Deductibles on Policies for Architects/Engineers

The deductibles will vary based on the type of policy for your design firm.   It is important to know and understand your deductible on each policy in the event of a claim.

Workers Compensation – There is not typically a deductible on the workers compensation policy, however, depending on the insurance company your firm may be able to add a deductible.   The deductible does not provide much of a premium savings on the premium, check with your insurance company to find out how much.

Business owner policy – the deductible for this policy will generally apply to the business personal property and building coverage.  The deductible for business personal property is most commonly $500 but can go higher, depending on the size of your firm and the insurance company quoting.  The building coverage will vary based on the building itself.  The general liability portion of the policy does not typically have a deductible.

Umbrella/excess policy – the deductible on this policy will almost always be a higher deductible amount.  Again, this will depend on the size of your firm, the limits on the policy and the insurance company, but most commonly the amount is $10,000.

Professional Liability – the deductible on this policy will vary the more than the above referenced policies.  The deductible will be based on the size of your firm and the insurance company.  If you have a small firm the deductibles will range from $0 to $5,000.  if you have a mid sized firm the companies may offer deductibles from $10,000 to $50,000.  Larger firms may see deductibles as high as $100,000 or more.  Additionally small to mid sized firms may be presented deductible options such as first dollar or straight deductible.

It is important that you understand the deductible for each policy your firm has.  If you have questions about the deductibles please call or email your Professional Underwriters agent.