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Being an architect can be incredibly rewarding, particularly when you see the house, commercial building or bridge you’ve designed from scratch finally being built. It’s a profession that has many rewards, but also one that carries its fair share of risks. For this reason, having comprehensive business insurance is a must for all architects.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have a wide range of offers to consider instantly from some of Australia’s most respected insurers. Compare with us to help you get the best-value insurance for your architecture business today.
Professional indemnity insurance
The greatest risk faced by architects worldwide is liability risk. If something goes wrong with the bridge you designed and people are killed when it collapses, you could potentially face a lawsuit running into the millions of dollars. Therefore, substantial professional indemnity insurance is essential for architects.
This policy covers you against claims that the design service you provided was negligent or fell short of expected professional standards. It’s the most important type of insurance to have for architects and is compulsory for membership in most professional associations. Cover is available starting from $2 million but can extend up to $10 million or more.
What it covers
Cyber liability insurance
Cyber liability insurance will protect your designs from various forms of cybercrime. It is another form of insurance which is vital for architects as well as other contractors who may be working on larger design projects, in an age when there are so many cyber criminals actively trying to get hold of your client’s data.
What it covers
Public liability insurance
Public liability insurance is also essential for architects and most types of engineers too. It will cover you against claims that your business activity caused injury to a member of the public (or an incident which occurred whilst on your business premises) or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage and is compulsory for market stallholders in most cases.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have tools and portable equipment to protect as part of your business. Commercial vehicles aren’t included, so you may need separate commercial vehicle protection if you have a work vehicle.
What it covers:
What isn’t covered under my business insurance?
The most common exclusions for these types of insurance include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, in general, businesses in northern parts of Australia will have higher insurance costs than businesses in the southern or eastern states. Therefore, for example, the cost of public liability insurance in the Northern Territory for an architect will be higher than a similar business in Adelaide.
You can find out exactly how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need insurance as a sole trader or a small business with several employees, you’ll be able to find a policy that is perfect for your business needs here.
Business insurance is there to protect you and your business if things go wrong. However diligent and careful you are, life has a habit of throwing curveballs at us when we least expect it. Architects can be an easy target for a lawsuit if things go wrong, so the right business insurance will give you peace of mind knowing you’re protected.
You also need protection against unscrupulous cyber criminals. Consider what would happen if your computer system was broken into and your client’s sensitive plans were stolen. Years of building up your business reputation could potentially be destroyed if you don’t have adequate professional indemnity and cyber protection. Business insurance is there to ensure your revenue stream continues no matter what threats you face.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
