Specialized Insurance for
Insurance and Risk Management
Specialized Insurance for Design Professionals
At the Risk Specialty Group, we take a unique approach to customizing your firm’s insurance program. We use a 4 step process to determine what insurance best suits your company.
Step 1 – Understanding Your Particular Firm
Our first step is to understand your specific business practice. Each design firm has a unique service-to-project mix that must be evaluated individually. We break-out the Operations, Legal & Financial portions of your business to obtain an objective analysis. We then assess actual risks of potential business loss that may be uninsured or underinsured, as well as risks that may be reduced or eliminated entirely.
Past claims history can also be analyzed to identify business operations with high risk and forecast potential future claim expenses. This phase is concluded with a review of your company’s situation in comparison to management’s risk appetite.
Step 2 – Mapping Your Firm’s Current Situation
The risk management program is then used to determine required coverages, limits and financial structure compared to various risk retention (deductible) levels.
Depending on the situation, self-insurance or captive insurance is weighed as a means to retain coverage while reducing costs.
Step 3 – Execution and Ongoing Support
As an independent insurance agency, we assist in the actual execution once the various coverages and risk controls are reviewed and agreed upon. This can include implementation of new operational procedures, terms and conditions within contracts and access to policies from carriers that provide tailored programs for design professionals.
Ongoing support includes same-day, often within the hour, responses to policy questions, increased limit pricing, risk control and claim situations. We quickly provide Certificates of Insurance and help in managing your relationship with 3rd Party Contractor Management companies, such as ISNetworld, PICS, EBIX, etc.
Step 4 – Follow Up
Throughout the entire relationship, we make ourselves available to make adjustments, improve communications and work in a way best suited to your needs. Continuing Education (CE) courses are also available along with further Best Practices resources.
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We are an independent insurance agency which means we represent you, our client, instead of trying to push a particular carrier or product. We can provide you with clear choices from over 20 carriers that fit your needs. We only offer coverages from “A” rated carriers as classified by A.M. Best.