What coverages should architects have in their insurance policy?

The most basic policy recommended for any business is General Liability. It protects a business from claims of bodily injury or property damage to a third-party. For Architects, it is also recommended to add Errors and Omissions coverage to their insurance policy. Errors and Omissions Insurance, also known as Professional Liability Insurance, covers errors and omissions in your services to clients that lead to financial losses for them. If you own a lot of expensive property, also add Commercial Property Insurance to your policy to protect your contents and assets.

Can an architect be liable for projects completed in the past?

Yes. Design errors in a project can be discovered years after the project is completed, and if you are the architect who designed the project, approved the design, or agreed to the substitution of products that turned out to be faulty, you will be held liable for damages, even if you have retired or changed professions.

Is Architect Insurance mandatory for architects before signing contracts?

Architect Insurance is not required by law, but it is difficult to land any sizeable project without having an insurance policy in place. If there is an error in a project designed by you, it can become extremely costly if the error is discovered once construction is underway. For this reason, project managers and builders are usually very careful about only working with architects who already have Architect Insurance.