Architects who are serious about growing their business should invest in carefully chosen errors and omissions insurance. The professional liability insurance architect firms need can be purchased from an insurance agency that specializes in serving architects, engineers, and other similar professionals.
Clients and Professional Liability
Any business that provides a service can be held liable for damages associated with that service. Jewelers can be sued for cracked diamonds or stolen jewels. Accountants can be sued for misinterpreting books or advice that doesn’t pay off. Doctors can be sued for poorly performed surgeries. The professional liability insurance architect firms hold protects them from a host of problems, including environmental issues, structural issues, and issues related to timelines.
Specialized Insurance Agencies
Specialized insurance agencies exist. Some of these agencies work specifically with architects and other similar professionals and provide carefully crafted professional liability policies. These policies take into consideration not only the unique exposures that architects face but also exposures related to the size and location of a firm. A specialized insurance agency will also be best able to handle claims quickly because they have experience doing so in the past. Working with an agency that knows what they are doing can provide valuable peace of mind in addition to valuable protection. Insurance is a key component of any sturdy, long-lasting business. A policy tailored for a specific firm is akin to custom cabinetry and can increase a business’ value in a similar way.