Professional Indemnity Insurance for Architects
Architects PI Insurance*
Architects’ Professional Indemnity Insurance is designed to protect architects from legal claims and to cover defence costs. It also pays out for damages such as compensatory damages and legal costs. It is important to ensure that you have all the correct policies in place.
There are many risks relating to professional services. Mistakes can be costly, both financially and in reputation. As a result, architects have to be aware of all of the possible exposures.
As with any other profession, architects need to consider the best policies to protect them and their business. A good broker will be able to help you find the right cover at the best price.
The Architects’ Registration Board (ARB) recommends taking specialist advice on the best possible professional indemnity insurance for architects. They also say that a good broker will be able to find a suitable policy to suit your budget.
A typical architects’ insurance policy will include cover for an architect’s own practice, as well as any work carried out by a specialist contractor. An architect’s policy will also be able to provide you with legal assistance in gathering all of the relevant documents.
One of the most important reasons for buying professional indemnity insurance for architects is that it can protect your business from a lawsuit. Even a single claim can cost you a small fortune, especially if you are a sole practitioner.
Aside from the cost of the cover, the most important benefit of the policy is the legal expenses involved in defending a claim. You could find yourself having to pay the legal fees of many people, including your own staff.