Interior Designer Insurance
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Professional Liability Insurance (aka E&O insurance) for Interior Designers
As an interior designer, you help clients to transform their homes, offices or other spaces with furniture and design elements. You use your artistic vison and unique testes to deign the ideal living space for your clients. However, with new projects and plans comes an element of risk to things to not go according to plan.
When something goes wrong and a client becomes unsatisfied with your work, you have the potential of becoming accountable for damages, regardless if the claim is actual or alleged.
When mistakes happen, they can have a devastating impact on your finances and your reputation. Professional Liability insurance is there to provide protection from the risks you face as an interior designer.
Professional Liability insurance comes into play when a third-party makes a claim against you for financial harm caused by advice or services your business has provided and can provide cover for your defence expenses, settlements and judged related to the claim.
It is important to extend your Professional Liability insurance long after the project has been completed as this is when the cracks can appear, and problems start to arise.
Interior Designer Insurance provides the following standard coverages:
- Architects and Engineers Professional Liability
- Architects, Engineers and Contractors Pollution Liability
- Technology Based Services
- Technology Products
- Computer Network Security and Privacy Liability
- Multimedia and Advertising
In addition to standard coverages, interior designers often need the following coverage features:
- Technology risk coverage for:
- electronic transfer of data
- copyright infringement
- web-hosting functions
- privacy liability
- ADA/FHA/OSHA regulatory actions reimbursement extension
- Defendants’ reimbursement extension
- Disciplinary proceedings reimbursement extension
- Reputation management reimbursement extension
- Broad definition of insured – includes insured’s participation in joint ventures
- Automatic 60-day coverage for acquired entities
- Blanket waiver of subrogation provision for clients of the insured as required by contract
- Punitive damages extension – where insurable by law
- Mediation deductible credit
Did you Know?
If you have adequate professional liability coverage for your business, you will be protected against claims, judgments and court costs up to the limit of your policy.
Why Do Interior Designers Need Professional Liability Insurance?
The role of interior designer is one that involves direction and coordination from the drafting table to the construction site, and it’s not a career that comes without risks.
A simple miscommunication or mistake could result in a costly claim, something which you could live without.
Even the most experienced surveyors are exposed to the risk of mistakes happening, and even if a mistake wasn’t made, an acquisition of negligence could result in a costly lawsuit just in defence costs alone. This could be enough to cause extensive financial damage, enough to potentially put you out of business.
This is where Professional Liability insurance becomes vital to protecting your business and can provide coverage in the event if you are sued or a claim is made against you, covering your associated legal fees.
Not only should having the right insurance be part of your business plan, but it may also be a contractual requirement to work on certain projects that you have a Professional Liability policy in place. Your client wants to make sure that all risks for errors are covered.