Insurance – Good to know!

For architects and engineers there is always something to learn about insurance.  Whether it is benefits to the policy or ways to get additional discounts, there is always something to learn.

Did you know most policies with companies that have multi-lines they may offer additional discounts.   For example, Travelers offers Workers Compensation and Business Owner policies and if your firm has those insured with Travelers and your Professional Liability policy you may get a discount on all of the policies.

Most Professional Liability insurance companies have risk management services of some nature.  RLI Insurance Company offers bi-monthly webinars, Great American sends out newsletters and Victor/CNA has self paced learning events.  Most insurance companies also offer free contract review for insurability.  There are always many resources for risk management with regards to Professional Liability.

There are typically many payment options when it comes to insurance.  Most insurance companies have direct billing options, which can break down the payments into quarterly or monthly.  If your firm’s premium is large there may be interest free installment options with the insurance companies directly as well. There is also financing available trough a third party finance company for insurance premiums.

Professional Liability policies have free pre-claims assistance.  This is for situations that arise from projects that aren’t a ‘claim’ per se but may turn into a claim if the issue is not addressed.  If in question about pre-claims assistance ask your insurance company or agent.

Most general liability insurance companies that specialize in working with architects and engineers have a blanket additional insured endorsement and waiver of subrogation.  If your policy does not include those endorsements ask your insurance agent.

As always read your policy so your firm has a full understanding of what it coverage’s and additional services that may be available.  If you have any questions please call or email your Professional Underwriter.