What are some of the coverages that can be added on to an architects/engineers business owner policy? There are many types of coverages that are automatically included in a business owner policy; however, there are additional coverages available for your design firm.
Probably the most common additional coverage for design firms is the blanket additional insured endorsement. This allows your firm to provide the additional insured language, as requested by your clients, into your contracts and on the certificates of insurance. The key to this coverage, in most cases, is that the additional insured language needs to be required by contract for the coverage to apply.
The hired and non-owned automobile liability coverage can also be added to your firm’s policy. This provides liability for your firm in the event of an automobile liability claim. This does not provide property damage coverage, however, that can be added for an additional premium with most insurance companies.
ERISA coverage for your firm’s 401k plan is also a coverage that can be added for your firm. The level of coverage will vary with each insurance company but typically do have a maximum limit; in which case your firm will need to acquire a bond policy for the 401k plan.
Valuable papers are another area of concern for design firms, specially referring to their drawings on projects. If you have a loss to valuable papers there typically is coverage included in the policy but the limit can be increased if needed.
There are many types of additional coverages available with different insurance companies. More than likely if you have a need or contract requirement there will be an insurance company available to provide the coverage. Professional Underwriters is here to help to determine how we can get what you need. If you do have questions please call or email your Professional Underwriters agent.