FAQ on Business Owner Policies for Architects & Engineers

These are some of the common questions we receive with regards to Business Owner policies for design professionals.

Why does the insurance company need information about the building in order to obtain coverage?   The insurance company determines the rating of the policy for the office space based on the building information and location of your firms office.  It is the best way to determine the risk that the insurance company is insuring.

Does my firm need to complete an application for each renewal on the Business Owner policy?  – The answer is no, the policy is on an automatic renewal unless your policy has been non-renewed by the insurance company.  Your firm will not need to complete an application as required on the Professional Liability policy renewal.  Your insurance agent will receive your policy at least 30 days in advance of the renewal and will review that policy with your firm to make sure it still fits your firm’s needs and all of the information is correct.

What are the main parts of the Business Owner Policy? – The policy is a lengthy policy but there are three main portions of the policy.  There is General liability coverage, automobile liability coverage and business personal property coverage.    If your firm owns the building there will also be building coverage included in the policy.  It is very important that your firm read the whole policy to understand what is being covered.

Does my policy have additional insured language for the General Liability portion – Most policies for architects and engineers have a blanket additional insured endorsement with the option to list your client specifically on a scheduled endorsement.    Read the policy and endorsements to understand what your firm has for additional insured.

If you have questions that have not been addressed with regards to the Business Owner Policy please call or email your Professional Underwriters agent.