ARE Practice Management- Insurance
Understanding the various types of insurance that architecture firms use is important for architects to understand as it allows for the minimization of risk during the design and construction processes of architectural projects. It is also necessary to understand insurance for the successful running of a practice in terms of the legal and business aspects of practice, as well as ensuring the financial security of a firm. The topic of insurance is covered in the Practice Management section of the ARE. Among the types of insurance that the exam taker should be familiar with are professional liability insurance, commercial general liability insurance, worker's compensation insurance, property insurance, commercial automobile insurance, and employment practices insurance. While all of these are particular types of insurance that a business may carry, of particular importance in studying for the ARE exam is to have a solid understanding of professional liability insurance as it pertains...