How much does architect’s insurance cost?

No two buildings are alike, and no two architects are alike either. Insurers use a range of different factors to determine how much you will pay for your insurance policies as an architect, meaning pricing varies based on the specific blueprint of your small business.

Some of the factors used to calculate premiums for Professional Indemnity and other forms of insurance for architects that you may consider include (but are not limited to):

• The size of contracts your business takes on
• Your risk management procedures
• Your history of previous insurance claims
• The amount of cover you want or need

Comparing quotes from multiple insurers can help you understand the Architect Insurance policies available to you and how much you can expect to pay for cover.

Public Liability

Do you need it? If you have regular contact with clients, contractors and the general public, then the short answer is yes. Public Liability insurance is an important form of cover to protect you from financial losses arising from a claim of 3^rd party property damage  or accidental injury (not covered by the ACC) as a result of you going about your business, even if you rent your premise.

What is typically covered?

Architects and designers may face many Public Liability claims in their day-to-day work. Public Liability insurance commonly covers:

• Damage to a third-party’s property
• Financial loss resulting from damage to a third-party’s property
• Injury, illness or death (that is not covered by the ACC) that is caused by your negligence

What is not covered?

While Public Liability insurance can protect you against many common claims, it does not provide cover for:

• Employee injuries
• Damage to your own property
• Compensation when a personal injury is covered by the ACC

Protect your business today.

Business Insurance

Your clients are your bricks and mortar, but where would your business be without the assets needed to help make their plans a reality? Not having the right cover in place could cost your company more than a pretty penny, creating a whole host of unwanted challenges.

Having some form of cover in place to protect your contents (including IT equipment), and premises from the risk of damage caused by fire, storms, theft, vandalism or even earthquakes, gives you peace of mind so you can sleep at night.

You can even add Business Interruption insurance which is designed to help your business get back into the game by covering the increased costs of running your business and lost revenue whilst it is out of action due to an insurable event.

Cyber Liability

As an architect or designer, your plans, designs are prized intellectual property it is what makes you stand out from the crowd. Unpleasant as it may be, but what would you do if a competitor found a way to steal your original designs?

Storing personal information and client information online means you are instantly at risk of potential cyber attacks and data breaches.

Reinforce your cybersphere with Cyber Liability insurance., providing protection covering extortion costs, fines and penalties, investigation and data recovery costs, business interruption costs and PR/crisis management costs.

What is typically covered?

Cyber Liability can help your small business bounce back after a cyberattack, hack, or data breach. Policies typically cover:

• Costs associated with investigating an attack and data recovery
• Business interruptions costs
• Fines and penalties
• Extortion costs
• Costs associated with PR and crisis management

Could this happen to your business?

An architect designed a house for an elderly couple and miscalculated the size of a cavity for a hidden sliding door. The builder of the house raised the issue early on but to no avail. The architect initially blamed it on poor print quality of the site plans and told the builder to carry on.

Near completion, it was clear that the particular doorway in the house that required access by a mobility scooter was not wide enough whilst the sliding door was “hidden”. The owners asked the architect to pay for all remedial costs that included moving walls and re-modelling an adjacent room. Fortunately, the cost of the professional error was paid for by insurers without having to appoint a legal defence counsel.

FAQ

Why do architects and designers need insurance?

Insurance can help shield architects and designers against a variety of risks, from claims of negligence or damaging a client’s property to equipment breakdowns and cyber-attacks.

Architects and designers face many unique risks that insurance can help protect them against. They regularly give clients advice based on their expert knowledge and training, and often visit clients in their business premises or homes. They may also have their own offices to consider, including any equipment, tools, and client information that may be stored there. There are different insurances to protect against each of these risks. It may be wise as an Architect to explore insurances such as Professional Indemnity, Public Liability and Cyber Liability insurance.

In the event of a claim, without insurance, you could be left holding the bill for costly claims or lawsuits. The out-of-pocket expenses associated with legal action could be financially devastating for small business owners. Insurance could help architects and designers stay in business even if the unexpected comes their way.

How do I buy Insurance for my Architectural business?

Architects and designers are busy people with a lot on their schedule each day. That’s why BizCover has made it quick and simple for them to find, compare, and buy insurance to protect their small businesses.

In just minutes, you can compare multiple quotes from selected leading NZ insurers. There is no complex paperwork to fill in, and you can buy a policy whenever it fits your schedule, day or night. You’ll even receive your policy documents instantly, so you can get right back to work!

* * As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.