Interior Design Business Insurance: Quotes From $5

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Businesses that deal with people’s homes such as electricians, architects, lawn mowers, plumbers, gas engineers, real estate agents, pool cleaners, construction workers, maids and house cleaners and roofers typically have to deal with difficult clientele that won’t hesitate to sue them. It makes sense that people are protective of their homes, but businesses like these have to take every precaution they can to protect themselves.

This is also the case for interior design firms that work on people’s homes. If you want to protect your interior design business, you’ll need a sufficient degree of business insurance for interior designers. Over the course of this guide, we’re going to cover everything you need to know about interior design insurance.

Liability Insurance for Interior Designers

Liability insurance for interior designers is one of the more popular forms of business insurance that you’ll come across due to the wider range of circumstances in which it covers your business. While businesses may invest in other forms of insurance, interior design liability insurance coverage will make up for the vast majority of issues that can torpedo a business (or just cause it some financial loss).

When you get sued by someone as an interior designer, you’ll often be covered by interior designer liability insurance, though you’ll need to be sued for either property damage or bodily injury for the policy to pay out. However, while we normally refer to general liability insurance when discussing it, one thing that you’ll have to keep in mind is that there are various forms of liability coverage.

The first form of liability coverage that you’re likely to come across other than general liability is public liability insurance. Public liability insurance for interior designers, as the name suggests, applies to members of the public who are on the premises of your business. Members of the public include people who supply you, your customers, and passers-by.

However, it is more recommended to opt for general liability insurance, which is the broader coverage option available. General liability insurance applies to a wider range of risks, and also includes coverage for damage caused to members of the public, as well as employees that are working for the business - and even business owners.

Professional Indemnity Insurance for Interior Designers

Professional indemnity insurance for interior designers is sometimes referred to as the third form of liability coverage. It is also known as professional liability insurance. This kind of interior decorator insurance  coverage applies when you make a mistake while performing your interior design job or delivering the service.

When people hire you as an interior decorator, they expect a certain level of service for the money they’re paying you. Compared to other industries, people pay you a lot more money for your services and what you do will permanently impact how their home looks.

If you make an egregious error while working as an interior decorator, then you may be held liable for your mistakes. In these cases, a professional indemnity insurance for interior decorators and designers will cover you for damages that people charge you for because of mistakes that you made when you were coming up with a design for their homes.

Interior Designer Insurance Cost

Interior design insurance cost depends on a much wider range of factors than first-time buyers may assume. Before going out and wasting your time and effort on getting a quote when you may not be able to afford a certain policy, it’s a great idea to know how much you can expect to spend.

To determine how much is business insurance for interior designers going to cost you, you’ll need to account for a range of factors like the size of your business. In fact, the size of your interior design business will be the single largest factor that will impact the cost of your insurance.

This makes sense when you consider that a larger interior design company will have more clients. The more clients that you have, the higher the chance that you will end up making a mistake that may end up in one of your clients filing a lawsuit against you, which increases the risk of your insurance carrier.

Along with that, you’ll also need to account for the history of your interior design business. If you run a business that has a history of making mistakes and having to file claims, then insurance companies will see you as a larger risk than other potential clients and they’ll charge you more for coverage.

That said, the average interior designer insurance cost is about $39 per month or $460 per year for a $1m general liability interior design business insurance policy. Below is a breakdown of interior designer insurance cost for different coverage types:

Here's a breakdown of interior designer insurance cost for $1 million general liability policy for small-medium interior design business insurance from some of the best interior designers insurance companies:

Best Interior Design Business Insurance Companies

There are countless companies that you can get interior designers insurance from, and picking out the right one isn’t always as simple as it might seem. In this part of the guide, we’re going to look at two of the best interior design insurance companies available so that you can get the best possible 

The Hartford Interior Design Business Insurance

The Hartford is named after Hartford, Connecticut, where the company was originally founded by a group of traders who were looking to pool their risks so that none of them would end up going bankrupt in case anything went wrong. The Hartford is one of the oldest insurance companies in the United States.

The Hartford Policy Details

The Hartford offers a wide range of policies for interior design businesses, though they have no specific policies outlined for them. Instead, The Hartford offers generic Business Owner Policies  that combine commercial property insurance with general liability coverage and business income insurance.

Pros:

• Wide range of policies under one umbrella

• Affordable

• Also provides cyber insurance

Cons:

• Slower claims processing

Average cost: $42 a month

Best for: Small interior design businesses

Hiscox Interior Design Business Insurance

Hiscox originally started as a marine underwriter that was partnered with Lloyd’s of London during the early 1900s. Since then, Hiscox has shifted their focus from marine underwriting to specialty insurance in industries that other companies will not operate in. This has gone on to make them one of the best companies in the interior design insurance space.

Hiscox Policy Details

Even though Hiscox doesn’t offer a specific form of coverage for interior design businesses, they have more generic forms of coverage available for these businesses. For example, these include public liability insurance, professional indemnity coverage, and employers’ liability insurance.

Pros:

• Customizable insurance

• Quick claims

• Quick quotes

Cons:

• Relatively expensive

Average cost: $46/month

Best for: Larger and international interior design businesses