While insuring your architect firm should be a priority, some might feel that it’s an unnecessary expense. Maybe you’ve just landed a large client, or some potential clients have expressed some concerns with your contract. Whatever your reason, here’s why having architect professional liability insurance can be an important purchase for your firm.
Negligence can feel like a broad term, which is why you should consult an experienced insurance professional to discuss an appropriate policy. Architects often supply various estimates for costs, and a client that winds up paying something different could submit a claim against you. Clients could also submit claims against you if the project isn’t completed on time or there are other issues regarding the contractors. It’s also common for clients to submit a negligence claim after a firm has taken them to court for other reasons, like unpaid fees.
While you may think you understand your responsibilities as an architect, a client that is new to the industry may not. Even if a claim is filed and you aren’t deemed negligent, there are fees and costs associated with going to court. A lot of time and effort goes into planning your projects, and you can protect your firm with the right coverage of architect professional liability insurance.