Professional Liability Premiums
The economy is experiencing growth at a consistent rate for the first time in a long time. With the uptick in business comes with it higher expenses for most companies, including professional liability premiums.
It would make sense then that one would expect their insurance premiums to follow suit. But that is not necessarily the case.
The economy is booming, and with it design professionals are experiencing increased demand for their services. Subsequently, and necessarily, their risk in the marketplace is also rising. As design firms’ see increases in their exposure, will we see a boom in insurance premiums, as well? The ACEC 2018 PLI Survey results are in, and the implications are remarkable.
According to the ACEC publication, ENGINEERING INC., professional liability insurance premiums have remained nearly flat for the survey’s 442 respondents. This is despite 68% of reporting member firms replying that they experienced increases in revenue in 2017. In fact, carriers offered such attractive renewal terms, generally speaking, that 87% of respondents reported that they renewed their policies with the incumbent insurance carrier.
To read more about this trend, please visit the A/E ProNet website HERE