It is a good time of the year to assess and evaluate how things went for your firm and how you would like to move forward in 2025. Here are a few areas with regards to insurance and risk management to evaluate.
Review your firm’s insurance policies to determine if the deductible and limits of liability are what make sense for your firm. Your firm’s professional liability policy is a good place to start. Did your firm have more and larger projects in this past year and it is time to consider increasing the limits of liability. Does the deductible work well for your firm, in the case of a claim? If the deductible seems too high, ask the insurance company if a lower deductible is available for a firm your size.
How have your firm’s risk management practices been this past year? Are your employees required to take continuing education courses; do you have practices in your firm such as quality control? If not, this may be a good time to determine what a risk management program will look like for the upcoming year. The insurance companies offer risk management services, such as contract review and webinars.
Is it time to purge some of your firms’ documents? This is a good time of year to determine what needs to be saved and what can be purged. With our world going to mostly cloud space, it is easier to do than in the past with drawers full of drawings. However, it is good to also purge those unneeded files too.
If your firm has any questions with regards to insurance policy review or risk management please call, or email, your Professional Underwriter agent for assistance.