Insurance is the Keystone of a Great Architecture Firm

Insurance is the Keystone of a Great Architecture Firm

Architects understand that the signs of a well-constructed, beautiful building are often in the details. Similarly, a strong business is often defined by the small but wise decisions that business owner has made. Investing in professional liability insurance is one such small but important business decision.

Professional Liability Defined

Many professionals carry professional liability insurance. The most well known type of this insurance, also called errors and omissions insurance, is the malpractice insurance that doctors carry to protect them in case of medical mistakes. The professional liability insurance architect firms hold often protects them from problems related to timing, structural issues, or environmental concerns but can be customized to address even more unique exposures.

Qualities of a Great Insurance Agent

When shopping for an insurance agent, there are few key qualities to watch for. As with any service professional (architects included), a great insurance agent should be personable. They should be capable of discussing their business in a way that it is easy for you to understand. Great insurance agents are also willing to learn about your business. Many agents have worked with architects in the past. These agents are best suited to develop the professional liability insurance architect firms will find most useful. Experienced agents are also best able to handle claims if they are filed. Choosing to purchase professional liability insurance is a good business decision. Choosing to purchase professional liability insurance from an experience agent who knows the architecture industry is a great business decision.

 

photo credit: Chris Smith/Out of Chicago cc