As an interior designer, you are an expert when it comes to making a house a home using an eye for detail and a creative flair. Like any profession, it isn’t one without risks. This is where having the right business insurance in place is vital.
Let us guide you through the ins and outs of how business insurance can protect your interior design business for the long haul.
Why do interior designers need to consider it?
When you’re out and about meeting with clients and suppliers, things may not always go to plan. From accidentally causing damage to a client’s personal property, to providing the incorrect designs and even having your laptop stolen, there’s a range of risk examples where business insurance can safeguard your hip-pocket.
Understanding the types of insurances for interior designers
There are many different types of business insurance available on the market, so we have narrowed down some of the main ones you may need to consider as an interior designer.
Professional Indemnity insurance*
Clients hire you for your expert interior design skills and advice and no matter how much care you may take, a claim can easily occur. For example, negligent advice or not meeting the design brief are opportunities for an unhappy client to make a claim. In scenarios like these, Professional Indemnity insurance can help protect your business.
Professional Indemnity (PI) insurance is an important form of protection for interior designers to look at. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with managing claims which are covered by the policy.
Public Liability insurance*
Whether you have clients visiting your premises or you are meeting them on–site, Public Liability insurance is one of the main types of cover to consider. Running your own business comes with the responsibility to take reasonable steps to protect the safety of your customers, suppliers the community and their property.
Public Liability Insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
Public Liability Insurance also provides assistance with the legal costs associated with managing claims that are covered by the policy.
Your business assets, like your laptop and other electronic equipment, help you create the best designs for your clients so it makes sense to insure them.
Contents insurance covers your business contents or stock if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy.
Portable Equipment insurance*
Sometimes referred to as General Property insurance, this form of cover gives you peace of mind that your tools of trade are protected when you are out on the road.
It covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
Personal Accident and Illness insurance*
Your health and wellbeing are essential when you work for yourself. When you’re out of action, so is your business. That’s where Personal Accident and Illness insurance saves the day, by providing financial protection when you need it the most.
Personal Accident and Illness (PA) insurance covers you for loss of income if you were unable to work as a result of an injury or illness. The cover is generally available regardless of whether or not you sustain injury or develop an illness due to your work.
If you were temporarily unable to work due to the accident or illness, your cover could pay you a benefit of up to 85% of your salary.**
There is also an option to potentially cover you for accidental death or disablement, which can provide a lump sum payment to your beneficiaries if you die in an accident or to you if you suffer a permanent disabling injury.
Arranging your insurance has never been easier. At BizCover, we understand how busy you are running your business, so leave the shopping around to us. We provide multiple quotes from some of Australia’s leading insurers in minutes without the messy paperwork.
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
**Maximum limits apply