Interior Designers Insurance--What You Need and Why
Insurance is a must for any business, even if you work as an independent consultant or you think your business runs a low risk of being sued or causing injury. While it may seem like an interior decorator is safe from lawsuits or damage, having adequate interior decorators insurance is an important part of your business to protect your business as well as your assets.
Types of Interior Designers Insurance
Your main interior decorators insurance should include a minimum of the following:
- Professional liability coverage. Also known as Errors and Omissions E&O) insurance, this type of interior designers insurance will cover your defense costs, legal fees, and settlements if someone files suit alleging errors, bad advice, or mistakes.
- General liability coverage. This insurance covers bodily injury and property damage that may occur on your showroom floor or in your office. If you work primarily from home or you do not have a showroom, you may not need this.
- Property insurance. If you have an office or showroom, property insurance will be required to cover damages to the structure and its contents that result from perils spelled out in your policy. This typically includes things like fire, falling objects, smoke damage, theft, and vandalism, to name a few.
If you have employees, you will also want the additional coverage:
- Employment practices liability EPLI). The majority of lawsuits brought against companies are from their own employees. If you have employees, your interior decorators insurance should include EPLI. This coverage will pay damages associated with wrongful termination or discrimination lawsuits.
- Workers compensation. Legally required if you have a certain number of employees, this covers medical bills, pain and suffering, and loss of income for employees who are injured on the job.
How Much Interior Designers Insurance Do I Need?
The amount of insurance you purchase will depend on the size of your company, the number of employees, and whether or not you have a showroom or physical office. As a general rule, however, a minimum of $1 million in liability coverage per offense is recommended.
Where Can I Find Interior Designers Insurance?
Companies specializing in business insurance will be able to provide the coverage you need. Because it can be pricey, it's always a good idea to comparison shop for different quotes. This will allow you to find the most coverage at the best prices.
Netquote.com is an excellent resource for interior decorators insurance. You can research different types of coverage and then compare multiple quotes online for free in a matter of minutes.
See how much you could save today on your insurance. Get your free business insurance quotes today!