Risk Management

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.

SOME OUTCOMES ARE MORE LIKELY THEN OTHERS

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:

NEW RISK MANAGEMENT GROWTH AREAS

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Green Design

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

Risk Management techniques fall into two categories: Risk Control and Risk Financing. Risk Financing includes Retention and Transfer (Insurance & Noninsurance).

We have classified three broad areas within a design firm where Risk Control and Risk Financing can be utilized: Finance, Legal and Operations.

Custom Coverage at a Competitive Price

Many businesses view their insurance agent as a “vendor”. That is not us. We are a “guide” in helping you navigate the complex world of Insurance & Risk Management. Here are the 3 ways you can get started with us now:

Just a Quote

Already know what Insurance your company needs?  Fill out our applications to get a quote.

Conversation then a Quote

Unsure about what you really need?  Talk with one of our licensed Insurance Agents for advice and next steps.

Full 360° Review

Need a comprehensive review of your company's exposures? Let one of our licensed Insurance and Risk Managers give you a free in-depth risk analysis.