How much does insurance cost for building design companies?

Building design professionals pay a median premium of less than $40 per month, or about $465 per year, for general liability insurance. This policy provides financial protection for third-party bodily injuries and property damage, along with advertising injuries.

Among building design businesses that purchase general liability insurance with Insureon, 39% pay less than $400 per year and 46% pay between $400 and $800 per year. Larger businesses and businesses that interact with more clients typically pay more for this policy.

Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.

Most building design businesses (90%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

Building design professionals pay a median premium of about $45 per month, or $550 per year, for a business owner’s policy. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's business owner's policy cost analysis page.

Building design professionals pay a median of less than $145 per month, or $1,705 per year, for professional liability insurance.

Also known as errors and omissions insurance, this policy protects businesses from client lawsuits claiming that work was unsatisfactory, negligent, late, or never completed. For example, it could protect an architect against a client’s claim that a design contained errors.

Among building design businesses that purchase professional liability insurance with Insureon, 18% pay less than $800 per year and 23% pay between $800 and $1,600 per year.

Factors including the size of your company, your industry, and whether you’ve been sued in the past help determine the cost of this policy.

Most building design businesses (52%) choose professional liability policies with a $1 million per-occurrence limit and a $1 million aggregate limit.

Another 21% choose policies with a $500K per-occurrence limit and a $500K aggregate limit. As your company grows, you may decide to increase your limits for better protection against client lawsuits.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's professional liability insurance cost analysis page.

To meet your state’s requirements and avoid penalties, building design businesses that have employees typically must purchase workers’ compensation insurance. This policy is also recommended for sole proprietors, as it covers work injury costs that health insurance might exclude.

Workers' comp covers medical bills and partial lost wages when you or an employee suffers a work-related injury or illness. The median premium is about $45 per month or $565 per year for building design businesses. The cost depends on the number of employees and their occupational risk, among other factors.

Learn more about workers' comp costs on Insureon's workers' compensation insurance cost analysis page.

Small businesses pay a median premium of $140 per month, or $1,680 per year, for cyber liability insurance. The cost of this policy depends on how much sensitive information your company handles, and how many employees can access it.

Cyber liability insurance covers costs related to data breaches and cyberattacks. It provides crucial protection for any building design professional who handles credit cards or conducts business online.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.

Small businesses pay a median of about $140 per month or $1,680 annually for commercial auto insurance. This policy can pay for property damage and medical bills in an accident. Each state has its own requirements for how much auto liability coverage you need.

Businesses with company-owned vehicles must purchase commercial auto insurance. The cost will vary depending on the type and number of company vehicles, and your unique business risks.

Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.