Design
The design industry, often referred to as architects & engineers in the insurance industry, is composed of professionals providing a wide range of services, all of which require highly specialized insurance. Ensuring that your organization has comprehensive coverage at a reasonable cost requires expertise in both design and specialty insurance. We can help.
Why Do You Need Insurance?
Design services need insurance to help cover the costs associated with liability claims, property damage and other exposures (think: cyber). Protection for liability claims is particularly important because clients are relying on their design professional’s expertise. Additionally, clients often have high expectations for their experts which can lead to claims when not met.
Insurance protection is an important component of successfully operating any organization:
What Coverages Are Recommended?
Design is segmented into quite a few specialized services, each with its own coverage requirements and often customized E&O Insurance forms. In addition, not all design insurance policies are the same.
Underwriters consider a variety of factors when considering design exposures, including the specific services provided, the size of the organization, and the location of the projects. Other factors may include the type of construction, residential vs. commercial work, and new vs. renovation.
In addition to specialty insurance, all organizations should include Standard Insurance coverages to be protected. And some real estate services need Bonds.
What Types Of Organizations Need Coverage?
The most common types of design professionals are architects and all types of engineering services. Professional design services go well beyond these classes to include testing, product design, management and highly technical services. Examples include:
Are There Special Situations I Should Be Aware Of?
Startup/New Operations
All new organizations will require insurance at some point, but what coverages are needed when? Startups are often technology-driven, fast-moving and innovative, and the insurance coverage requirements can be challenging. Founders need to balance conserving cash with protection, but no founder wants to have a claim with no coverage in place.
As committed capital rises and an organization begins providing services to customers, insurance becomes more important for the organization’s protection. Many customers, vendors, investors and lenders will require insurance such as D&O, E&O and Cyber Insurance. And in some industries, regulators also require certain types of insurance, such as Bonds.
Our experts can help you develop a plan for obtaining coverage on a schedule that fits your startup’s plan.
Unique Products & Services
Your business may take a different approach from other businesses in your industry, and therefore need custom insurance coverage. Our experts and underwriters can assist you with insurance coverage for your unique products or services.
Non-Core Products & Services
It is possible that certain services that are new or not a significant part of your business may be important in underwriting your insurance. Make sure that these are clearly and fully disclosed in your application information to ensure that they become part of your coverage.
Buying or Selling a Business
There is a range of factors to consider when buying or selling a business. A purchase or sale agreement will contain provisions regarding what happens to any outstanding liabilities, and the insurance should follow. The seller is often responsible for ensuring that any outstanding liabilities are covered, and for E&O this means tail coverage. Other coverages may also require a tail, such as D&O. And insurance is available to provide financial protection for the representations and warranties contained in a purchase/sale agreement, called Reps & Warranty (R&W) Insurance.
How Do I Get Insurance?
eSpecialty Insurance is your specialty insurance expert. We have developed a streamlined marketplace to provide multiple proposals from a range of competitive insurers, along with expertise to help you evaluate your exposures and choose the best combination of comprehensive coverage and price. We look forward to working with you.
Why Choose eSpecialty?
Expertise
Our experience in specialty insurance markets ensures competitive coverage solutions for you
Access
Effective placement of specialty insurance experience and access to specialized underwriters
Reliability
We will find solutions for all your unusual, complex or challenging insurance exposures
Note: Insurance policies are not all the same. Some policies are more comprehensive than others, and some policies provide broader coverage in specific areas. In addition, each insured may have different exposures and coverage needs. We encourage you to read your policy and consult with a Specialty Insurance expert such as eSpecialty Insurance.