These questions come up on commercial insurance policies and will typically apply to most architect and engineering firms.
What if my firm cancels the professional liability policy and starts it back up later?
Your firm can do this; however, the professional liability policy is a claims-made policy, and the policy must be in place at the time of the project and at the time of the claim. So, if your firm has cancelled the policy and a claim is reported, there is no coverage for the claim.
Does my firm have to carry workers compensation insurance?
Yes, if your firm has employees then your firm will be required to provide workers compensation insurance. Depending on the state, the owners may not need to be on the policy.
Are professional liability and general liability the same type of policy?
No, in fact they are quite different. Professional liability covers your firm for your design errors and omissions. Whereas general liability policy is for liability outside of your design work.
Can my firm get professional liability for just one project?
There are project policies in the marketplace available. These types of policies will cover the whole design team for the specific project. If your firm is looking for a project policy for just your firm that is not available. Your firm would have to get a practice policy. If your firm receives a request for higher limits for a specific project then a project endorsement, over and above your firm’s practice policy may be available.
Does my firm need to provide a certificate of insurance for all my clients?
It is up to your firm if you would like to provide a certificate of insurance. The certificate of insurance is a snapshot of your firm’s insurance policies, and it is a common request to send them to clients, but not a requirement.
If your firm has additional questions on any of your firms’ policies please call, or email, your Professional Underwriter agent for assistance.