AE Blog - Applying for Professional Liability Insurance
Professional liability insurance protects your firm against claims and/or allegations of negligence, errors or omissions in your delivery of professional services. In order for an insurance company to evaluate and price their risk in insuring your firm, they ask that you complete an application for insurance. The application captures information about where your business is located, how much revenue you earn annually, the discipline and project mix your firm engages in, and the risk management protocols you have implemented that help minimize your exposure to claims, as well as if anyone has ever made a claim against your work in the past.
If you are in the process of starting a new firm, the underwriter will want you to provide estimates of what you anticipate for your first year in business. A solid business plan goes a long way in terms of providing underwriters comfort, so I recommend submitting a brief narrative stating your goals for the new firm and the general direction you intend to take the firm and your previous project experience.
In order to qualify for Architects Professional Liability Insurance, you must hold a registered and/or licensed architectural license.