This week Fuigo's CEO Maury Riad sat down with Greg Shaefer of Schaefer Enterprises, Inc to discuss how design firms can protect themselves.
SEI Advises interior design businesses on these important insurance types:
Professional Liability and Error & Omission
Professional Liability insurance - also known as Errors and Omissions coverage - is specifically designed to provide protection to interior design professionals who are giving expert advice for a fee. This can help protect your firm against claims of negligence in failing to perform according to the specifications of the contracts that you enter in with your clients. When a project goes amiss and requires a little more than a simple fix, a client may choose to take financial action against you and your company. This is not covered by your General Liability insurance policy.
A home that's beautifully staged has a better chance of selling, and selling much quicker than one that is not. However, as an interior designer you are always open to potential lawsuits if the home you are staging or material you are using become damaged, lost or stolen.
Inland Marine insurance is coverage for property in transit over land, certain types of movable property, instrumentalities of transportation such as bridges, roads, piers, instrumentalities of communication such as television, radio towers and legal liability for property in your care, custody or control while being held for sale or pickup.
General Liability insurance protects against accidents and injuries on company premises and customer property. It also protects against product liabilities.
The nature of the interior design business calls for interactions between countless vendors and contractors. With all of these different parties, it is extremely important to transfer liability whenever possible. SEI New York has the experience to help review vendors insurance, your contracts, and all the insurance exposures to make sure that there are no gaps or loose ends.
Check out the whole discussion below: