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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.

Why Aon?

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.

What insurance do Architects need?

Professional Indemnity
This may cover your business against claims where clients are unhappy with your work, and allege your service or advice caused them loss. It includes cover for some legal costs and financial compensation you’re ordered to pay as a result of a client suing you for your service.1
Public Liability
As an architect’s business, it’s likely you visit sites; meet with clients at your office, their office or out in public. Public Liability insurance is designed to protect your business from claims made by a client, contractor, or a member of the public for accidental injury or damage to their property. This could arise from an incident on your business premises or as a direct result of your business operations. Public and Products Liability Insurance through Aon is available as part of a Professional Indemnity Insurance Policy.1
Cyber Insurance
This helps cover expenses and legal costs associated with a data breach or cyber attack.1 Costs can include computer expert services, data recovery, ransom and legal costs. As an architects’ business, the valuable information you hold about the projects you work on may make you a very appealing target for cyber criminals, so Cyber Insurance should be a cover to seriously consider when deciding which policies to include.
Business Insurance
Business Insurance is designed to protect your business and its assets (including equipment) against certain unexpected events. For example it can include cover for damage to business premises and/or equipment caused by fire, storm, theft and other insured events.1

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

Automatic Reinstatements
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

Cost Exclusive
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

Run-off cover 
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

Vicarious Liability
If you engage consultants, contractors, subcontractors, or agents, we can help ensure you’re covered if they make errors or omissions.1

FAQs

Frequently Asked Questions
Here are answers to some commonly asked questions by Architects.
As an Architect, do I need both Professional Indemnity (PI) and Public Liability (PL)?
Both PI & PL are important insurance covers for your business. Professional Indemnity Insurance helps provide cover for claims made against your business by clients claiming that your specialist services or advice caused them financial loss. Public Liability insurance may help you to pay the costs associated with a third party injuring themselves or damaging their property as a result of your business, or due to using products that you offer.
How much Professional Indemnity Insurance do I need?
This will depend on a number of factors such as your business activity, the size of your business and the clients you work with. Some clients may require you to have a minimum level of cover to work for them. Most PI Insurance policies start at a minimum cover of $1 million, but the minimum may not be enough for you; for example you may be contractually required to have more, or in some states a mandatory level is required before an operating licence is granted. It is important to understand the risk exposure and obligations associated with activities and contracts undertaken  so you should speak to a qualified solicitor or financial advisor before deciding how much cover you need.

Aon can arrange cover between $1m and $10m. Premiums will vary based on the level of cover you select.
 
I run my business from home, what insurance do I need?
Professional Indemnity insurance is still relevant when you are working from home, to help cover your business if a client alleges your advice caused them financial loss. If you use the internet to conduct any aspect of business, or if you store any client data on your computer, you may be susceptible to cyber risks, so Cyber Insurance would be another consideration. If you operate your business from home, it’s also a good idea to check the coverage under your Home Insurance to see what is covered and decide whether you also need to take out Business Insurance or Public Liability Insurance.
Explore more FAQs
Why do I need Cyber Insurance?
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.
 

Contact


Call 02 6190 0958

8:30am - 7:00pm AET
Mon - Fri (except public holidays)
1Subject to full terms, conditions and limits of the policy. Please review the full policy wording for more information.

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.