One of the first things any professional becomes concerned with is making certain that their clients are happy so that they will help you to build your business through word of mouth. The easiest way of reassuring a client that you are going to take care of them is by proving you have coverage for anything negative that could possibly happen. Professional Indemnity insurance will provide you with a policy that proves to your clients that you care and provides the coverage you need to take care of any negative impacts that could arise during the time you are providing your architect firms services.
Architects have a dire need for Professional Indemnity insurance. In fact any business providing a service needs to have this coverage. Architects provide a service that is in high demand at all times. They are design professionals who are responsible for the design, creation and completion of projects. As an architect, one generally enters into a contract. The possible breach of contract is often a concern to the client as well as the architect. This can take place through a variety of events that could arise, whether it be the architect not providing the service promised or through the client changing their mind on certain specifications.
As an architect it becomes their responsibility to design a building from the structure of the building all the way through to the end appearance and functionality. If anything should become defective in the design thus causing a hazard then the architect could be held liable for the issue. Having Professional Indemnity insurance can protect the architect and their business from either being at fault or if they are at fault it will provide you with coverage you need to protect your business.
Professional Indemnity insurance covers legal costs in the event that a client was to file a lawsuit against you or your business due to the services you provided. If in the event of a lawsuit you were to lose and legally held liable for the loss your client claimed then having coverage through this insurance would cover the compensation which you otherwise might not be able to afford. Since all types of businesses are of different size and structure as well as worth, it is good to know that Professional Indemnity costs are based on the size and worth of your business which makes purchasing insurance quite affordable for all business owners.
Architects provide a valuable service to us all. They design the homes we live in, the buildings we work in and some architects even create the software that are in our electronic devices! Through having insurance architects are protecting us through guaranteeing their work and at the same time they are protecting themselves and the service they provide. People would much rather hire an architect who is responsible enough to pay the monthly or annual fees for insurance than someone who is too “cheap” to protect the people they are providing services to. So remember, having Professional Indemnity insurance is beneficial to everyone who is involved