Why do Building Designers need insurance?
As a building designer, you’re all about the details. From your accurate sketches to even more accurate cost calculations, your clients rely on you for some very vital information to complete their construction project. Therefore, it’s also important you protect your business with adequate insurance, through a broker that understands the finer details of both your industry, and insurance.
Like all small businesses, there are risks in the operation of your business. Some incidents could have enough financial strain to completely bring your practice to a stop. Insurance that is customised for the common risks in your industry should be a key consideration when deciding how to protect your business.
Don’t just insure, be sure
Business insurance can be complicated. What you think you’re paying for isn’t always what you get. As a broker and Building Desginers insurance specialist, Aon helps you find a policy customised for the common risk of your industry so you’re more confident that you’ve found the right type of insurance for your business.
Why Aon for Building Designers insurance?
Don't just insure, be sure.
Right type of cover
- Aon arranges Insurance tailored to protect against common risks in the Building Designers sector
- We help you to understand how your policy protects against the common risks as a Building Designer
- Competitive premiums thanks to Aon’s scale and influence.
- A team of experienced Building Designers insurance specialists to help you at every step
- We help you make claims and advocate on your behalf
- Australian based teams.
Easy to manage
- Quotes online or over the phone on 1300 836 028
- Options to take out premium funding loans to pay monthly. Fees and charges will apply
- Adjust your policy any time. Terms and conditions may apply
- Easy renewal management
- Online requests for certificates of insurance.
Rely on Aon’s industry expertise in Building Designers insurance
Business insurance can be complicated. What you think you’re paying for isn’t always what you get. At Aon, we want you to feel confident you’ve made a smart decision for your business insurance needs.
As SME specialists for Building Designers insurance, we understand the risks that businesses like yours face and how to insure against them. We know insurance policies and understand that the detail of your policy wording is critical to providing the type of cover your small business needs. That’s why we help you by arranging policies customised for the common risks of your industry.
Our team of Australian-based SME insurance experts are here to support you and your business every step of the way. We’ll give you access to the relevant information required to help you understand the cover options available to you so you can feel more informed about your choice of insurance.
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.
Management Liability insurance can also help cover Employment Practices claims made against you by current or former Employees.
Cover benefits of Building Designers 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
Aon can arrange cover between $1m and $10m. Premiums will vary based on the level of cover you select.
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.
Why might I need Cyber Insurance?
If you use the internet for work, or if you store any client data electronically, you may need Cyber Insurance. This helps cover expenses and legal costs associated with a data breach, loss of client information or cyber-attack. Costs can include computer expert services, data recovery, ransom and legal costs.
If you’d like to discuss your insurance needs or if you are an existing customer, call us on 02 6190 0958 between 8.30am and 7:00pm, Monday to Friday (AET, except public holidays).
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.