Risk Specialty Group Named a 2024 Best Practices Agency

Jul 29, 2024Risk Management

Houston, TX July 25th, 2024 – The Risk Specialty Group retained its Best Practices status for 2024, joining an elite group of independent insurance agencies from across the United States. The Best Practices agency designation is awarded to participants in the Best Practices Study, which analyzes and documents the business practices of the highest-performing insurance agencies in the industry.

BP 2024 Badge
Over 2,600 independent agencies throughout the U.S. were nominated for the selection process. For the 2024 Study year, only 235 independent agencies throughout the U.S. qualified for and retained their status as Best Practices agencies.

“We are pleased to be named as a Best Practices Agency again for the 6th year in a row,” says Travis Landers, President of Risk Specialty Group. “This is a testament to our high-performance team and their attention to detail that makes us standout and become Trusted Advisors to our clients.”

Since 1993, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) and Reagan Consulting, an Atlanta-based management consulting firm, have joined forces to study the country’s leading agencies in six revenue categories. Best Practices agencies are selected every three years through a rigorous nomination and qualifying process. Each agency must be among the 35-45 top-performing agencies in its revenue category to be awarded Best Practices status. Best Practices agencies retain their status annually during the three-year cycle by submitting extensive financial and operational data for review. 2024 is the third year of the current three-year study cycle.

The Risk Specialty Group is an Insurance & Risk Management firm specializing in helping Design Firms protect their most important assets. By blending technology with long-standing relationships with insurance underwriters worldwide, the Risk Specialty Group helps clients improve their insurance and risk management program while reducing overall associated costs.

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing over 25,000 agency locations united under the Trusted Choice brand.

Are your firm's Cyber risks actually covered? If you're like most design professionals, the answer might surprise you.

According to the World Econo

Does your E&O policy cover cyber attacks?

For most design professionals, the answer is no.

The most common coverage in Professional Liability policies regarding any type of virus transmission is called "network security" liability. But this is only for "3rd party" expenses, such as when a design firm gets sued by one of their clients for the transmission of a virus. It covers the cost of defense and any "3rd party" costs that the client incurs. However, it does not provide any "1st party" coverage for the design firm itself in the event of a cyber attack or breach. Also, these endorsements typically offer sublimits that cap payouts at a fraction of actual incident costs.

Only true Cyber Liability covers 1st party costs associated with a cyber attack or breach on the design firm. That is why the coverage within a Professional Liability is called "network security" and not "cyber liability".

What about a major ransom demand? What about two weeks of system downtime? What about paying a fake invoice for $85,000?

That's a different category of loss entirely. The vast majority of design firms enter 2026 without true cyber coverage.

The FTC's cyber insurance guidance recommends standalone cyber coverage for businesses.

Why are engineering firms prime targets?

Fifty-nine percent of AEC firms experienced a cybersecurity threat in the past two years, according to Dodge Data & Analytics. Cyberattacks on construction companies doubled in Q1 2024 compared to Q1 2023.

The reasons are structural. Engineering firms hold exactly what attackers want:

  • Time-sensitive projects where delays cost real money
  • Critical infrastructure plans of interest to nation-state actors
  • Detailed client information across multiple projects
  • Smaller IT budgets than the data they protect would suggest

Design professionals are more than twice as likely to face ransomware attacks compared to other industries, according to research from CyberPress and FalconFeeds.

DragonForce, a ransomware group that attacked O&S Engineers & Architects in February 2025, specifically targets architecture and engineering firms. They kn

Frequently Asked Questions

Does my professional liability policy cover cyber attacks?
Just 3rd party claims, if at all. Typical coverage within an E&O policy that is associated with cyber threats are usually called "Network & Security" Liability endorsements and these only cover 3rd party claims. These are claims from your clients alleging you (the design firm) spread a virus to them and would cover the costs to restore your client. There is usually no coverage for the design firm itself for a cyber breach it experiences and the internal expenses associated with it. That's why a standalone Cyber Liability policy is needed to cover these 1st Party expenses. Review your policy language carefully.
Is the cyber add-on to my E&O policy enough protection?
Usually not. Cyber endorsements tend to offer lower limits, narrower coverage, and more exclusions. And they usually only cover the expenses to restore a client or other 3rd party. Not the Design Firm itself.
Why are engineering firms prime targets for ransomware?
Three reasons: deadline pressure, valuable data, and inadequate defenses. Attackers know engineering firms can't afford extended downtime. That pressure makes engineering firms more likely to pay ransoms quickly.
What happens if client data or CAD files are breached?
You face immediate costs for forensic investigation, legal counsel, and notification. Longer term, you may face lawsuits, regulatory penalties, and reputational damage. Cyber insurance covers these costs. Your E&O likely won't.
How much does cyber insurance cost for design firms?
Premiums vary based on firm size, revenue, and security measures. Many design firms find coverage more affordable than expected, especially compared to the potential cost of an uninsured breach. For firms with Revenues of $1M to $5M the annual premiums can range from $1,000 to $3,000 depending on the limits and coverages selected.

What should design professionals do now?

Effective risk management services start with understanding your actual exposure.

Don't assume your current coverage is adequate. Pull your policy. Read the cyber-related language. Look for exclusions, sublimits, and gaps.

Then ask yourself:

  • What would two weeks of downtime cost in lost revenue?
  • What would you do if you paid out $50,000 to a fake invoice?
  • What would you do if you could no longer access your design plans and email account?

If those questions concern you, it's time for a real conversation about standalone cyber coverage.

At Risk Specialty Group, we're not just another insurance provider. We're your guide in navigating the complex world of cyber risk for design professionals.

We work with over 20 "A" rated carriers who specialize in architects, engineers, and design firms. We know what questions to ask because we've seen what happens when firms don't have the right coverage.

Ready to understand where you stand?
Just a Quote — For those who know what coverage they need
Conversation & Quote — For those unsure about cyber coverage gaps
Full 360° Review — Comprehensive risk analysis including emerging cyber exposures

Contact Risk Specialty Group: 713-552-1900 | info@riskspecialtygroup.com

About the Author

Travis Landers, ARM, is the President and Founder of Risk Specialty Group, a Houston-based insurance and risk management firm serving design professionals. A UT Austin McCombs School of Business graduate with over 25 years of entrepreneurial experience, Travis founded RSG in 2010 to help architects, engineers, and consultants navigate the complex world of insurance and risk management. Under his leadership, RSG has earned the IIABA Best Practices Agency designation multiple years running. Risk Specialty Group serves design professionals across Texas, Arizona, Arkansas, California, New Mexico, and Oklahoma.