Business Owner Policy – Dos and Don’ts for Architects/Engineers

The business owner policy is not one that has many claims for architects/engineers but are an important part of business. Here are some suggestions on the dos and don’ts of a business owner policy.

Do be sure to provide accurate information on your firms location address. This is how the insurance company rates your firm’s policy and if the information is not accurate this can result in a denial of a claim.

Don’t underestimate the business personal property. Remember to include all items from paper claims to desks. Everything that your business owns that is not part of the structure.

Do provide information on multiple locations, if your firm has them. This way the insurance company can properly insure each location on the policy, including the business personal property at each location.

Don’t forget to let your insurance company know if you’re needing an umbrella policy in addition to the general liability policy. The umbrella policy will be limits over and above the general liability, automobile liability and in most cases the employers’ liability (workers compensation)

Do include endorsements of your firm’s current policy, if you are switching insurance companies. Most insurance companies will have similar forms and in order to provide a correct premium provide endorsements that your firm had on a previous policy.

Don’t forget to review your policy in full to verify that the policy meets your firm’s needs and is the same as what your firm previously had in place. If your firm is insured with the same insurance company typically this will be on auto renewal but always review your policy.

If you have any questions with regards to business owner policy for architect/engineer policies please call or email your Professional Underwriters agent for assistance.