What type of risks does professional liability insurance safeguard against for architects?

Professional liability insurance is specifically designed to protect architects from claims of negligence, errors, and omissions that may occur in the course of their professional services. This type of insurance covers legal fees and settlements that arise from lawsuits claiming that the architect did not meet the expected standards of care or failed to fulfill contractual obligations.

By safeguarding against claims related to malpractice, professional liability insurance enables architects to have peace of mind while focusing on their projects without the constant fear of litigation for seemingly unavoidable mistakes or misjudgments that can lead to significant financial consequences.

Other options, while they are important considerations in the overall risk management for architects, do not fall under the scope of professional liability insurance. Market fluctuations affect financial planning but are not related to professional liability. Injury claims during construction are typically covered by general liability insurance. Unexpected delays influence project schedules but do not pertain to professional negligence or malpractice claims.