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7 compelling reasons to insure your design & construction business

When times are tough, companies have to examine their expenses carefully. Some firms may even consider going without professional liability coverage to save some money.

However, dropping your coverage can cost you more than you think. Here's why:

1. If you drop coverage now, it will be as though it never existed.   

Professional Liability (PL) policies are claims-made policies, meaning that coverage must be in force at the time of the claim to be covered. Even if your policy was active while working on a project, if a claim is brought after you've let your coverage lapse, it will not be covered by your policy. Keeping your coverage-even after a project is completed-is the best way to protect yourself against future claims. 

2. Insurance protects your assets. 

The average cost of a claim against a smaller design firm is around $120,000 when payment is made to the plaintiff. Even frivolous claims cost you time and money to defend yourself. Our policy automatically includes first-dollar defense - your firm only pays if there is a judgment in the plaintiff's favor or a settlement - and limits of up to $5 million to help ensure your assets remain yours.     

3. Get the materials you need to obtain continuing education (CE) credits. 

You may be required to achieve a certain number of CE credits or learning unit hours each year to keep your license. As a policyholder, you can study the material needed to help you earn those credits with our continuing education course.  

4. Who will be with you when a claim is brought against your firm? 

If you're a policyholder and a lawsuit is brought against you, we'll provide you with a defense attorney who will fight for you and your reputation. We'll pay your defense costs up to your policy limit, and also offer pre-claims assistance to help you deal with a problem before it becomes a claim. 

5. You may be contractually required to have professional liability coverage.

Many projects require architects and engineers to have professional liability insurance. Keeping up your professional liability coverage is a good way to make sure you're meeting your obligations-both past and present-and ensures you're eligible for more projects. 

6. You get web access to our risk management library.

When you're insured with Victor, you get access to the secure section of our risk management website which is full of important articles to help you take control of your risks.  

7. As a professional, you owe it to yourself.

As a professional, your clients have high expectations of your work. You're responsible for upholding a standard of care in your community and safeguarding public health, welfare and safety. Take the next step in your professional career by purchasing insurance to protect yourself and your clients seriously.

To learn more, email or connect with your business development contact

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