As an architect, you’re a highly trained professional. But, despite your training, experience and integrity, mistakes – or the perception of mistakes – can occur during the course of conducting your business. Fortunately, there is architects professional liability insurance to protect you and your business.
What Is Professional Liability Insurance?
Also known as errors and omissions insurance, professional liability insurance protects you from legal liability should your services or advice cause some sort of harm to someone. It is important to note that this kind of exposure is not covered by your general liability policy, which protects against liability from property damage, among other things.
What Does Professional Liability Insurance Cover?
If a client believes that the services you performed were substandard or somehow damaged him or her, a lawsuit might be filed against you. That’s where your professional liability policy kicks in, covering attorney fees, investigative costs and judgments or settlements. Current, future and past work may be covered as part of your policy.
Why Should You Have a Liability Insurance Policy
Whether a legal action against you and your business is with or without merit, you’ll end up paying the associated costs out of pocket if you are not protected by an appropriate insurance policy.
Chances are you have many more questions about how architects professional liability insurance can protect you. Talk to an insurance professional for more details.