It’s important to know all of the different policies that can help you protect your business, its intellectual property, as well as its physical assets. Below is a list of all the different coverages that Maloney & Company, LLC provides to architects, engineers, surveyors, and consultants:
- Professional Liability Insurance: PL provides for damages and defense costs from claims arising from real and alleged negligent acts, errors, or omissions which may occur as part of the architectural or engineering services.
- Workers’ Compensation: This covers workers for work-related accidents and illnesses. Corporations, partnerships, LLCs, LLPs and sole proprietorships must have coverage if they have employees.
- Business Owners Policies (BOP): This type of policy is actually two types of coverage in one, and is appropriate for any small business. The first part of the BOP is called property coverage. This protects you if your firm suffers a loss to physical property. The second part of the BOP is called general liability coverage (GL). For architects, engineers and construction managers it is actually used less often than the protection afforded by the professional liability or errors & omissions policy.
- Commercial Auto: Some firms choose to purchase vehicles through the company and obtain an auto insurance policy through a commercial insurer. In general these policies are more expensive than private auto insurers, but based on the firm’s usage of the vehicles this approach may makes sense.
- Directors and Officers Liability (D&O): Directors and officers of a corporation may be liable if they damage the corporation in breach of their legal duty, mix personal and business assets, or fail to disclose conflicts of interest. This coverage will help protect you against such allegations, protecting the assets of your organization along with the personal assets of its directors and officers.
- Employment Practices Liability Insurance (EPLI): This is designed to protect you in the event of claims arising from employment practices including wrongful termination, harassment, age discrimination and other related charges such as emotional stress, defamation and right to privacy violations.
- Crime Insurance: This covers money, securities, and other property against a variety of criminal acts that occur inside and outside the premises of your business due to external threats and/or even your own employees.
- Cyber Liability: This type of coverage is designed to mitigate losses from a variety of cyber incidents, such as data breaches, infringement of copyright, and network damage.
- Fiduciary Liability: There is always potential liability for officers of an organization acting in some capacity relating to an employer’s pension, savings, profit-sharing, employee benefit, and health and welfare plans. This type of coverage is designed to cover defense costs and personal liability of fiduciaries.
Providing one-stop coverage to architects, engineers, surveyors, and consultants is important to us. We have the ability to help you not only with Professional Liability, but all of the above. Feel free to visit our website for more information!