A guide to essential business insurance for architects and surveyors

You only have to take a glimpse at the growing skyline in any town or city near you to know that the professional services provided by architects and surveyors are highly sought after.

For centuries, these two highly respected professions are what civilisations have been built on across the globe. Yet, as with most highly skilled professions, there is an increased level of responsibility involved and a raised element of risk.

Manchester’s ever-growing skyline is showcasing the visions of leading architects.

Incorrect advice, mis-calculations and measurement errors can result in groundworks, foundations, buildings, and even road and rail infrastructure being built incorrectly, which can cost £000’s to correct.

If a claim was brought against you for negligence such as this, even if it was a genuine mistake, you would be liable for the rectification costs even if you weren’t insured.

Without comprehensive insurance you could find yourself in financial hot water. This could have a massive impact on the ability of your business to continue trading and ultimately have a detrimental effect on your personal life.

Professional cover for professional people

The Architects Code, which is published by the Architects Registration Board (ARB), states clearly that Architects are expected to have adequate and appropriate insurance cover.

The Royal Institute of Chartered Surveyors (RICS) also states a similar requirement in their Rules of Conduct for Surveyors.

Caunce O’Hara have been providing business insurance protection for architects and surveyors for 25 years.

We know the risks involved in the construction sector and we have witnessed the consequences that insurance claims can bring with them.

To ensure you are protected you should consider professional indemnity insurance. The clue is in the name. It is because you are professionals and clients pay you for your professional advice and services.

This means an indemnity claim can be brought against you if you make a mistake, but you can also be subject to an insurance claim if you haven’t made a mistake, but have given advice that is deemed to be negligent and results in a client losing money because of it.

Sounds unfair doesn’t it? Yet it happens and is more common than you may think.

In this instance, professional indemnity insurance would respond to cover you for any legal costs and compensation in the event you are deemed to be liable.

You can find Caunce O’Hara & Co Ltd in the ARB Insurance Registry.

Comprehensive cover for peace of mind

Public Liability insurance is also deemed an essential insurance policy for those who provide professional services. For architects and surveyors, it is a vital component required to ensure their business is protected.

Public Liability is useful for any business that interacts with the general public. It covers claims made by someone for injury or damage that is caused by your business. This could be a claim brought by a member of the public, a client or even a trusted supplier.

To complement your PI insurance and PL cover you could also add a Legal Expenses insurance policy from only £75.00. This will provide cover for up to £100,000 (any one claim) against legal costs incurred if you are subject to a claim made against you.

This cover also provides the opportunity to have your contracts reviewed, which is ideal if you are concerned about your IR35 taxation status.

If you are a professional providing architectural or surveying services and would like a FREE no obligation quotation for your business insurance call our team today on 0333 321 1403

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Author Phil Ainley, Marketing Manager