The work of both architects and engineers is constantly analyzed and probed, sometimes leading to negligence related lawsuits or a failure to render professional services. Architect and Engineer Professional Insurance protects firms from errors, omissions, and negligence in professional performance service. Your firm’s financial security can depend on its protection from claims or lawsuits.
Say your construction firm just built an enterprise tower. This involves vast amounts of materials, a ton of construction time, an intense focus on the design of the building. With all of these variables, even the best firm is bound to hit a calculation error of sorts.
While these errors will certainly occur, firms can purchase our Architect and Engineer Liability Insurance to help protect themselves against it. Say the building’s structural integrity is damaged, or the design of the building doesn’t serve its intended purpose. The right insurance covers the architects, engineers, project managers, and other parties involved.
That, and it can even protect against human injury or asset damage due to the building’s design. A lawsuit involving one of these situations could prove fatal to your business. Our full range of coverage will help protect the following parties from these scenarios:
What does coverage include?
- All design principles including (but not limited to): architects, engineers, interior designers, construction managers, landscape architects, land surveyors, project managers and technical consultants.
- Protection from claims alleged from the firm’s professional services. Covers economic losses, bodily injury and property damage.
What are the benefits of A&E Professional Liability Insurance?
- Professional Liability Insurance protects the firm from losses resulting from a lawsuit including legal expenses and sums paid (settlements, judgments, etc).
- Legal protection can be required for even the most baseless claims, which can be expensive. Professional Liability Insurance can protect the firm’s reputation and save it from possible bankruptcy due to legal issues.
It’s worth noting the two types of architect and engineer liability insurance, however. The two types are general liability insurance and professional liability insurance:
General Liability Insurance
General liability insurance covers some of the gaps that professional insurance does not. For example, general insurance insures against property damage or medical costs.
Say a client visits and damages a piece of furniture. General insurance would cover any replacement costs. This is one of the first types of insurance considered when contractors sign a lease.
Professional Liability Insurance
Professional liability insurance covers more fundamental design issues. For instance, if a building has some wear and tear after construction is complete, professional liability insurance will protect your firm from any lawsuits.
If you’re consistently working with high-paying clients and buildings containing significant amounts of people, this insurance is for you. Negligence and injuries are bound to happen. Protect yourself from accidents.