Insurance for Architecture Firms

✆ Call An Agent Now

8:30am - 5:00pm Mon-Fri

Request an Assessment

Will Reply in 15min*

Top 3 Recommended Policies

By: Dax Kastrin

Owner of Elemental Risk Management

505-933-6511

General Liability Insurance

Property Insurance

Worker's Compensation

What Insurance Is Needed For Architecture Firms in New Mexico, Utah and Texas

As an architect, your work probably involves designing structures that are aesthetically pleasing, functional and safe at the same time. Whether you are working on a residential or commercial project, it is bound to have a considerable impact on your client’s well-being.

Constructing or redesigning involves a large budget. A single error during the planning or designing phase can result in grave consequences. For example, a badly designed beam or bridge can cause physical injury. These incidents often lead to lawsuits.

Due to the high level of risks associated with property design and construction, business insurance is vital for your architecture firm.

Here are some of the prime insurance policies you should consider:

Over 180+ commercial clients covered

100% customer satisfaction guaranteed

Over 10 years of commercial insurance experience

Best Insurance Policies for Architecture Firms in New Mexico, Utah, and Texas

Business Owner’s Policy

A business owner’s policy (BOP) safeguards your business the same way as a homeowner’s policy protects your home and personal belongings. It can cover your firm against common incidents that take place in your architecture firm.

A business owner’s policy essentially combines commercial property insurance with general liability insurance, typically at a lower cost than buying both policies individually.

Commercial Property Insurance

Commercial property insurance safeguards equipment, buildings and inventory against loss or damage. It offers coverage for windstorms, fire, water damage, and vandalism.

General Liability Insurance

General liability insurance offers compensation for property damage or third-party injuries for which you may be held responsible. It is a popular and comprehensive policy that business owners often opt for.

Professional Liability Insurance

This policy involves coverage for claims that allege negligence or a mistake on part of the architect in performing their professional duties. Designing a structure is a complex task and involves considerable attention to detail. This is why even a small mistake can prove to be quite costly.

Professional liability insurance can shield you from the financial consequences of client lawsuits caused by professional mistakes on your firm’s part. The only risks that you have to retain with this policy include your deductible, costs higher than policy limits or expense for claims that are not covered.

Workers’ Compensation Insurance

In case of a workplace injury, such as a worker breaking an arm at a construction site or contracting carpal tunnel syndrome, your firm may have to incur medical expenses and suffer the time lost at work. Your employee may also decide to file a lawsuit against your firm, resulting in hefty financial costs.

Coverage

Workers’ compensation insurance offers protection to your firm against the losses related to accidents or injuries at the workplace.

Cyber Liability Insurance

Architecture firms all over the world that have a digital presence are at risk of cyber-attacks. Hackers can get hold of important data by gaining access to your private servers using phishing and social engineering.

A cyber-attack can cost you a substantial amount and as the hackers can hold your data hostage for a large amount of money. Moreover, the reputation of your architecture firm may also suffer due to such an incident.

Opting for cyber liability insurance can help financially compensate in case of a cyber breach.

Request a Quote

Speak with an Architecture Insurance specialist today!

Get started today!

Policies such as general liability insurance, commercial property insurance, business owner’s policy, professional liability insurance, workers’ compensation insurance and cyber liability insurance are essential to secure your architecture firm against both physical and digital risks.

Opting for insurance will help protect your business against unforeseen damage or loss by providing you with financial compensation well within time.

At Elemental Risk Management we understand the various risks associated with different businesses, and strive to provide top notch insurance services for our clients. Click here to get a quote today!

Prefer to speak with an agent now?