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Property Insurance for Architects
Whether you're running your architecture business out of rented office space or you own your own building, you need to insure your assets. And because you're likely to be working on-location for your clients from time to time, it's a good idea to have insurance to pay for any damage you or your employees might accidentally cause while visiting a client site. A commercial property insurance policy takes care of both.
For example, if there's a fire or break-in at your office, and your business property is damaged, lost or stolen, your property insurance policy helps you replace it for its full replacement value. Alternately, if you're working at a client site and accidentally damage your client's property, your property insurance will pay to replace it too. Whenever you've got your customer's property in your care, control or custody, it will be covered as if it were your own.
What You Need to Know
Every business that has property, such as computers or office furniture, stands to lose it all in the event of a disaster. Property insurance is one of the most commonly purchased types of insurance for architects because it's very affordable, and it's often required by landlords who rent office space.
If you think that as an architect you're at low risk for property losses, you may be right. However, don't be surprised if your client contract requires you to carry property insurance anyway—especially if you'll be working on a client site or handling client property. Many do. If that's the case, there's good news: You may be eligible for an affordable combined insurance policy called a BOP.
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Property Insurance Tips
- Typically, property insurance covers your property for replacement value. So if your assets should be lost or damaged, you'll get enough money back to replace them, with no deduction for depreciation.
- The property insurance included with a BOP covers your own property as well as others' property in your care, custody or control. So if you've got your clients' property in your possession when it's stolen, it's covered.
- If you spend a lot of time traveling, your property insurance policy may travel with you, potentially covering any property you take with you when you're on the road.