Changes that can be made to Business Owner policies for architects/engineers-
There are many portions of the business owner policy and therefore many changes that can be made. Some of those changes or endorsements will depend on the insurance company your policy is with.
General Liability limits of liability – these typically can be increased, if your firm isn’t at the maximum amount with the insurance company, at any time during the policy period. If your firm has $1,000,000 per occurrence and $2,000,000 aggregate and needs $2,000,000 per occurrence and $4,000,000 aggregate, be sure to ask what the additional premium would be.
Umbrella coverage – can be added during the policy period. The umbrella is coverage over and above the general liability limits, auto liability and workers compensation. It will depend on the insurance company but it may be a separate policy or just an endorsement to the current business owner policy.
Business personal property – this limit can be changed during the policy period. For example, if your firm obtains a new printer that is higher in value than a printer you had previously, be sure to increase the limits.
Loss payee or mortgagee – these can be added by request and by endorsement. If your firm has a loan on equipment or a mortgage on the building your may send a request to add the loan company to the policy.
Additional insured – if your firm’s policy doesn’t already have the additional insured endorsement you can add it. In most cases for architects and engineers this is a blanket endorsement geared towards the ‘work’ of design professionals.
With the business owner policy there are a large variety of endorsements that can be added. Be sure to ask your agent if a specific request can be met by the insurance company. Your Professional Underwriters agent is here to help, please call or email with questions.