Insurance for Architects

How could architects benefit from having business insurance?

When you take on a project, you also assume part of the responsibility for the outcome. If things don’t work out as expected, the consequences can be severe—from loss of money through to potential loss of life. If a claim is made against you for allegedly breaching your professional duties, having an appropriate level of insurance may be beneficial.

You may be required to have adequate cover when your duty of care extends beyond your client to include contractors, purchasers of the building, and anyone who may be impacted by an alleged error or omission on your business operation.

What types of policies are available for architects?

Professional Indemnity insurance

As an architect, you provide specialist services and professional advice, so you might decide to consider professional Indemnity insurance. This cover can protect you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. Subject to applicable limits, your Professional Indemnity insurance helps meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).

Public Liability insurance

As an architect, you’ll likely have regular contact with clients, contractors and the general public. That means Public Liability insurance is may be good idea. It’s designed to help cover you if a third-party claims that your negligent business activities caused them injury
or property damage. This generally includes help with defence costs.

Business insurance

Business insurance is an insurance package designed to help provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage).

A business insurance package can also help cover your portable equipment, glass and loss of revenue due to business interruption in specified circumstances. In addition, cover may be available for public liability, tax audit, employment practices and statutory liability risks.

Management Liability insurance

Becoming a company director or senior manager can have some great perks, but it can also include a nasty surprise in the form of personal liability. Management Liability insurance helps cover claims of wrongful acts in the management of the insured business and can include directors and officers liability, employment practices liability, crime, statutory liability and tax audit.

Cyber Liability insurance

Cyber Liability insurance helps cover losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach. Depending on the policy, your coverage may include cover for expenses and legal costs, up to policy limits, relating to:

• Data breaches
• Theft or loss of client information
• Business interruption
• Forensic investigation
• Data recovery
• Extortion
• Fines and penalties
• Crisis management (to restore your reputation after an attack or data breach)
• Any ensuing civil action taken against you or your company.

How do I find a policy?

Just as you’re passionate about your field, at iSelect we’re passionate about ours, too. And we’ve teamed up with our partner, BizCover, to help take the hassle out of finding business insurance.

Using BizCover’s comparison service, it’s simple to check business insurance policies from a range of insurers. Getting started couldn’t be simpler, either – just click here to start comparing online today.