Building Designer Insurance Australia
Whether you are just researching what it takes to be a building designer or have many years of experience creating plans for machinery and buildings, you should never forget the importance of staying insured. This means getting building designer insurance coverage. Just like many other jobs, building designing comes with its risks. Besides, building designers are professionals sought and assumed to have a higher degree of knowledge, skill, and experience than their clients.
However, if during a project or upon completion of a project a client feels that some physical, financial, or material loss could have been attributed to your failure to adhere to the professional work standards for which you were hired, then you stand at risk of being sued. It is for this reason that you need to purchase building designer insurance.
Why Do I Need Building Designer Insurance?
There are risks and complexities that building designers encounter in their everyday projects. It is for this reason that you should be covered for the numerous levels of exposure you face in your profession. While it is not often mandatory, the truth is that major organisations, association schemes, and governments have now made it a condition of membership, contract or tender that you hold the right amount of coverage.
In some states, there are mandatory requirements set in place for designer professionals to hold certain types of cover to perform their practices.
As a building designer, it is essential to think about all your personal requirements before determining the type of insurance you need since this can vary between an independent contractor and a larger consulting firm. Besides, you need to consider the kinds of projects you handle as well as your current contractors since this will outline the type of insurance coverage the workers should have. Some of the most common building designer insurance types are:
• Personal Indemnity Insurance: This insurance cover is meant for professionals who offer advice or deliver services to their clients. This type of insurance can protect your business from claims as well as legal costs arising from third parties. The claims could include anything from damages that were perceived to have risen from the designer’s omissions or acts, to a claim that a specific professional duty was breached.
• Personal Accident Cover: It is highly probable that your income as a building designer is your primary income source and you’re the main breadwinner. It would be a good idea to remain covered should you suffer from an accident, injury, or illness that renders you unable to work.
• Cyber Insurance: Your building designer business could be exposed to some type of cyber loss, and it is vital to remain insured against events like cyber extortion, system damage, business interruption costs, and random virus distribution.
• Public Liability Insurance: You will probably spend most of your time visiting site stations and meeting up with clients in their homes or workspaces. However, if your studio or office is a meeting place for your clients, you need public liability insurance to cover any damage or injury that could occur to your visitors or property.
What Amount of Professional Indemnity Cover Do I Need?
When it comes to professional indemnity cover, there are usually different requirements for professionals in every state. In some states, you will require to have at least some level protection while in others, you might need a limit closer to $2,000,000. Besides, there are several contractual requirements to take into account for a higher professional indemnity cover limit.
Being one of the top insurance brokers in Australia, we have worked with building designers to ensure they receive the appropriate cover to meet their specific requirements. Here are some of our partner organisations regarding building designer insurance:
• Building Designer Association of Australia
• Building Designer Association of Victoria
• Building Designer Association of South Australia
• Building Designer Association of Western Australia
We also work with designers from different cities and have unique types of cover for their needs, not forgetting the competitive premiums.
What Does Professional Indemnity Insurance Cover Me For?
As mentioned earlier, professional indemnity insurance helps protect your business from legal costs as well as claims lodged by third parties. For instance, should you do, or fail to do, something that causes financial loss or injury to your client and they decide to pursue legal action, a professional indemnity cover will protect you and your business. Even when your actions were done with the best of intentions, you need insurance cover as a backup just in case your client feels you gave incorrect advice or were negligent. This type of cover protects you from claims relating to:
• Wrong advice to clients
• Loss of your client’s documentation
• Acting without adequate instructions from your client
• Error or omission in the documentation
Call Us Today For All Your Insurance Requirements
Do you want a building designer insurance quote? We are here for your needs. For an obligation-free, competitive quote, professional insurance advice or more information on how we can help you find the best building designer insurance solution, please contact one of our expert consultants today!