Choosing Deductibles

Choosing deductibles for architect/engineer insurance policies. Depending on the policy there may be different deductibles and deductible options available.

Workers compensation policy insurance companies may offer a deductible, depending on the state your firm is domiciled. The deductibles will be available for medical and indemnity benefits on a per claim basis. Most workers compensation policies do not have a deductible but your firm may have the option to add the deductible depending on the insurance company and the state your firm is located.

The business owner policy may have a deductible for the business personal property portion of the policy. The general liability section may not have a deductible applied to it but this will also depend on the size of your firm or the limit on the policy. Most business personal property deductibles are between $500 and $1,500. This will provide some premium savings on your policy.

The umbrella policy for architects/engineers may have a per claim retention. Again, this will depend on the size of the policy and the size of your firm. The per claim retention for the umbrella policy is fairly standard starting at $10,000.

The professional liability policy will have more options on the deductible in comparison to the above referenced policies. For most small firms, the deductible will be $0. The larger your firm is, the larger the deductible. Also, it may depend on if your firm has had a claim or not. The professional liability policy will also have a deductible option. This will vary with each insurance company but most will either have a straight deductible or a first dollar deductible option. Larger firms will mostly have the straight deductible option available. Were as small firms may have both options available.

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