Insurance Needs and Requirements for Interior Designers and Interior Decorators
Do you work as an interior designed? If so, you are responsible for beautifying the houses of individuals, within your local area. Sometimes, your client will absolutely adore your work. Unfortunately, not everything is peaches and cream. Thinks can go awry from time to time and you will take the brunt of the abuse. There is an abundance of problems, which can stem from interior design work and you are a courageous individual for agreeing to lend out your expertise. Of course, protecting yourself is pertinent and you shouldn’t be afraid to enlist the help of insurance.
On the page, you will learn about the different insurance needs of those, within your professional field.
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Insurance Needs and Requirements
Many interior designers focus solely on beautifying their client’s home and neglect their own betterment. This can be a tremendous mistake and could potentially lead to problem in the near future. As someone, who runs and operates a small business, it is a good idea to obtain insurance. There are a variety of different insurance options and each of them can further protect your business to some extent. Below, you will be able to find a list of insurance options, which you may wish to add to your collection.
- General liability – Protects you in the event of injuries on your premises
- Errors and Omissions insurance – Protect you, if you make an error in your line of work
- Property insurance – Protects your company’s headquarters and other property
- Vehicle insurance – As the name implies, this will protect the vehicle, which is used to take you from residence to residence
Each of these insurance types can provide you with a little added peace of mind. When used in conjunction with one another, you will be able to focus on making your client’s homes or offices more attractive, without worrying about potential lawsuits.
Why You Need E&O Insurance as a Interior Designer?
Despite many misconceptions, Interior Designers share some very complex responsibilities. As one yourself, you should wholeheartedly understand this. Just recently, the well-known Toronto developer Peter Freed was recently on the wrong end of a lawsuit, when he was sued for claiming Munge Leung would be a part of his design team. Unfortunately, the clients were unsatisfied with the finished work and they insisted that the designer, Munge Leung, had nothing to do with it.
The end result was a massive 6.5 million CAD lawsuit against Feed. He is being sued for breach of contract, misrepresentation and construction deficiencies. Finding yourself in a similar predicament would be incredibly scary. This is simply one of the reasons for obtaining errors and omissions insurance. Although many designers will feel that E&O insurance is only needed, when law requires it, this is not the case. Instead, you should obtain the insurance and proper coverage, before engaging in business with any client!
General Liability Insurance Won’t Cut It
Many mistakenly believe that general liability insurance is capable of covering their business in the event of a mistake, but this simply is not the case. General liability insurance isn’t enough for interior designers! You also need to obtain enough errors and omissions insurance to cover the costs of a potential lawsuit. When you’re ready to better protect your future, you will want to reach out to LiabilityCover. This company can provide you with some of the cheapest prices on the market and they’ll never let you down!