Interior designers must have a sharp eye for color, themes, angles, shapes and more. But even with a full plate of creative issues to consider, there are other still legal problems that should be considered in a designer’s daily business plans. And since around a quarter of interior designers are self-employed in the U.S., having insurance in place is a smart move to safeguard integrity and future business.
Here are some reasons why having interior insurance is beneficial to professional designers.
The Benefits of Having Insurance
Business insurance for interior designers covers a designer and/or design firm against general and professional liability claims. These kinds of claims could lead to high legal fees, damages and threats against reputation. Protecting your business from unwanted risks should be at the top of your list of things to take care of.
Interior design is all about being an expert and giving advice. However, no matter how experienced a designer is, there’s still the possibility of this advice going wrong in some way. This could lead to legal issues for a designer. Having professional liability insurance can protect against claims of negligence related to designer responsibilities.
It’s important to go over deadlines before signing any paperwork as unrealistic deadlines can be a layup for those who would sue due to negligence and breach of contract. Professional liability insurance can protect against business failure or bankruptcy as well.
Interior designers work in an industry that requires demolition and redecorating. Thus, there is the apparent threat of physical injury occurring or unplanned property damage. A simple mistake could bring injury and harm to someone, opening the door to legal matters.
Having commercial general liability insurance in place will protect against these issues. If a designer is found liable for bodily injury and property damage general liability insurance can pay for the damages and medical bills.
Some projects have hiccups, which can lead to an interruption in business. Rolling a general liability policy and property insurance together, known as a Business Owners Policy (BOP), creates an all-in-one package to protect a number of liabilities. Equipment problems, structure problems, slips and falls, etc. or if a workspace or equipment is useless, this will all ultimately bring things to a halt. All these can be covered under this kind of coverage.
Be sure to go over all the risks your firm and your operations face on a daily basis. Make sure to consider all liabilities and see how you can protect your design firm and operations by outlining the right coverage.