Why Is Liability Insurance for Interior Designers Important?
You work hard to bring your clients’ visions to life, and they trust you to deliver great work on time. Missing deadlines or not finishing projects as promised can put your business at risk of getting sued. For small businesses specializing in interior design, professional liability insurancecan help protect you. At The Hartford, our dedicated team will help ensure you get the professional liability insurance policy you need.
What Are the Potential Liabilities of an Interior Designer?
As an interior decorator, you have many important day-to-day responsibilities, like:
- Traveling to and from different locations
- Gathering materials for jobs
- Working with vendors
- Being creative while staying on budget
No matter how careful and detail-oriented you are, mistakes and oversights can happen. When a mistake affects your client’s finances, your interior design firm can get sued for professional negligence. Some examples include:
- Using materials for a job that were not agreed upon ahead of time
- Making a mistake in measuring materials, causing delays that keep your client from doing business
- Repeatedly missing agreed-upon deadlines for the project
- Asking your client to pay more than they agreed for your services
A single lawsuit could be devastating to your business. Having professional liability insurance can help keep your business covered when mistakes happen.
What Does Interior Design Professional Liability Insurance Cover?
Simple mistakes like missing deadlines or exceeding budgets can leave you open to lawsuits. At The Hartford, our professional liability insurance for interior design firms, also known as errors and omissions insurance, can help keep you protected from claims like these, helping cover:
- Defense costs
- Loss of earnings
- Subpoena assistance
- Damages awarded by a judge
- Libel and slander claims
What Does Indemnity Insurance for Design Not Cover?
Professional liability insurance only covers mistakes in the services your interior design firm provides. It doesn’t cover all the other risks your business may face, including things like:
- Property damage
- Bodily injury
- Accidental release of personally identifiable information
- Illegal acts or purposeful wrongdoing
We can help protect your business from claims like these with several other types of insurance. For example, our general liability insurance, which is also known as public liability insurance, would cover claims of bodily injury or property damage.
We can help you figure out exactly which interior design insurancecoverages you may need.
What Is the Cost for Designers’ Professional Indemnity Insurance?
Interior design firms can pay between $500 and $1,000 per employee each year for professional liability coverage. Several factors can affect your cost, including your business’:
- Claims history if you’ve had several claims or lawsuits.
- Size, because the more employees you have, the higher your insurance rate can be.
- Location if your state has higher minimum coverage amounts for liability insurance.
- Coverage limits, because the more coverage you choose, the higher your policy rate may be.
Learn more about errors and omissions insurance costor get a quote todayfor a more personalized estimate for your business.
Additional Business Insurance Solutions for Interior Designers
Remember, professional liability insurance helps protect small businesses from several of the risks you could face. But, you should consider adding other coverage to your risk management plan to help protect your business from the things professional liability doesn’t cover, like:
- Property damage
- Bodily injury
- Loss of personally identifiable information
Commercial Auto Insurance for Interior Designers
Design professionals spend a lot of time traveling between job sites. If you or your employees use company-owned vehicles for business, you’ll need commercial auto insuranceto help protect you on the road.
Interior Design – Workers’ Compensation Insurance
Most states require workers’ compensation insurance. This coverage gives your employees benefits to help them recover from a work-related injury or illness. It also helps protect your business from lawsuits resulting from accidents at work.
Protect Your Consulting Business with Professional Liability Insurance from The Hartford
No two small businesses are alike. That’s why you want to work with an insurance company that understands the unique needs of small businesses.
Backed by years of experience, our team can help business owners like you protect everything you’ve worked so hard to build. Get a professional liability insurance quotetoday.
