Learn about business insurance requirements and the most common policies for architects in North Carolina.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by architects in North Carolina, 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 (E&O), 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.
If you own an architecture business in North Carolina that has three or more employees, you are required to carry workers’ compensation coverage. Business-owned vehicles must be covered by commercial auto insurance. Personal vehicles used for business purposes should have commercial coverage, as well.
Architects in North Carolina 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.
If you own an architecture business in North Carolina that has three or more employees, you are required to carry workers’ compensation coverage. This policy covers medical costs related to job injuries and occupational illnesses.
If you are a sole proprietor or independent contractor, the coverage is optional. However, if you break your arm from a fall at a construction site, or develop carpal tunnel syndrome after years of working on a computer, you can turn to your workers’ comp policy to help pay your medical bills and lost wages.
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 bodily injuries and property damage. It can also pay for vehicle theft, weather damage, and vandalism.
In North Carolina, policies must meet these requirements for liability coverage and uninsured motorist coverage:
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 North Carolina, architects must take an exam, submit an application, pay a fee, and meet requirements for education and experience.
The cost of architect insurance in North Carolina varies from the national median for some policies, according to an analysis of Insureon applications. Professional liability insurance for architects in North Carolina costs $1,250 annually, about $500 less than the national median.
General liability insurance for architects in North Carolina costs $425 annually, the same as the national median.
BOPs are also affordable and offer two key policies, commercial property and general liability insurance, for a median of $570 a year in North Carolina – lower than the national median of $650.
Insureon’s industry-leading technology helps architects in North Carolina 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 North Carolina and can answer your questions as you consider coverage.
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