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While the profession of interior design may not strike one as a hazard-prone field, there are many risks that can pose a great threat to your business. Our team of insurance experts at Pen-Ex can tailor an affordable, specialized program to fit your business needs.
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Pen-Ex: A Villanova Insurance Partners Company Insurance for Interior Designers, Home Stagers, & Organizers
PenEx a Villanova Insurance Partners Company was founded in 1983 to serve the Architect and Engineers Industry. As we have grown, we have expanded our National programs to include Real Estate Staging, HealthCare and Technology firms. Through our excellent carrier relationships, we can offer a variety of Architects And Engineers Insurance, Business / Commercial Insurance, Real Estate Stagers Insurance, and Healthcare Insurance coverages to our clients at affordable pricing. We focus on our National programs but are not limited to only those segments. Our standard markets can provide coverage to many industries. We have the in house expertise to structure a comprehensive insurance program for any business regardless of size of risk. About Us
While the profession of interior design may not strike one as a hazard-prone field, there are many risks that can pose a great threat to your business. Our team of insurance experts at Pen-Ex can tailor an affordable, specialized program to fit your business needs. We provide you with the best protection for your business. Contact our specialists today online or call us at (877)438-7369. Hazard 1: Projects Going Over Budget A common hazard interior designers face is the potential for a project to go over budget. Dealing with multiple vendors, manufacturers, installers, and other specialists, an interior designer’s project budget can be fouled by pricing errors, changing deadlines, and alterations to the project plan. In today’s economy, prices are subject to change with little to no notice. No matter how meticulous the plan and caution in preparation, mistakes occur and budgets are affected. To protect yourself from costly budget overages, PenEx can help. Protection: E&O Insurance for Interior Designers Errors and Omissions insurance, often referred to as E&O insurance, is a specialized liability insurance for interior design services. E&O insurance protects you in the event that a client may file a claim for material acquisitions or modifications in the plan of design leading to unexpected expenses.
Hazard 2: Damages to Your Client’s Property As an interior designer, you and your employees are often physically delivering to or servicing your client’s property. Unfortunately, damages can happen. For instance if one of your employee’s damages a floor in a client’s home; a costly claim could be filed against you. Regardless of how careful and skilled you and your team are, you must protect yourself and your business from devastating claims. Our team at PenEx can provide you with the most comprehensive insurance coverage. Protection: General Liability Insurance General liability insurance is just that. It covers damage to other people and their property at a job location. General liability would include items such as damaged fixtures or furnishings. In an instance of personal injury, general liability insurance would cover medical bills, pain and suffering. General liability insurance is often requested by the client prior to signing a contract.
Hazard 3: Employee or Contractor Being Injured on the Job Accidents happen. Although interior design may not be thought of as a hazardous occupation, anytime you and your employees are in the office or on the jobsite, injuries can occur. From slips, trips, and falls to bodily exertion, interior designers and their teams are exposed to potential dangers. Carpal tunnel syndrome from office work is also considered a workplace injury. Protection: Workers Compensation Insurance In the event of a work related injury or illness, workers compensation will cover medical expenses, disability, and death benefits. Workers Compensation will cover all wages for employees and long-term subcontractors on the payroll. Most states require employers to have workers compensation insurance.
Hazard 4: Car Accident While Commuting to a Client’s Home Many interior designers commute from the office to the client’s home. Anytime you or your employees are on the road you are susceptible to risk. Often your personal auto insurance will not cover claims that are business related. Insurers perceive business drivers as higher risks due to the greater amount of time they are behind the wheel. An interior designer who drives to client’s residences or offices is deemed to be more likely to be involved in an automotive accident than an individual who drives to and from work once a day. Protection: Business Auto Insurance Business auto insurance protects you in the event of an accident involving business-owned automobiles and possibly a personal vehicle used in certain circumstances. Business auto insurance covers damage to others’ vehicles, medical expenses, damages, and legal fees if claims are brought against you.
Hazard 5: Unmet Client Expectations An Interior designer is a unique blend of creativity and professional service. At some point in your career you are highly likely to encounter a difficult client situation. Unfortunately a client’s vision may not align with the original design plan, budget, or adhere to building codes. Even with the best communication, documentation, and professional practices in place, you and your business are still vulnerable to claims from an unsatisfied client. Even if unfounded, a legal defense can be financially devastating. Protection: E&O Insurance for Interior Designers Navigating a difficult client can be an exhausting experience. If that same client files a claim against you and your business it could be catastrophic. An Errors and Omissions insurance policy does not correct a mistake but can prevent costly expenses that can result from one. Your E&O insurance coverage can also protect your relationship with the client. Pen-Ex believes you and your reputation are extremely vulnerable and the addition of the E&O insurance coverage can protect you from harm.
Hazard 6: Failure to Complete Work On Schedule Many clients have unrealistic expectations when it comes to the time an actual project will take. No matter how clear you are with some clients and how well you educate them about how materials can influence the project timeline, project timelines can become a significant hazard for the interior designer. We are currently faced with unprecedented supply chain interruptions and labor shortages, making the threat of failing to complete work on schedule a concern. You and your business could be subjected to a claim if work is not completed on schedule. An E&O insurance policy from Pen-Ex can protect you from the unexpected. Protection: E&O Insurance for Interior Designers An E&O insurance coverage can preserve your financial security in lieu of timeline interruption. If your client claims you were professionally negligent or failed to perform the agreed upon duties you general liability policy does not cover such claims. It is critical that Errors and Omissions coverage is part of your interior design insurance program.
Do you have any questions? Peninsula Excess Insurance Brokers, Inc 1016 W 8th Avenue Suite A King of Prussia, Pennsylvania 19406 Call us at: (877) 438-7369 Website:https://www.pen-ex.com Thanks!
