Why do Architects need insurance?
As an architect, the masterpieces you create are your pride and joy, and nothing excites you more than seeing your creations stand tall. However, as with any profession, there are risks you face in the operation of your architect’s business. An unhappy client, a storm causing damage to your expensive office & design equipment – sometimes, these sorts of mishaps can be enough to cause your world to come falling down.
Architects Insurance. Easy.
Easy to understand
- Easy to digest information about what insurances your business needs and buy online
- Or it’s an easy call to one of our experienced, friendly brokers on 02 6190 0958
Easy to Buy
- Quick quotes available online
- Purchase in just a few clicks
- Options available to pay monthly
Easy to manage
- Manage your renewals online and adjust your policy anytime you require, with a quick call
- Request certificates of insurance quickly and easily
- Aon can assist you in filing complex claims
Why choose Aon for Architects Insurance?
When it comes to insurance for Architects, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online in just a few clicks. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.
A key part of this policy is Business Interruption, which can provide protection for lost revenue in the event your business is unable to operate as usual due to an insured peril.
Business Insurance is made up of a number of cover sections, and you can choose the sections that relate to your business. Cover is also available for damage to money (if you keep cash on premises), portable contents such as mobile phones and laptops, and Public Liability.
Cover benefits of Architects Professional Indemnity Insurance
Flexible Professional Indemnity Cover Limits
Choice of cover limits from $1m to $10m to help protect against legal costs and claims for damages in the event a third party alleges that you have been negligent in performing your services or giving advice, and as a result, they have suffered injury or financial loss.1
If a claim amounts to your maximum cover, the policy automatically reinstates your cover value - up to five times to the full original amount.1
You don’t need to pay any excess towards the costs associated with a legal defence; only the excess towards the settlement of a claim.1
If you retire or leave the profession, you can apply for run-off cover, which can help to cover the costs for claims relating to incidents that occurred when you were working. If you retire or leave the profession, you can apply for run-off cover, which can help to cover the costs for claims relating to incidents that occurred when you were working.1
If you engage consultants, contractors, subcontractors, or agents, we can help ensure you’re covered if they make errors or omissions.1
Aon can arrange cover between $1m and $10m. Premiums will vary based on the level of cover you select.
Your high-value client base, the commercially sensitive information you hold about them and the raft of cloud based and online technologies you use all make you susceptible to cyber crime. For cyber criminals, attacking your system wouldn’t require much effort on their part, but the ramifications for you (and your clients) could be far-reaching. Cyber Insurance can therefore help safeguard your business’s viability if you do fall victim to an attack, and help make sure you’re not left with substantial out of pocket costs to rectify your IT systems and get your business back up and running.
What if I retire or leave the profession?
Professional Indemnity Insurance policies arranged by Aon are ‘Claims made and notified’ policies. This means that the policy only provides cover for claims made against you whilst the policy is in force (subject to policy terms and conditions). If the policy lapses, is not renewed or is cancelled, there is no cover available under the policy for claims made against you after that time
If you plan to retire or leave the professional, you may need to arrange Run-Off cover. Run-off cover provides cover for claims made against you after your current Professional Indemnity policy expires. Run-off cover is NOT automatically provided; you must apply for run-off cover AND be accepted by your insurer in order to have run-off cover apply. If your policy is lapsed, not renewed or cancelled, and you have not applied for run-off cover, you may be uninsured for any claims made against you after your current policy expires, lapses or is cancelled.
For example if a client makes a claim against you for an act, error or omission due to that past work performed then the policy you have in place at the time of the claim, not the time of the work will respond.
Am I covered if third parties are at fault?
If you engage consultants, contractors, subcontractors or agents, Professional Indemnity insurance arranged through Aon includes cover where they make any errors or omissions for which your business is liable. This part of the policy is known as Vicarious Liability cover.
Can I get project and construction management cover?
Yes. If you’re project managing or construction managing as well as doing the design work, we help ensure that you’re covered for all parts of the role (as specified on your policy schedule) – not just the design This is an optional extra, and an additional premium will apply.
Do I need to take out separate insurance to cover employees?
If you employ staff, you will need to take out Workers Compensation Insurance. You can speak to your state regulator about your needs as coverage and legislation varies between different states.
What is an automatic reinstatement?
Under Professional Indemnity Insurance arranged through Aon, if a claim amounts to your cover maximum, the insurer will automatically reinstate your cover value – up to five times. For example, if you are insured for $1 million of cover and you have a claim that hits $1 million, the insurer will reinstate the cover value so that the next claim still has $1 million of cover.
Design Professionals Combined Professional Indemnity, General & Products Liability Insurance is arranged by Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 (Aon) as agent for the insurer, Insurance Australia Limited trading as CGU Insurance, ABN 11 000 016 722 AFSL 227681. If you purchase this insurance Aon will receive a commission that is a percentage of the premium. Please let us know if you would like any further information.