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From making walkways too narrow, having doors misaligned, or having parking lots designed incorrectly - landscape architects can face hefty claims and lawsuits when it comes to the services provided if considered unsatisfactory to the client.
In addition to that, landscape architects can also suffer physical injuries while visiting the site that they are working on. From trips and falls to property damage, these are some of the risks that landscape architects are exposed to, which can lead to large medical expenses.
Having landscape architects insurance in place will safeguard you, your business, your employees, and your clients from any unfortunate circumstance or accidents that may result in a claim.
Why Do Landscape Architects Need Insurance?
Landscape architects need insurance to make sure they are protected from any accidents, injuries, or design mistakes that could occur while on the job. If something does happen, having an insurance policy in place will help cover the costs of any damages, injuries, or lawsuits that may arise.
This can help to protect both the landscape architect and their business from any potential financial losses.
For example, if the landscape architect suffers from any injuries while being on the job, the insurance policy will cover their medical expenses, lost wages, rehabilitation, and more.
In other cases, if a landscape architect has made a mistake, which is noticed during the inspection after the job is done, the architect can face hefty legal bills, compensation costs, and other fees.
The landscape architect insurance policy will ensure these particulars are covered no matter what may arise during or after the project is completed.
What Types of Insurance Do Landscape Architects Need?
Landscape architects can benefit from a wide variety of insurance policies. The degree of cover you require will depend on the size of the company, how many employees are on the payroll, the total value of tools and equipment as well as how many company cars the business owns, and more.
For a more detailed overview of the most recommended insurance policies for landscape architects, take a look below.
How Much Does Insurance Cost For Landscape Architects?
The premium of landscape architect liability insurance varies from business to business. The reason for that is because every landscape architect firm is different and has different needs, and so, the insurance coverage they take out will be different too.
The premium of the insurance is priced based on various different factors including the location of the business, the number of vehicles, tools, and employees the company has, the type of clients the business works with, and more.
However, on average, landscape architects in the United States pay an average of $45 to $50 per month or $550 annually on architect professional liability insurance. This policy shields the firm in case of a lawsuit that results from a professional mistake such as miscalculations that can put the entire project at risk.
General liability insurance on the other hand is only around $50 per month or $600 per year. This policy helps to make sure that the architect and their business are protected from any third-party injuries and property damage that may occur.
The business owner's policy is averaged at $30 per month or $350 per year. This type of policy is beneficial as it bundles both general liability and property insurance together. It can also include business interruption insurance which will cover your company in the event of unexpected closure.
And finally, if you have employees, you can expect to pay around $45 per month on worker's compensation insurance, which amounts to $570 per year. Such policy will cover your staff's medical bills and lost wages in case they fall sick or have an accident while at work.
Typical Landscape Architects Insurance Claims
Since landscape architects face various degrees of risk - the claims they make can differ from firm to firm. But generally speaking, landscape architects most commonly make insurance claims for bodily injuries, damage to client property, or to cover for a lawsuit against unsatisfactory, negligence, or improper work.
Whatever the case may be, having the right landscape architect insurance in place will shield your firm from having to pay out hefty legal fees, compensation, medical costs, and more.