Architects and surveyors insurance is valuable to those in the trade as you are at risk of receiving a sizeable compensation claim during your career, due to the nature of your business.
Design and build projects involve considerable sums of money so the amount you may have to pay out can be eye-wateringly high if you face a claim. Which policies should you include in your insurance package so that you can work to the best of your ability without worry?
What does architects and surveyors insurance include?
As standard, your insurance cover should include:
1. Professional indemnity insurance
Professional indemnity cover is a priority which must be included in your architects and surveyors insurance package. If you are an architect and make a mistake in plans for a building that means it collapses, your client will make a compensation claim against you. Professional indemnity insurance will cover compensation and legal fees in this case.
Some clients may ask you to have professional indemnity cover as a condition before entering into a contract with you and trade bodies ask for members to have adequate cover in order to gain accreditation.
2. Employer’s liability insurance
Employer’s liability insurance is a legal requirement if you have any employees. If an employee is injured at work, or your employment in some way causes them ill health, they can claim compensation which you will then have to pay.
It is possible for claims to be made many years after employment has ended, so make sure you cover your business sufficiently.
3. Public liability insurance
Public liability insurance accounts for compensation given to client, a supplier or a member of the public for injury or damage that’s caused by your business, such as a visitor falling on a broken tile. This type of cover is especially important for architects and surveyors as you will be dealing with members of the public on a regular basis as part of your work.
4. Office insurance
Office insurance covers your office buildings, office contents, drawing equipment, surveying instruments and computer equipment against theft or damage whilst it is in your office building. You can include insurance for any portable items such as mobile devices and laptops.
5. Business contents insurance
Business contents cover can be included in your architect and surveyors insurance package to protect your equipment, furnishings, fixtures and fittings.
If you work from home, check your home insurance policy details as work equipment and tools essential to your work will often be excluded.