It is a given that professional liability insurance for architects is purchased in order to secure the reputation of architects, in the case that they are charged with errors and omissions. But apart from its main function, this insurance provides many other benefits to its purchasers. Each benefit is worth looking into, and they only further prove the importance of insurance to a professional practice.
First, such professional liability insurance policies will guarantee protection of your firm. Its existence allows you to see the maximum limit in subjecting your company at risk, and the proper ways for you to deal with such risks. It also allows you to save enough money, since the insurance company shall be the one to pay for your expenses in case you are faced with lawsuits. Keep in mind though, that not every little problem will be covered by this insurance, and that you still must be careful and responsible.
Purchasing professional liability insurance for architects will also help you realize the proper approaches in facing problems and risks related to your profession. An insurance company usually has agents and specialists who can give you a hand in risk management and this may be used to your advantage, in order to avoid having to face the same kind of issue in the near future. Fenner & Esler’s specialists have been servicing the built environment with professional liability and comprehensive risk management for more than 30 years.
Finally, professional liability insurance for architects protects your reputation. As part of the service, it helps to make sure to avoid all possible lawsuits by resolving any disputes before they are escalated beyond reparation. Negative publicity due to legal matters will be inconvenient and damaging to your reputation. Bad press may also affect the flow of new potential clients, therefore resolving the problem in the most efficient and discrete manner is usually the best approach.