Insurance & Risk Management
Specialized Insurance for Design Professionals
Insurance and Risk Management Specialized Insurance for Design Professionals
Risks are not always proportionate to rewards. Many times clients are eager to start a project because it will be their largest one for the year or it is with a client that they have been courting for years. Since it is with a large client the contract may ask them to assume more liability than they control. What would you do? Do you sign and “hope for the best?” We are here to help your firm understand potential loss and then find the right means to limit the exposure or even eliminate it entirely.
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Your design firm is not alone. There are many firms that have been in the same position with the same needs. One of the benefits of using an insurance agency focused on design professionals is leveraging best practices.
The delivery system for professional services is changing rapidly and design firms must continue to create new value propositions for their services. A couple of new areas of growth include:
The cost of energy and concerns over climate changes have increased the demand for sustainable design. This creates very profitable opportunities in professional services. This also opens up many opportunities for new types of liability claims from unsatisfied customers and third parties. Not to mention contractual and regulatory exposures that may fall outside of professional liability coverage.
Integrated Design and Construction
New delivery methods for sharing building information and specifications are new frontiers. This is a significant area for design firms to add value and increase their revenues. But left unmonitored, it can also be a source of failure.
Risk Management techniques fall into two categories: Risk Control and Risk Financing. Risk Financing includes Retention and Transfer (Insurance & Noninsurance).
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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.