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Are you aware of architects professional liability insurance?


Over the years we have been seeing that in the wake of nearly any corporate scandal, new lawsuits arise. No matter what profession you are in, insurance policy helps to protect your financial interest against any catastrophic events that could possibly occur. With the rising demand for designer constructions architects are getting popular. Many people get fascinated by this profession but it is fraught with responsibility. Architects professional liability insurance protects them against any legal claims which can be due to any act of negligence or error that can occur while executing the services. The legal cost involved for fighting any legal issues are substantial and can put any architect of the organization into great financial pressure.

Professional liability insurance for architects protects them against detrimental effects which can occur when someone holds them legally responsible for losses they may incur. The most valuable benefit this insurance can offer is the coverage of legal costs to defend against any claim. Many architects are negligent of the fact that they can be held responsible for negligence of the contractors and the others working on the project. Claims can also be made by the clients for delays in construction and faulty cost estimates. Sometime the case filed by the clients has no validity but you can lend up paying substantial cost for fighting legal battles. Hence it is important that you protect your business from potential lawsuits and losses by opting for customized professional liability coverage.

Factors which affect the cost of architect professional insurance policy:

  • The first and foremost thing required by an insurance company is the completion of the application. They expect you to provide information about your professional history, types of clients you deal with and your personal lifestyle and habits.
  • The annual revenue, the projects undertaken by the firm, the risk management protocols and where the business is carried out i.e. locally or outside the state are some important factors that can affect the cost of the policy.
  • Your past work record also have an impact on the premium they offer you. Architects with no claim record in the past get lesser quote.
  • If you are a new firm a strong business plan in terms of providing affordable insurance policy goes a long way.
  • It is important that to get professional liability insurance you must hold registered or licensed architectural license.
     

architects professional liability insurance

As no architect projects are without any risk involved some mistakes and delays can cause devastating consequences. The insurance industry has recognized this need and today the market is full of many insurance careers that offer architects professional insurance policy. Business Insurance Now is your one stop shopping for all your architecture insurance needs. They offer easy, fast and affordable insurance for all small to mid sized architecture firms. They offer top quality insurance with friendly customer service and support. They have the expertise and the right knowledge of all the risks an architect comes across while working with the clients. They provide legal assistance which is more valuable than having to pay for the actual negligence.

Many architects still under estimate the benefits of this insurance and over estimates the cost involved in this insurance. Architects professional liability insurance is designed to meet the needs of architects working in wide range of disciplines.