability insurance costs about a third more than the national median ($4,991 versus $3,205). This could be because building in a coastal region, where weather is a little more unpredictable, could lead to more project delays and subsequent claims.

General liability insurance is markedly lower than the national median: $425 versus $660. BOPs are also affordable and can offer two key policies, commercial property and general liability insurance, for $570 a year – a rate comparable to the national median of $550.

Median Insurance Costs for North Carolina Architects

Save time and money with Insureon

Insureon’s industry-leading technology helps North Carolina architects 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 North Carolina 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.