What is included in a business owner policy for architects/engineer firm?
The business owner policy has a few major sections of the policy to be aware of.
General liability is one of the areas in the business owner policy. General liability protects your business from claims involving bodily injury and property damage. It is separate from the professional liability policy that covers errors and omissions of your firm’s design work. Since architects and engineers work so closely with contractors this coverage is often confused. The general liability will not be the same type of coverage as a contractor’s coverage. General liability for an architect/engineer does not cover design issues, it covers claims outside of the errors and omissions.
Automobile liability coverage in the business owner policy is for auto liability protection for your firm. This does not replace an automobile policy but if your firm has a hired or non-owned vehicle (example is an employee’s vehicle) the auto liability protects your firm if you or your employee is found at fault in an auto accident and a claim is filed.
Business personal property is another area of protection in the business owner policy. Business personal property is a stated specific limit and covers your firm’s property, anything from keyboards to desks.
There are some other coverages to be aware of in the business owner policy. Money and securities, valuable papers, business income and extra expense, computers, employee dishonesty, fine arts, sewer and drain backup, outdoor property, and property off-premises. This coverage will vary with each insurance company.
The business owner policy has a lot of coverages available and are fully described in the policy, be sure to read your firm’s policy. If your firm has questions about the business owner policy please call, or email, your Professional Underwriter agent for assistance.