Why Professional Liability Insurance Is Worth It

Why Professional Liability Insurance Is Worth It

Why Professional Liability Insurance Is Worth It

Many architects choose to work in a firm of one, making cost control a top priority. It can be tempting to cut expenses by opting not to carry insurance. However, this decision could prove disastrous. No matter what size your operation may be, obtaining coverage through architects professional liability insurance is an important way to protect what you have built.

The High Cost of Liability

Whenever you complete work for a client, you assume liability for the designs accuracy and safety. Any problem with a structure you designed could make you the target of a lawsuit charging that the integrity of the project was compromised due to your negligence. The costs of fighting that kind of accusation can grow quickly and threaten to wipe out your business. There are court fees, attorney fees and, should you lose the case, the cost of compensating the other party for damages. Architects professional liability insurance policies help to cover your business in the event youre found liable. Court and attorney costs are also usually covered, even when you win.

Dont Skimp on Security

Keeping a handle on your expenditures is commendable, but there must be a careful assessment of the potential long-term cost compared to the short-term benefit. Preventing your business from folding due to a costly error is a reward well worth the comparably small investment in an architects professional liability insurance plan to protect your livelihood.