As an interior designer, you transform homes, offices and other spaces with furniture, lighting, flooring, fabrics and other design elements. You must interpret the tastes and desires of every individual client and successfully bring them to life. Interior designers typically have an artistic vision coupled with attention to detail, business savvy and excellent people skills. You may work out of your home or an office, a design studio, or a retail space.
Interior designers face risks like any business, and you have some unique exposures as well. You need comprehensive business insurance to help protect you and ensure your business can thrive even when things go wrong.
Whether you work from home or from an office or retail space, you have a variety of risk exposures that can harm your business:
You need a comprehensive interior designer insurance portfolio to cover your risks. You may be eligible for a discounted package called a business owners policy (BOP), which provides several essential types of coverage in one convenient, bundled policy designed for small businesses.
Only certain businesses are eligible for a business owners policy, depending on factors such as these:
Premiums for business owners policies are also based on these factors as well as the following:
Business owners policies include the following types of coverage:
While general liability insurance provides broad coverage for bodily injury and property damage caused by your business, it does not cover you for failures, mistakes or oversights in the professional services that you provide.
What if a project is not completed as promised or you fail to complete a project on time or on budget? Delays or other unexpected problems (bad measurements, wrong flooring installed) can be costly for your clients. You can be sued for errors or professional negligence that harm your clients, and you can make mistakes — no matter how careful you are. One lawsuit can be financially devastating.
Interior designers professional liability insurance provides the financial security and peace of mind you need. Professional liability insurance, or errors and omissions (E&O) insurance, provides coverage for design professionals, their partners, their employees, and the partnership or corporation for damage caused by providing or failing to provide professional services. It covers costs associated with your legal defense if you are sued (even if the lawsuit is unfounded) as well as any judgments or settlements that you must pay. Most errors and omissions policies can be customized for your particular area of expertise and for the risks you face.
There are numerous instances in which an interior designer can be sued for professional negligence, including the following:
While interior designers professional liability insurance protects you in these situations, it excludes coverage for criminal, fraudulent and malicious acts as well as liability claims that are covered under one of your other interior designer insurance policies.
Like many other businesses, the risks you face as an interior designer likely don’t end with basic property and liability concerns. You should talk with an independent insurance agent about your need for other types of interior designer insurance, including the following:
Small businesses can be best served by working with an experienced and knowledgeable independent Trusted Choice® agent. Our local agents can work closely with you to assess your risks and can get fast quotes from numerous, highly rated insurance companies. Trusted Choice agents are not locked in to any one insurance company; rather, they work with companies that specialize in insurance for all kinds of small businesses.
With personal advice and counsel from an agent who knows your business and your community, you can find tailored coverage that best fits your needs and budget, with the right mix of coverage to make sure your business is protected. Find your local agent today.